American General Benefit Solutions (Benefit Solutions), a business unit of
Price adjustments are applied when employers include one or more employer-funded or employee-paid products with the employer-funded Group Dental, Group Term Life or Group Long-Term Disability plans provided through American General insurers, says the company, adding that the adjustment depends on the number of products in a bundled package. American General says the price adjustment also offers the greatest savings when three additional products are offered with the employer-funded plan.
In all, the member insurers of American General Life Cos. offer 23 group and personal products, including Term Life, Universal Life, Short- and Long-Term Disability, Dental, Vision, Limited Healthcare, Critical Illness, Accident, Cancer and Hospital Indemnity.
American General says that, under plans such as Critical Illness and Accident, lump-sum cash benefits are paid in the event of covered illnesses or accidents, regardless of any other coverage the insured may have. The company notes that there are no restrictions on how the benefits are spent, so employees can use the money to offset higher deductibles, co-pays, lost wages or pay any other expenses.
The Multi-Product Solutions program excludes supplemental life, dependent life, accidental death and dismemberment, New York Disability Benefit Law, New Jersey Temporary Disability Benefit, EAP buy-up and group limited healthcare. Worksites require participation of the greater of two lives or 25% of eligible employees, and for life to be considered a qualifying product, the plan schedule must be salary-based or a flat plan of at least $25,000. If standard participation is not satisfied, discounts will be reduced in part or in their entirety, says American General.
