Select Benefits is a group limited benefit medical insurance policy. It pays a preselected, fixed dollar amount for commonly occurring covered events, such as doctor visits, X-rays and hospital stays.
QUICK FACTS
Availability: All states except New York, Hawaii and New Hampshire. See
Select Benefits State Approval Grid for additional information about benefits available in your state
Minimum participation: 5 enrolled employees or 10% percent of all eligible employees, whichever is greater
Administration costs: Included at no charge to the policyholder
Preexisting conditions: Covered according to the coverage provided by the group's policy
Required employer premium contribution: None
Medical underwriting: Not required1
PPO networks: Not required; PPO access available for additional fee
CLIENT PROFILE
Select Benefits helps meet the needs of those:
- Unable to buy major medical
- With out-of-pocket gaps that high-deductible health plans can create
- Who need to wait a certain amount of time before they are eligible for other coverage
- Looking for additional coverage in areas where they might want supplemental coverage
EMPLOYER GROUP PROFILE
Consider Select Benefits for employer groups that:
- Can’t afford the escalating costs of a traditional medical plan or who have never considered offering benefits.
- Currently have a major medical plan in place but have full-time, part-time, hourly or seasonal workers who do not qualify to participate.
- Currently have a high-deductible major medical plan in place and are looking for ways to mitigate the financial impact of their employees’ out-of-pocket expenses.
- Wish to offer additional benefits to supplement coverage already in place.
TARGET MARKETS
We provide group limited benefit medical insurance to a variety of industries. Here are a few well-suited for this kind of insurance: staffing agencies, nursing homes/health care, retail, call centers, trucking, construction, agricultural, hospitality.
Group Types
Employer/Employee Groups
Market Segments
- Working uninsured
- Working insureds with a need for supplemental coverage or additional benefits
THE SYMETRA ADVANTAGE
Stability
When you choose Symetra, you choose a stable carrier of a product that’s able to meet the needs of those unable to buy major medical — and those filling out-of-pocket gaps that high deductible health plans can create.
We service what we sell
All administration and payment of claims are done in-house at Select Benefit Administrators.
Rates
Symetra has had only one rate change since we originally filed rates in 1998. Rates are not based on demographics, industry or geographic location.
Flexibility
Monthly and hourly plans can be customized based on employer and employee budget and benefits needs.
Individual Benefit Maximums as well as Shared Benefit Maximums are available to policyholders.
Select Benefits is not a replacement for a major medical policy or other comprehensive policy. It is designed to cover benefits at a preselected fixed dollar amount. Coverage may be subject to exclusions, limitations, reductions and termination of benefit provisions.
Select Benefits is insured by Symetra Life Insurance Company, 777 108th Avenue NE, Suite 1200, Bellevue, WA 98004. The policies and various plan designs are not approved in all U.S. states or any U.S. territory.
1 Except for late entrants on life and/or disability.