The company’s statewide initiative follows the adoption of legislation that allows fixed payment insurance to be offered in Washington. Now, employers that previously had little or no affordable options for providing medical benefits to their employees can offer Select Benefits to all eligible workers.
Select Benefits is designed to work differently than traditional, employer-sponsored major medical coverage. Unlike major medical, these policies are more limited and pay fixed dollar amounts for routine services. While not designed to be comprehensive like major medical coverage, Select Benefits make going to the doctor easier for those workers who cannot afford major medical premiums or would otherwise not be eligible for an employer’s health plan.
More than 740,000 Washington residents are uninsured,1 and the percentage of state companies offering health benefits continues to decline. In fact, the number of Washington employers offering health insurance fell in 2006 to 66 percent, with only 14 percent of businesses providing health insurance for their part-time workers.2 Select Benefits can help employers more effectively recruit and retain employees while also bringing more uninsured part-time, seasonal and temporary workers out of the ranks of the uninsured.
“Because of the high cost of health care, many employers have a hard time offering their lower-wage, part-time and seasonal employees access to health insurance at work,” said Robert Frary, vice president of group limited medical and worksite products at Symetra. “With Symetra’s Select Benefits, even businesses on a tight budget can give their employees the ability to get regular check-ups and take their child to the doctor when he or she gets sick.”
Select Benefits has no preexisting condition limitations, no required networks, and no restrictions with other health insurance plans. It offers a universal rate and provides first-dollar benefits, up to a calendar year maximum, for things like wellness exams, diagnostic X-rays, immunizations, lab tests and other types of routine services. The policy also features life insurance and accident benefits. Plans are available to businesses with at least five employees and benefits apply to both participating employees and their dependents.
“As a small business owner, I use Select Benefits so my employees don’t have to go without any sort of insurance,” said Kristi Larson-Low, vice president of HomeInstead Senior Care, a home care service that helps seniors live independently. “I feel good that I now have another option for providing real benefits to my hard working employees and their families.”
1 Washington State Office of the Insurance Commissioner, “The Uninsured and the Cost of Uncompensated Care in Washington State,” August 2006
2 Washington State Employment Security Department, “Washington State Employee Benefits Report,” February 2007
3 Source: Total GAAP assets per financial statements on September 30, 2007.
Select Benefits is not a replacement for major medical or any other comprehensive policy. It is designed to provide a preselected fixed payment amount for benefits used on a routine basis. Select Benefits is insured by Symetra Life Insurance Company, 777 108th Ave. NE, Suite 1200, Bellevue, WA 98004-5135. Product is not available in all U.S. states or any U.S. territories.
