PPS provides exclusive insurance products and benefits to its graduate professional members, including life insurance, disability insurance, and health insurance. Key benefits of PPS membership include profit sharing through PPS Profit-Share Accounts, globally comprehensive coverage, and coverage for hazardous activities. PPS insurance policies offer benefits such as sickness and disability payouts, annual increases to coverage amounts, and tax-free payouts on death or retirement.
This document summarizes the key features of PPS Insurance, a mutual insurance company owned by its members. It offers exclusive insurance products to graduate professionals in South Africa. Key benefits include:
1) Members share in company profits through a PPS Profit-Share Account.
2) Coverage for sickness, disability, life, and health needs through various income replacement and lump sum benefits.
3) Benefits are paid regardless of claims history and health status does not impact profit sharing.
Understanding Health Care Reform: A Dose of Accounting MedecineJames Moore & Co
The affordable Care Act was signed into law on March 23, 2010 and upheld by the Supreme Court in June 2012. These reform measures will have wide-spread impacts to most businesses and individuals. In this presentation, we discuss the tax consequences, small business health care credits, fees, and provide a summary of the Affordable Care Act and the status of reform.
Watch our free one-hour webinar reviewing the rules for the new Individual Coverage HRA and the new Excepted Benefit HRA (ICHRA and EBHRA).
In June 2019, Treasury, DOL and HHS released final regulations that are effective for plan years beginning on or after January 1, 2020. These regulations created two new HRAs, Individual Coverage HRAs (ICHRA) and Excepted Benefit HRAs (EBHRA).
These new HRAs will be subject to ERISA and COBRA, but will not be subject to the nondiscrimination rules under Code Section 105(h). Any employer can offer these new HRAs to their employees. They can be offered to common law employees, but cannot be offered to self-employed individuals, partners and more than 2% S-Corporation shareholders.
Facilitated by ERISA attorney Larry Grudzien, and moderated by Chief Marketing Officer Julia Goebel, this webinar will cover the following:
-Why are these new HRAs so important?
-Which employees can be included or excluded
-What documentation is needed to be completed by employers to adopt them
-What reporting and disclosure requirements must be met
-What types of expenses can be reimbursed
-The pros and cons of establishing and participating in these new HRAs for employers
This presentation reviews: what information must be protected, what policies and procedures need to be in place, what disclosures have to be given to employees, what agreements have to be in place for business associates, and what breach procedures have to be followed.
The document summarizes the Employees' State Insurance (ESI) scheme in India. The key points are:
1) The ESI scheme provides social insurance benefits like sickness, maternity, disability and death benefits to employees earning 21,000 rupees or less per month.
2) Employers contribute 3.25% of salaries while employees contribute 0.75% towards medical care, cash benefits and other services provided through ESI hospitals, dispensaries and panel clinics across India.
3) Benefits include comprehensive medical care, cash benefits for sickness, maternity and disablement, dependents' benefits and funeral expenses. Insured persons and their families are entitled to these benefits by presenting their
Review all of the requirements of the Employee Retirement Income Security Act of 1974. Training will go over which employers have to comply, which benefits are subject to ERISA, what documentation employers must provide, and penalties for noncompliance.
The document outlines the various compensation, benefits, and career development programs offered by Hewitt Associates to its employees. It details elements of the total compensation package including base salary, bonuses, insurance policies, retirement funds, and various allowances. It also describes policies around leaves, relocation assistance, and separation from employment. Career progression at Hewitt is depicted through different experience levels and bands, with opportunities for both generalist and specialist paths.
How Medicare Affects Employer Health Coveragebenefitexpress
This presentation reviews the topic of Medicare and how it can affect Employers Health Coverage offerings, including: employer secondary rules, COBRA, notice requirements, and reporting requirements.
This document summarizes the key features of PPS Insurance, a mutual insurance company owned by its members. It offers exclusive insurance products to graduate professionals in South Africa. Key benefits include:
1) Members share in company profits through a PPS Profit-Share Account.
2) Coverage for sickness, disability, life, and health needs through various income replacement and lump sum benefits.
3) Benefits are paid regardless of claims history and health status does not impact profit sharing.
Understanding Health Care Reform: A Dose of Accounting MedecineJames Moore & Co
The affordable Care Act was signed into law on March 23, 2010 and upheld by the Supreme Court in June 2012. These reform measures will have wide-spread impacts to most businesses and individuals. In this presentation, we discuss the tax consequences, small business health care credits, fees, and provide a summary of the Affordable Care Act and the status of reform.
Watch our free one-hour webinar reviewing the rules for the new Individual Coverage HRA and the new Excepted Benefit HRA (ICHRA and EBHRA).
In June 2019, Treasury, DOL and HHS released final regulations that are effective for plan years beginning on or after January 1, 2020. These regulations created two new HRAs, Individual Coverage HRAs (ICHRA) and Excepted Benefit HRAs (EBHRA).
These new HRAs will be subject to ERISA and COBRA, but will not be subject to the nondiscrimination rules under Code Section 105(h). Any employer can offer these new HRAs to their employees. They can be offered to common law employees, but cannot be offered to self-employed individuals, partners and more than 2% S-Corporation shareholders.
Facilitated by ERISA attorney Larry Grudzien, and moderated by Chief Marketing Officer Julia Goebel, this webinar will cover the following:
-Why are these new HRAs so important?
-Which employees can be included or excluded
-What documentation is needed to be completed by employers to adopt them
-What reporting and disclosure requirements must be met
-What types of expenses can be reimbursed
-The pros and cons of establishing and participating in these new HRAs for employers
This presentation reviews: what information must be protected, what policies and procedures need to be in place, what disclosures have to be given to employees, what agreements have to be in place for business associates, and what breach procedures have to be followed.
The document summarizes the Employees' State Insurance (ESI) scheme in India. The key points are:
1) The ESI scheme provides social insurance benefits like sickness, maternity, disability and death benefits to employees earning 21,000 rupees or less per month.
2) Employers contribute 3.25% of salaries while employees contribute 0.75% towards medical care, cash benefits and other services provided through ESI hospitals, dispensaries and panel clinics across India.
3) Benefits include comprehensive medical care, cash benefits for sickness, maternity and disablement, dependents' benefits and funeral expenses. Insured persons and their families are entitled to these benefits by presenting their
Review all of the requirements of the Employee Retirement Income Security Act of 1974. Training will go over which employers have to comply, which benefits are subject to ERISA, what documentation employers must provide, and penalties for noncompliance.
The document outlines the various compensation, benefits, and career development programs offered by Hewitt Associates to its employees. It details elements of the total compensation package including base salary, bonuses, insurance policies, retirement funds, and various allowances. It also describes policies around leaves, relocation assistance, and separation from employment. Career progression at Hewitt is depicted through different experience levels and bands, with opportunities for both generalist and specialist paths.
How Medicare Affects Employer Health Coveragebenefitexpress
This presentation reviews the topic of Medicare and how it can affect Employers Health Coverage offerings, including: employer secondary rules, COBRA, notice requirements, and reporting requirements.
This document discusses Assurant Employee Benefits' worksite marketing products and enrollment support services. It outlines available voluntary and worksite insurance products such as life, disability, vision, dental, and critical illness. It also describes worksite specific products like medical GAP insurance and accident insurance. The document provides details on enrollment types, timelines, compensation models and introduces the worksite sales specialist for Alabama and Mississippi.
Health insurance in the US has evolved from primarily covering catastrophic illness to also covering preventative care and services. There are various types of health insurance plans including HMOs, PPOs, and consumer-driven plans. Government plans like Medicare and Medicaid provide coverage for specific groups. Providers must verify a patient's insurance coverage and submit claims according to the insurer's requirements to receive reimbursement.
This document outlines the major benefits provided under the Employees' Provident Fund (EPF) in India, including provident fund benefits, pension benefits, and death benefits. For provident fund benefits, both employers and employees contribute 12% each to the employee's fund. Members can withdraw funds for financial needs and get back contributions upon resignation. Pension benefits include lifetime pension for members and families. Death benefits provide funds to families or nominees upon death.
This powerpoint goes into depth and explains FSAs, HRAs and HSAs, how they work together, who can participate, and what types of rules apply. It's a little boring, long, and somewhat detailed. However, you can use just portions of the slides if you'd like. The last 20 or so slides may be useful if an employer is offering high deductible health insurance plans, with an HSA - and already has an FSA in place This is a Continuing Education Course in California, under the Department of Insurance.
Review the requirements for offering HSAs. This will include what coverages must be offered, documentation to be completed, what rules the employer and employee must follow (including HSA employer contribution rules), and commonly made mistakes.
This document provides an overview of benefits and onboarding information for new hires at CSC India Campus. It includes details about provident fund contributions and nomination, medical insurance coverage for employees and dependents, and requirements for opening a salary bank account such as valid ID proofs. New employees will meet representatives on their start date to complete the enrollment process for these benefits.
This webinar covers a basic review of the requirements under ERISA, including: what is an ERISA benefit, what documentation requirements have to be met, what disclosure requirements have to be met, what reporting requirements need to be met, what is a fiduciary, and what are other requirements.
Eliott Dear Lawyer is explaining the Role of Employee Benefits. Eliott Dear is a regarded legal advisor in New York. He has over ten years of involvement with his legitimate work.
Covert Taxes: Spying Issues in Health & Welfare Benefitsbenefitexpress
This document discusses various types of health and welfare benefits provided by employers, including:
- Health benefits such as medical, dental, and vision care
- Disability and life insurance benefits
- Educational reimbursement plans
It provides details on tax treatment of premiums and benefits for employers and employees, and nondiscrimination rules to ensure plans do not unfairly benefit higher-paid employees.
This document summarizes key provisions of the Affordable Care Act that employers need to be aware of now and in 2014. It discusses the individual mandate, health insurance marketplace open enrollment, eligibility for premium subsidies, employer notice requirements, essential health benefits that plans must cover, consumer protections, calculating minimum value of employer plans, defining full-time employees, and penalties for large employers that do not offer adequate coverage. It also provides examples of premium and subsidy amounts in New Jersey and addresses issues like wellness programs, automatic enrollment, auditing, and potential legal protections for employees.
Medicare Rule Review: Overview of Secondary Payersbenefitexpress
Learn how the Medicare Secondary Payer Rules impact an employer’s health and welfare plans. This covers which employers are subject, what employers can do to comply, and the penalties that can be imposed for noncompliance.
This Blog written by me attempts to discuss the features and Benefits of Employee Provident fund Scheme as a Fixed Savings instrument in terms of Applicability, Contributions, Return, Risks, Lock-in period, Liquidity, Tax Benefits, Voluntary PF and highlights the recent relief measures that the government has announced considering the current COVID-19 Pandemic
In today's multi-generational workforce, health and wellness benefits are weighted equally with salary expectations. This is why it's important for small and large businesses alike to embrace health and wellness benefits to recruit top talent as well as retain valued employees.
While offering these benefits has been shown to improve employee engagement and productivity, it comes with some challenges. This webinar reviews common questions human resources professionals confront when offering health and welfare benefits to employees.
Facilitated by ERISA attorney Larry Grudzien, this webinar covers the following:
- Questions Surrounding Tax
- Reporting Disclosures
- ERISA, COBRA & FMLA
- Workers Compensation
- Affordable Care Act (ACA)
Benefits are a critical piece of an employee compensation package, with health care benefits reigning most important. Whether you're already offering these benefits or considering adding them to your benefits offerings, view our webinar to learn more and remain competitive in the talent marketplace.
The document provides an overview of health insurance changes in Virginia as a result of the Affordable Care Act. It summarizes that the Bureau of Insurance regulates health insurance companies and agents, and oversees qualified health plans offered on the state's health insurance marketplace. It outlines key provisions like guaranteed issue, essential health benefits, actuarial value levels, and enrollment periods. It also describes assistance available from the Bureau of Insurance and navigators to help consumers understand their options.
2016 Developments in HRA Administration: Reviewing Recent IRS Guidancebenefitexpress
This webinar reviews: the recent IRS guidance in HRA administration, when HRAs are free standing, what requirements must be met to be integrated, and HRA reimbursed Medicare premiums.
Independent Contractor or Employee: Avoiding the Game of Guess Whobenefitexpress
Uber is in the news for a multimillion dollar settlement following a dispute over whether their drivers are employees or independent contractors, and they aren’t the only ones. Misclassifying an employee as an independent contractor is one of the costliest mistakes an employer can make.
Sort out which your employees are and learn your options for reclassifying workers in the webinar you literally can’t afford to miss.
The document summarizes the key aspects of the Employee's State Insurance Act 1948 in India. It provides coverage for employees in factories and establishments with 10 or more workers. Employees earning less than Rs. 7500 per month are covered. Employers and employees both contribute 6.5% of wages towards insurance. Benefits include sickness, maternity, disability and dependents benefits. Employers are absolved of liability in case of employee illness or disability in return for contributions.
The document summarizes the key aspects of the Employee's State Insurance Act 1948 in India. It provides social security benefits like sickness, maternity, disability benefits to workers in the organized sector through contributions from employers and employees. The ESI scheme covers factories with 10 or more power-using workers or 20 or more non-power using workers. Employees earning up to Rs. 7500 per month are eligible. It benefits both employees through cash and medical benefits and employers by absolving them of liability for workers' healthcare and compensation.
This document discusses Assurant Employee Benefits' worksite marketing products and enrollment support services. It outlines available voluntary and worksite insurance products such as life, disability, vision, dental, and critical illness. It also describes worksite specific products like medical GAP insurance and accident insurance. The document provides details on enrollment types, timelines, compensation models and introduces the worksite sales specialist for Alabama and Mississippi.
Health insurance in the US has evolved from primarily covering catastrophic illness to also covering preventative care and services. There are various types of health insurance plans including HMOs, PPOs, and consumer-driven plans. Government plans like Medicare and Medicaid provide coverage for specific groups. Providers must verify a patient's insurance coverage and submit claims according to the insurer's requirements to receive reimbursement.
This document outlines the major benefits provided under the Employees' Provident Fund (EPF) in India, including provident fund benefits, pension benefits, and death benefits. For provident fund benefits, both employers and employees contribute 12% each to the employee's fund. Members can withdraw funds for financial needs and get back contributions upon resignation. Pension benefits include lifetime pension for members and families. Death benefits provide funds to families or nominees upon death.
This powerpoint goes into depth and explains FSAs, HRAs and HSAs, how they work together, who can participate, and what types of rules apply. It's a little boring, long, and somewhat detailed. However, you can use just portions of the slides if you'd like. The last 20 or so slides may be useful if an employer is offering high deductible health insurance plans, with an HSA - and already has an FSA in place This is a Continuing Education Course in California, under the Department of Insurance.
Review the requirements for offering HSAs. This will include what coverages must be offered, documentation to be completed, what rules the employer and employee must follow (including HSA employer contribution rules), and commonly made mistakes.
This document provides an overview of benefits and onboarding information for new hires at CSC India Campus. It includes details about provident fund contributions and nomination, medical insurance coverage for employees and dependents, and requirements for opening a salary bank account such as valid ID proofs. New employees will meet representatives on their start date to complete the enrollment process for these benefits.
This webinar covers a basic review of the requirements under ERISA, including: what is an ERISA benefit, what documentation requirements have to be met, what disclosure requirements have to be met, what reporting requirements need to be met, what is a fiduciary, and what are other requirements.
Eliott Dear Lawyer is explaining the Role of Employee Benefits. Eliott Dear is a regarded legal advisor in New York. He has over ten years of involvement with his legitimate work.
Covert Taxes: Spying Issues in Health & Welfare Benefitsbenefitexpress
This document discusses various types of health and welfare benefits provided by employers, including:
- Health benefits such as medical, dental, and vision care
- Disability and life insurance benefits
- Educational reimbursement plans
It provides details on tax treatment of premiums and benefits for employers and employees, and nondiscrimination rules to ensure plans do not unfairly benefit higher-paid employees.
This document summarizes key provisions of the Affordable Care Act that employers need to be aware of now and in 2014. It discusses the individual mandate, health insurance marketplace open enrollment, eligibility for premium subsidies, employer notice requirements, essential health benefits that plans must cover, consumer protections, calculating minimum value of employer plans, defining full-time employees, and penalties for large employers that do not offer adequate coverage. It also provides examples of premium and subsidy amounts in New Jersey and addresses issues like wellness programs, automatic enrollment, auditing, and potential legal protections for employees.
Medicare Rule Review: Overview of Secondary Payersbenefitexpress
Learn how the Medicare Secondary Payer Rules impact an employer’s health and welfare plans. This covers which employers are subject, what employers can do to comply, and the penalties that can be imposed for noncompliance.
This Blog written by me attempts to discuss the features and Benefits of Employee Provident fund Scheme as a Fixed Savings instrument in terms of Applicability, Contributions, Return, Risks, Lock-in period, Liquidity, Tax Benefits, Voluntary PF and highlights the recent relief measures that the government has announced considering the current COVID-19 Pandemic
In today's multi-generational workforce, health and wellness benefits are weighted equally with salary expectations. This is why it's important for small and large businesses alike to embrace health and wellness benefits to recruit top talent as well as retain valued employees.
While offering these benefits has been shown to improve employee engagement and productivity, it comes with some challenges. This webinar reviews common questions human resources professionals confront when offering health and welfare benefits to employees.
Facilitated by ERISA attorney Larry Grudzien, this webinar covers the following:
- Questions Surrounding Tax
- Reporting Disclosures
- ERISA, COBRA & FMLA
- Workers Compensation
- Affordable Care Act (ACA)
Benefits are a critical piece of an employee compensation package, with health care benefits reigning most important. Whether you're already offering these benefits or considering adding them to your benefits offerings, view our webinar to learn more and remain competitive in the talent marketplace.
The document provides an overview of health insurance changes in Virginia as a result of the Affordable Care Act. It summarizes that the Bureau of Insurance regulates health insurance companies and agents, and oversees qualified health plans offered on the state's health insurance marketplace. It outlines key provisions like guaranteed issue, essential health benefits, actuarial value levels, and enrollment periods. It also describes assistance available from the Bureau of Insurance and navigators to help consumers understand their options.
2016 Developments in HRA Administration: Reviewing Recent IRS Guidancebenefitexpress
This webinar reviews: the recent IRS guidance in HRA administration, when HRAs are free standing, what requirements must be met to be integrated, and HRA reimbursed Medicare premiums.
Independent Contractor or Employee: Avoiding the Game of Guess Whobenefitexpress
Uber is in the news for a multimillion dollar settlement following a dispute over whether their drivers are employees or independent contractors, and they aren’t the only ones. Misclassifying an employee as an independent contractor is one of the costliest mistakes an employer can make.
Sort out which your employees are and learn your options for reclassifying workers in the webinar you literally can’t afford to miss.
The document summarizes the key aspects of the Employee's State Insurance Act 1948 in India. It provides coverage for employees in factories and establishments with 10 or more workers. Employees earning less than Rs. 7500 per month are covered. Employers and employees both contribute 6.5% of wages towards insurance. Benefits include sickness, maternity, disability and dependents benefits. Employers are absolved of liability in case of employee illness or disability in return for contributions.
The document summarizes the key aspects of the Employee's State Insurance Act 1948 in India. It provides social security benefits like sickness, maternity, disability benefits to workers in the organized sector through contributions from employers and employees. The ESI scheme covers factories with 10 or more power-using workers or 20 or more non-power using workers. Employees earning up to Rs. 7500 per month are eligible. It benefits both employees through cash and medical benefits and employers by absolving them of liability for workers' healthcare and compensation.
Future Generali Health Elite - A Plan That Covers You GloballyColinGenerali
FG Health Elite is a health insurance plan that provides global medical coverage for specific illnesses up to ₹6 crores sum insured. It offers comprehensive coverage including OPD treatment, home visits, air ambulance, and mental health coverage. Insured individuals can earn wellness rewards points by engaging in healthy activities which can be used to claim benefits or receive discounts on premiums. The plan provides lifelong renewability subject to payment of premiums.
The document discusses employee benefits presented by a group including Naveed Mehdi Sheikh, Gul-e-Arzoo, Muzamil Ali, Bilawal Illyas, and Hamza Saqib. It defines employee benefits as additional non-financial rewards offered to attract and retain employees, such as health insurance, retirement plans, and paid time off. It then categorizes benefits as legally required (e.g. social security, unemployment), voluntary (e.g. health insurance, life insurance), and retirement benefits (e.g. 401k, pensions). Finally, it discusses integrating benefits through flexible spending accounts and modular/core-plus plans.
Kaiser International Healthgroup, Inc. is a registered health care provider in the Philippines that offers various HMO plans to both corporate and individual customers. It is led by an experienced board of directors in the medical field. The company's flagship product is the Premium Healthcare Builder Plan, a long-term savings plan that provides health care coverage for up to 20 years in the future. Key benefits include annual health checks, dental coverage, hospitalization coverage, and a lump sum payout or lifetime health benefits depending on the plan chosen.
The document discusses amendments made to the Employees' State Insurance (ESI) scheme in India. Key points include:
- Increasing the wage limit for ESI coverage from Rs. 10,000 to Rs. 15,000
- Designating social security officers as inspectors
- Expanding the definition of "family"
- Allowing ESIC to open medical and paramedical colleges
- Extending medical facilities to other beneficiaries
- Allowing third party participation from private parties
The document discusses amendments made to the Employees' State Insurance (ESI) scheme in India. Key points include:
- Increasing the wage limit for ESI coverage from Rs. 10,000 to Rs. 15,000.
- Expanding the definition of "family" and designating social security officers as inspectors.
- Opening medical and paramedical colleges by the ESI corporation and providing medical facilities to other beneficiaries.
- Allowing third party participation by private parties.
This document provides an overview of employee benefits, including legally required benefits like Social Security, unemployment compensation, workers' compensation, and FMLA. It also discusses voluntary benefits such as traditional health insurance, HMOs, PPOs, and retirement benefits like pensions and IRAs. Other benefits covered include paid time off, disability and survivor benefits, flexible spending accounts, and modular/core-plus benefit plan designs. The goal of a benefits package is to attract and retain employees while providing legally required coverage in a cost-effective manner.
This document provides an overview of the Employees' Provident Fund and Miscellaneous Provisions Act of 1952 and the Employee State Insurance Act of 1948 in India. It discusses the key aspects of both acts including applicability, schemes covered, contributions, benefits provided, and important forms to be submitted. The document also provides guidance on employer registration and obligations, employee registration, maintaining compliance records, and claim processes.
The document discusses the long-term and short-term incentive plans of British Petroleum. The long-term incentive plan requires sustained performance over more than one year and may provide stock options or be based on financial metrics paid out in cash. The short-term incentive plan rewards performance over 12 months or less and includes annual bonuses, profit-sharing, and gain-sharing plans. Both plans aim to incentivize employees and link compensation to the long and short-term success of the company.
Presentation slides from The SMSF Academy webinar on 26 July 2013, presented by Aaron Dunn.
Session looks at the practical issues, strategies, superannuation law and tax law requirements in paying a member death benefit from a self-managed super fund.
The document provides information about the Virginia Retirement System (VRS) retirement plan for staff employees at Virginia Tech, including details about the VRS plan types, hybrid plan components, contribution rates, eligibility requirements, and options for leaving employment and accessing retirement funds. Staff employees have a mandatory retirement contribution deducted from each paycheck that is distributed between a defined benefit and defined contribution plan under the VRS hybrid plan.
The employees state insurance act,1948
Social insurance of india
The Adakar plan- Workmen’s State Insurance Bill, 1946
A social welfare legislation with the objective of providing benefits to employees- sickness, maternity and employment injury.
Act tries to attain socio-economic justice enshrined in DPSP under part IV of the constitution
Health insurance allows individuals to pay monthly premiums which are then used to pay for medical expenses. It is administered by organizations like government agencies, private businesses, or non-profits. In the Philippines, required health insurance includes SSS for private employees, PhilHealth for private/government employees, and GSIS for government employees. These provide benefits like sickness, maternity, retirement, and death benefits in the form of daily cash allowances. PhilHealth specifically provides inpatient and outpatient care benefits. Health Maintenance Organizations (HMOs) also provide comprehensive health coverage for a monthly premium.
This document discusses life assurance underwriting. It explains that individuals seeking life assurance must fill out a proposal form with general and specific questions. Underwriting can be medical, non-medical, or financial based on the risk. Medical underwriting involves medical exams and reports. Non-medical underwriting assesses risk based on the proposal form for smaller policies. Group life assurance provides death benefits for employees and has features like master policies and membership certificates. Underwriting is more lenient for groups due to risk spreading.
2020 Emergency Relief For Employers Called “Paycheck Protection Plan” Created...CMP
On March 27, 2020, President Trump signed Coronavirus Aid, Relief, and Economic Security Act (CARES Act), aimed at providing financial relief for American businesses in response to the economic fallout from the fast-developing coronavirus (COVID-19) pandemic.
This document provides information on LIC policies for parents with handicapped children. It summarizes two LIC policies - Jeevan Adhar and Jeevan Vishwas.
Jeevan Adhar provides life insurance cover for the purchaser (parent) throughout their lifetime. Benefits are meant for the handicapped dependent and include a lump sum payment and annuity. Jeevan Vishwas is an endowment plan where sums assured plus bonuses are used to provide the dependent an annuity or lump sum upon the policyholder's death or maturity. Both policies require dependents to meet section 80DDA conditions and provide tax benefits to parents.
This document provides information about a health insurance plan being offered to IEEE members by Medimanage and Bajaj Allianz General Insurance.
The key details include Medimanage's role in administering the plan, available coverage options and premium amounts, enrollment process, benefits included, exclusions and limits.
Some highlights are a choice of sum insured from Rs. 2-10 lakhs, coverage for pre-existing conditions, maternity benefits, cashless claims processing, and portability for existing members to enroll within 60 days to avoid waiting periods.
Smita Rastogi's presentation discusses voluntary employee benefits. It defines voluntary benefits as additional insurance products employees can purchase through their employer at lower group rates than individual plans. The presentation outlines key voluntary benefits like critical illness insurance, accident insurance, dental/vision plans, life insurance and disability insurance. It also discusses the benefits to both employers and employees of offering voluntary plans, such as attracting talent and satisfying different employee needs affordably.
This document provides an overview of various types of group insurance plans offered by employers as employee benefits, including group life, medical, dental, and disability insurance. It discusses key aspects of these plans such as eligibility, coverage amounts, funding structures, and recent trends affecting employer-sponsored health plans. Managed care plans like HMOs and PPOs are described as dominant models focusing on cost control. The impact of laws like COBRA, HIPAA, and the Affordable Care Act on group medical insurance is also summarized.
Similar to Key Features of PPS Insurance 2014 V2 (20)
2. 1
M U T U A L I T Y A N D P P S
PPS operates on the principle of mutuality - this means that there are no external shareholders,
PPS exists solely for the benefit of its select graduate professional members, “belonging” to
its members. Every Rand of value that PPS creates goes to benefit our members with PPS
Provider policies and qualifying products through the PPS Profit-Share Account. Members
also enjoy voting rights in PPS.
P P S M E M B E R S H I P
• Exclusive access to PPS Insurance, PPS Short-term Insurance, PPS Investments and Profmed
• Exclusive products for graduate professionals who hold at least a 4-year academic
qualification (or equivalent thereof) at a University or University of Technology, that is in a
profession eligible for PPS membership and practicing in their field of study
• The largest multidisciplinary group of graduate professionals in the world – over 200,000
members
• Members share the profits via their PPS Profit-Share Accounts
• Unique global cover, be it travel or emigration, no restrictions or loadings applied and no
need to inform PPS of travel activities
• Exclusive cover when partaking in any hazardous activity or sport (such as scuba diving,
motorised racing or sailing), no restrictions or loadings applied and no need to inform PPS of
activities
EXAMPLE
Cover was provided for PPS members taking part in the 2014 Cape to Rio event, a yacht race
where competitors sail across the Atlantic ocean
P P S P rofit - S hare A ccount
The PPS Profit-Share Account is a unique benefit only offered by PPS. Members share
the profits of PPS if they are PPS ProviderTM
policyholders with qualifying products. Profit
allocations are made to members’ PPS Profit-Share Accounts in the form of operational
profits and investment returns. The PPS Group product range contributes to the PPS Profit-
Share Account, be it direct profit allocations due to a specific product or indirect allocations
via the qualifying PPS Provider range of products. These allocations are declared annually
at the end of the financial year.
Closer to retirement, members can choose how their PPS Profit-Share Account is invested by
selecting a portfolio offered by PPS Multi-Managers. After retirement, members can exercise
the Vested PPS Profit-Share Account and invest in the unit trusts of PPS Multi-Managers and
other asset managers. This allows them to utilise their accumulated profits as part of their
retirement strategy.
FEATURES
• Tax-free amount payable on death or retirement
• Payable regardless of any claims made (including claims on Profmed) or health status
• Claims and health status have no impact on profit-sharing or the accumulated PPS Profit-Share
Account
• No additional premium is levied, the PPS Profit-Share Account is a member’s share in the
profits of PPS
• The more qualifying products held, the greater the allocations to the PPS Profit-Share
Account
• Protected against creditors whilst unvested
3. 2
D E C L A R E D A N N U A L I N C R E A S E S
• Effective annually on the 1st of January and increases all benefits free from underwriting
• Ensures that benefits stay in line with earnings inflation and applied automatically unless
declined in writing by the member
• Historically an average of 2% to 3% above CPI
YEAR CORE INFLATION (CPI) PPS ANNUAL INCREASE
2005 3.4% 8%
2006 4.7% 8%
2007 7.1% 8.75%
2008 11.5% 11%
2009 7.1% 9.7%
2010 4.3% 7.9%
2011 5.0% 7.9%
2012 5.6% 8.6%
2013 5.7% 8.6%
I M M E D I A T E C O V E R
Immediate cover is applicable to members under the age of 62 who are applying for life
cover at PPS from the date the application is uploaded onto the PPS system until the earliest
of:
• The date PPS underwriting accepts the benefits* or
• 30 days after the application has been signed
PPS will pay the life cover benefit if the life insured dies due to an accident. The amount is
equal to the life cover applied for up to a maximum of the PPS Accidental Death benefit.
F R E E C O V E R
Free cover is applicable to members under the age of 62 at date of application, from the
latest of:
• The date PPS underwriting accepts the benefits* or
• 30 days before the selected issue date (after PPS underwriting accepts the benefits*)
Members will enjoy full benefits as applied for from the above date until the issue date of the
policy without the need to pay premiums for this period, subject to terms and conditions.
* Acceptance is when the benefits:
• Are accepted at ordinary rates, or
• Are accepted with loadings and/or exclusions and the Counter Offer terms are accepted by the member
4. 3
S ickness & permanent
incapacity benefit
The PPS Sickness and Permanent Incapacity Benefit is a monthly benefit that pays out should
a member (as life insured) not be able to perform their usual professional duties due to a
sickness or condition. The benefit payment is designed to replace or supplement the graduate
professional’s income.
Gross Professional income
• Unique definitions used by PPS offering total cover for earnings when used appropriately
• Corporate (salaried) professionals can cover full Cost to Company including fringe benefits
and average annual bonuses over the past 3 years
• Self-employed professionals can cover all earnings including overhead expenses
• Expenses that will stop if the business is closed / sold covered as actual expenses
• All remaining earnings (including expenses that will not stop) covered as personal income
SICKNESS BENEFIT
• Designed to support the professional during the initial sickness period so that any realignment
of their usual professional duties within their profession or reasonable adaptations to their
work methods / duties can be made whilst receiving either total or partial sickness benefits
• Tax-free benefit payable upon sickness for up to 728 days (2 years) for every unrelated
sickness or condition, be it continuous or intermittent
• Actual expenses covered at up to 100% and personal income covered at up to 66%
• No proof of loss of income required at claim stage
• No aggregation or payment offset against any other income earned or benefits received
• Hospitalisation not a requirement to claim for sickness
• Retrospectively covers all members from day 1, after a total sickness period of 7 consecutive days
• Available for whole of life, subject to certain terms and conditions after the age of 66
• Direct profit allocation to the PPS Profit-Share Account, even when receiving a benefit
payment from PPS
• Reduced rates for members under the age of 30*
• PPS has a simple claims process – easy-to-complete member claim form and declaration by
a medical doctor**
• Occupational therapy and rehabilitation assistance offered where possible
HOSPITAL RIDER BENEFIT
• An optional rider benefit that provides cover to members when hospitalised
• Pays an additional amount equal to the sickness benefit
• Payable retrospectively from day 1, after being hospitalised for 4 consecutive days
• Payable for 6 months (182 days) in a 12 month (364 day) cycle
• Direct profit allocation to the PPS Profit-Share Account, even when receiving a benefit
payment from PPS
* Available on Ordinary Units of Benefit
** Additional information may be requested
5. 4
The member received the following benefits from PPS:
Sickness R1 000 x 31 days x 2 months = R62 000
Hospital R1 000 x 31 days x 1 month = R31 000
Total Benefit Received R93 000
Pregnancy complications
• Sickness cover for 17 listed pregnancy complications
»» Pays out for a pre-defined number of days when claims criteria is met
• Sickness cover when hospitalized for 4 days or more
»» Cover for all unlisted pregnancy complications resulting in hospitalization
»» Not necessary to have the PPS Hospital Benefit
• Available to all existing and future female PPS Sickness and Permanent Incapacity
policyholders
• No waiting period applicable to the benefit
• No extra premium payable for the benefit
• Same claims process as sickness benefit, only necessary to add a report from the treating
obstetrician and proof of hospital admission (if applicable)
PERMANENT INCAPACITY BENEFIT
• Assesses any residual effects of the sickness or condition on a member’s ability to perform
their usual professional duties and makes an appropriate award to compensate for the loss
of ability to generate professional earnings
• More comprehensive than an “own occupation” disability benefit as it covers a member’s
usual professional duties. Each case is considered on its own merits. For example, an
orthopedic surgeon performing mostly long and complicated surgeries is assessed exactly
as such and not only as a “generic” orthopedic surgeon or general surgeon
• Benefit payable at incapacity (usually after the sickness period) until the member turns 66
based on the incapacity determination awarded as either 20%, 60% or 100% through the
Permanent Incapacity Assessment Process
• Personal income covered up to 100% (taxable)
• No proof of loss of income required at claim stage
• No aggregation or payment offset against any other income earned or benefits received
• Members receiving a 20% or 60% award may elect to remain working and continue paying
premiums. They will be entitled to claim their sickness benefit for unrelated conditions.
Otherwise they may elect not to work and not pay any further premiums but they will also
not be allowed to claim sickness benefits for unrelated conditions. Members receiving a
100% award need not pay any further premiums and cannot claim sickness benefits for
unrelated conditions
• Direct profit allocations to the PPS Profit-Share Account, even when receiving a benefit
payment from PPS
• Reduced rates for members under the age of 30*
EXAMPLE
A member has a R1 000 daily sickness and hospital benefit. The member sustained a fractured
pelvis in a motor vehicle accident and was unable to work for 2 months of which 1 month
was spent in hospital.
* Available on Ordinary Units of Benefit
6. 5
OCCUPATION SPECIFIC RIDER BENEFIT
• An optional rider benefit that increases the payment to a non-reviewable 100% once a
Permanent Incapacity award is given*
• Award never reviewed and payable until the member turns 66
• Benefit is paid out even if the member continues working and will not be aggregated or
offset against any other income earned or benefits received
• Sickness and Permanent Incapacity benefit premiums are waived
• Sickness and Permanent Incapacity benefit direct profit allocations to the PPS Profit-Share
Account continues
*Certain conditions are specifically excluded from the OSRB benefit. This includes chronic fatigue syndrome, mental
illness and fibromyalgia. These benefits will be assessed under the Permanent Incapacity Benefit and members may still
be able to receive up to a 100% of their claim amount depending on the determination made through the Permanent
Incapacity Assessment Process.
** Subject to underwriting and reassurance acceptance where applicable
P P S P R O F E S S I O N A L
L I F E P R O V I D E R
• A stand-alone lump-sum benefit that pays out to the nominated beneficiaries or estate
should the member pass away. The payout may be used to provide for remaining family
and dependents, settle debts or ensure estate liquidity
• Differentiated premium rates (taking into account gender and smoking status)
• Direct profit allocation to the PPS Profit-Share Account
• No limit on the number of life policies a member can have at PPS
• No maximum limits on the amount of life cover**
• The ability to cede the life cover, partially or fully as security
• The following additional benefits are automatically included:
»» Immediate needs benefit
◊ A lump-sum benefit of up to R 50 000 is payable to the nominated beneficiaries within 2 working
days of the submission of a valid death certificate
»» Terminal Illness benefit
◊ Accelerates 50% of the life cover sum assured if the policy holder is diagnosed with a terminal illness
and is likely to die within the next 12 months
• The following optional rider benefits are available:
»» Accelerated Professional Disability Benefit
◊ A lump-sum benefit that accelerates the life cover should the member become occupationally
disabled
◊ Occupation Specific Rider Benefit
* A rider benefit covering the member’s own specific nominated occupation
»» Accelerated Professional Health Provider
◊ A lump-sum benefit that accelerates the life cover should the member suffer from a listed trauma,
physical impairment or critical illness condition and pays out a percentage based on the severity
level
◊ CatchAll Benefit
* A rider benefit that adds a benefit category covering any severe condition not covered under
the listed categories
◊ Core 100% Benefit
* A rider benefit that pays out 100% of the benefit, irrespective of severity level, for heart attack,
cardiac surgery and procedures, stroke or cancer
»» Accidental Death Benefit
◊ An additional lump-sum benefit that pays out tan amount additional to the life cover if the member
dies due to an accident
7. 6
* Subject to underwriting and reassurance acceptance where applicable
** This benefit is subject to the maximum Severe Illness cover and it will be aggregated with all Professional Health
Provider and Professional Health Preserver products, should a member have any of these products in force.
P P S P R O F E S S I O N A L
D I S A B I L I T Y P R O V I D E R
• A stand-alone lump-sum benefit that pays out should the member become occupationally
disabled. The payout may be used to fund workplace adaptations, property adaptations
or assistive devices, or settle debt to ensure the member can remain independent and
may continue enjoying his / her possessions
• Certain conditions are covered under this benefit regardless of the effect it has on the
ability of a member to practice their occupation, for example paraplegia
• Differentiated premium rates (taking into account gender and smoking status)
• Direct profit allocation to the PPS Profit-Share Account
• No maximum limits on the amount of disability cover*
• No aggregation or benefit offset against income or any other benefits received, be it lump-
sum or income benefits
• No specific waiting periods, once severity and permanence is established, a claim will be assessed
• Converts to the whole of life Severe Illness benefit free of underwriting at retirement after the
age of 59**
»» A lump-sum benefit that pays out 100% should the member suffer from a listed severity level A or B
trauma, physical impairment or critical illness condition
• The following rider benefit is available:
»» Occupation Specific Rider Benefit
◊ A rider benefit covering the member’s own specific nominated occupation
8. 7
P P S P R O F E S S I O N A L H E A L T H
P R O V I D E R
• A stand-alone lump-sum benefit that pays out 25%, 50%, 75% or 100% (based on severity
level) should the member suffer from a listed trauma, physical impairment or critical illness
condition. The benefits payment may be used to fund lifestyle changes and property
adaptations due to the condition suffered to ensure the member can remain independent
and may continue enjoying his possessions.
• Preservation and continuation of cover: a member can claim multiple times under the same
or different categories (a claim from one category does not deplete other categories).
A maximum of 100% of the sum assured is payable per category
• Unique benefit categories, including gunshot wounds and reconstructive facial surgery
• Direct profit allocation to the PPS Profit-Share Account
• Differentiated premium rates (taking into account gender and smoking status)
• 14-day general survival period. Member may be on life support during the survival period
• The following rider benefits are available:
»» CatchAll Benefit
◊ A rider benefit that adds a benefit category covering any severe condition not covered under the
listed categories
»» Core 100% Benefit
◊ A rider benefit that pays out 100% of the benefit, irrespective of severity level, for heart attack,
cardiac surgery and procedures, stroke or cancer
»» Maternity Cover
◊ A rider benefit that adds 11 benefit categories related to pregnancy
P P S A C C I D E N T A L D E A T H
P R O D U C T
• A stand-alone lump-sum benefit that pays out to the nominated beneficiaries or estate
should the member pass away due to an accident, for example a motor vehicle accident,
being a victim of crime or accidental drowning
• Only financial underwriting applicable, no medical underwriting and no loadings and
exclusions applied
• Direct profit allocation to the PPS Profit-Share Account
P P S K I C K S T A R T B E N E F I T S
• KickStart insurance cover and the PPS Profit-Share Account
• Cover for students (in their fourth year of study towards a profession eligible for PPS
membership) and young professionals under the age of 34
• Shortened application form and processes
• Free from underwriting
• Contains the following as a packaged benefit:
»» Sickness Benefits of R2000 per month
»» Accidental Death Benefits of R200 000
• Direct profit allocation to the PPS Profit-Share Account
9. 8
S T U D E N T B E N E F I T S
• Cover to students under the age of 34 years in their fourth year of study towards a profession
eligible for PPS membership
• Limited underwriting
• Available products (with the same benefits as ordinary members):
»» Sickness and Permanent Incapacity Benefits
◊ Monthly sickness benefit of up to R3 100 and monthly Permanent Incapacity benefit of
up to R3 875 (31-day month)
◊ Optional Hospital Rider Benefit available
»» Life cover of up to R 500 000 (PPS Professional Life Provider)
»» Accelerated disability benefits available (PPS Professional Disability Provider)
»» Accelerated critical illness, trauma and physical impairment benefits available
(PPS Professional Health Provider)
◊ CatchAll benefit optional
◊ Core 100% benefit optional
• Reduced rates for students under the age of 30*
• Profit allocations to the PPS Profit-Share Account
M Y F U T U R E P L A N S O L U T I O N
• Available to members / prospective members (full membership) until they turn 35
• Shortened application form and process
• Ordinary membership with the following products:
»» Sickness and Permanent Incapacity Benefits
◊ Cover Gross Professional Income up to R1 200 000
◊ Optional Occupation Specific Rider Benefit and Hospital Rider Benefit available
◊ Reduced rates for members under the age of 30*
»» Life cover up to R 2 000 000 (PPS Professional Life Provider)
»» Disability Cover up to R 2 000 000 (PPS Professional Disability Provider)
»» Stand-alone or accelerated
»» Includes the Occupation Specific Rider Benefit
»» Critical illness, trauma and physical impairment benefits of up to R 2 000 000
(PPS Professional Health Provider)
◊ Stand-alone or accelerated
◊ Optional Core 100%, CatchAll and Maternity benefits available
»» Accidental Death Benefit up to R 2 000 000
◊ Stand-alone or add-on benefit
* Available on Sickness and Permanent Incapacity Benefits - Ordinary Units of Benefit
10. 9
M Y F U T U R E S I C K N E S S A N D
P E R M A N E N T I N C A P A C I T Y O P T I O N
• Available to all PPS Sickness and Permanent Incapacity benefit policyholders until they turn
35*
• Similar to future cover but at no additional premium
• Shortened process to increase benefits annually in line with actual earning increases (Gross
Professional Income) due to salary increases, promotions and/or bonuses
• No limit on each increase and can be exercised up to 5 times or until the covered Gross
Professional Income reaches R 1 700 000
»» 1st option must be exercised within 18 months of the last application form and subsequent
options must be exercised within 12 months of the previous option form
• Limited underwriting
• When option is exercised the Declared Annual Increases will not apply to the Sickness and
Permanent Incapacity Benefits for that year
M Y F U T U R E L I F E C O V E R O P T I O N
• Available to all PPS Provider Policyholders (with or without life cover at PPS) until they turn 44*
• Shortened process to take out or increase life cover on important life events such as getting
married, having (or adopting) a baby or incurring debt
»» Can be exercised once per year
»» Must be exercised at least once every 3 years
• No limit on each increase and can be exercised until the total life cover at PPS reaches
R 5 000 000
• Limited underwriting
• Declared Annual Increases on the Professional Life Provider continue to apply regardless of
options exercised
* Initial cover issued at ordinary rates with no exclusions
11. 10
P P S B U S I N E S S P R O V I D E R
• Provides cover for Buy-and-Sell agreements, Key Persons, Contingent Liabilities and Credit
Loan Accounts
• Policyholder(s) do not have to be eligible for PPS membership and includes trusts or companies
• Life insured must be a PPS member or PPS Student member
• Structure:
»» Multiple policyholders
»» One life insured
»» One payer
• Products and optional rider benefits available are:
»» PPS Business Life Provider
◊ Accelerated Disability Benefit
* Occupation Specific Rider Benefit
◊ Accelerated Business Health Provider
* CatchAll Benefit
* Accidental Death Benefit
• Differentiated premium rates (taking into account gender and smoking status)
• No maximum limit on the number of policies on the life of a PPS member
• No maximum limits on the amount of life cover **
• The ability to cede the life cover benefit either partially as security or outright to change ownership
• No aggregation or benefit offset against any other benefits received, be it lump sum or
income benefits
• Declared annual increases apply
K E Y P P S U N I Q U E F E A T U R E S
• PPS operates on the principle of mutuality - PPS exists solely for the benefit of it’s select
members
• Exclusive products for graduate professionals
• Members with qualifying products share in the profits via the PPS Profit-Share Account
»» A tax-free benefit payable at retirement (or earlier death), unaffected by claims or health
status and no additional premium is levied for the benefit
• Unique global cover, be it travel or emigration, no restrictions or loadings applied and no
need to inform PPS of travel activities
• Exclusive cover when partaking in any hazardous activity or sport (such as scuba diving,
motorised racing or sailing), no restrictions or loadings applied and no need to inform PPS of
activities
• No aggregation or payment offset against any other income earned or benefits received
• Unique Gross Professional Income definition offering total cover for earnings when covered
appropriately
• Permanent Incapacity benefits (without the Occupation Specific Rider Benefit) covering a
member’s usual professional duties are more appropriate than an “own occupation” benefit
• Permanent Incapacity benefit assessments follow the Permanent Incapacity Assessment
Process, PPS’s published process where each member is treated individually
• Unique Occupation Specific Rider Benefit on Permanent Incapacity benefits - a rider benefit
that will “top-up” a Permanent Incapacity award to a non-reviewable 100%
* Initial cover issued at ordinary rates with no exclusions
** Subject to underwriting and reassurance acceptance where applicable