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Finally, A solution toHelp Employers &Employees with health care costs The Medical Bridge Opportunity SM
Are you ready to… Provide 1-to-1 benefits counseling and enrollment atCompete for no direct cost?employee toptalent with astrong benefits Control health careprogram? costs and expand coverage for your employees?
Innovative solutions are necessary Offering a competitive benefits package remains Average cost of group critical to attracting and health coverage retaining key talent expected to rise 8.8% from 2010 to 2011* Managing health plan costs is a top business priority1 Source: Hewitt Associates: “U.S. Health Care Cost Rate Increases Reach HighestLevels in Five Years, According to New Data”
Employers respond to rising costs Absorb rate Shift more Re-design plan increase at contributions to and introduce renewal employees HDHP solutions Shift more contribution to Employee Increase in Direct impact to Direct impact to employee’s employer’s employee’s exposure to bottom line pocket book health care costs
Employers respond to rising costs Current Health Plan Employer faces higher plan costs at renewal with current Employee plan design out-of- pocket •Higher annual deductible costs •Higher co-insurance amounts Employees face more costs • 2X increase in employees covered by plan with a $1,000+ deductible1 Expenses covered by • 60% of Americans do not have health plan funds to cover unexpected costs21 Kaiser/HRET Survey of Employer-Sponsored Health Benefits, 2006-2010.2 National consumer study, Financial Industry Regulatory Authority Investor EducationFoundation in consultation with the U.S. Department of Treasury and President’s AdvisoryCouncil on Financial Literacy, 2009.
The Medical Bridge opportunity SM A solution for employers and their employees • Employer saves money by Out-of- redesigning the health plan pocket costs • Employees receive benefits to Medical help pay out-of-pocket costs Bridge from a hospital confinement or solution other covered health care event • Pays lump-sum benefits Expenses covered byby directly to employees Expenses covered health insurance health insurance • Benefits for outpatient surgery, diagnostic tests, and wellness visits may also be available11 Plan design and benefits vary by state. See state specific plan information for availabilityin each state.
The Medical Bridge opportunity SM Current Plan Proposed Health PlanAnnual Deductible $500 $1,500 Add ColonialCoinsurance 80/20 70/30 Life’s Hospital Confinement Indemnity PlanEE Cost $177 $154ER Cost $532 $461 MB3000 GMB 1.0Total Cost $708 $615% Increase +17% (13%)• Premiums have decreased; however, employees are now faced with more out-of-pocket exposure.• Solution…
The Medical Bridge opportunity SM Proposed Health Plan Annual Deductible $1,500 Co-insurance 70/30 Total Health Cost $615 (ER Savings is $532 - $461 = $72/EE/Month) Plus GMB 1.0 Plan 2 with Health Screening*Hospital Confinement $1,000 Outpatient Surgery Option 1 ($500 Tier 1, $1,000 Tier 2, $1,500 CY Max) Health Screening = $50GMB 1.0 Premium EE Discounted Composite Rate = $17.47/month Employer can use savings to purchase GMB1.0 100% for the employees.** $72.00 X 100 Employees = $7,200 savings per month $17.47 X 100 Employees = $1,747/month*Plan options and benefits vary by state, and product may not be available in allstates. Ask your Colonial Life contact for the plan options available in your state.**Employers who pay 100% of the premium for any Colonial Life product may notbe eligible for certain complimentary employer services offered by Colonial Life.
A solution that works for you and your employees The Rift Out-of- Employees face more out-of-pocket costs pocket costs Medical The Bridge Bridge Medical Bridge helps provide a solution soft landing for employees Expenses covered byby Expenses covered The Shift health plan health insurance Employers are changing health plans to manage benefit costs
Group Medical Bridge 1.0 Highlights SMGroup • Situs statecontract • Optionally renewable • No portability option • Minimum account size 10 enrolled + participation • Defined enrollment period requiredFlexible plan • HSA-compliant option (in most states)designs • Higher benefit amounts and flexibility • Employer optional benefitsUnderwriting • Guaranteed issue (GI)options • Guaranteed issue with pre-existing conditions waived (GX2)Premium • Age-bandedoptions • Composite • Discounted compositeBenefits vary by state, and product may not be available in all states.
Group Medical Bridge 1.0 SM Why it’s appealing Competitive underwriting • No health questions* • Pre-ex waived for all covered insureds* • Available in accounts with 10+ employees Flexible rating options • Rates for voluntary and employer-paid business • Composite and discounted composite rates available***Participation requirements must be met for GI and GX2**Employer contribution required
Group Medical Bridge 1.0 SM Why it’s appealing Not affected by health care reform • Offered in addition to qualified health insurance. • “Excepted benefits” under HIPAA and not subject to market reform provisions. Minimal federal law implications to an employer • Colonial Life believes this plan is not subject to COBRA.1, 2 • May qualify as an ERISA plan. Colonial Life can provide assistance to employers in complying with certain ERISA requirements. 11 Employers should consult their attorney concerning the applicability of COBRA and ERISA.2 The obligation to provide continuation of coverage under COBRA is imposed by Federal Lawon the employer.