Frequently Asked Questions

What Is Niche Benefits?

Niche Benefits is a company that supports brokers/clients and employers and their employees by creating and designing benefit programs from a consultative and insurance approach to meet the needs of the workforce. Further it assures the employer that its needs, as determined by the broker and employer, are met in respect to cost allocation, specific benefit and annual budget requirements.

Niche Benefits presents solutions to brokers on behalf of there clients/employers in respect to offering benefits to their full time, part-time, seasonal and temporary employees. The flexibility that employers desire is now available through Niche Benefit consultative approaches and product designs.

Niche Benefits offers benefit solutions that addresses the ever increasing benefit cost while maintaining an affordable benefit program to enhance the employee needs thereby maintaining a stable work force.

Niche Benefits - What's the Advantage to Employers?

Niche Benefits works with Fortune 100 employers to the small employer. The experience of being a CEO of several large companies offers the advantage of knowing what meeting the “bottom line” represents. This knowledge base and experience has allowed the company to bring a multitude of product alternatives to the attention of the broker/client base. Through this effort, such new products and programs are integrated into the employer's benefit program as determined by that broker/employer.

Two of the newest programs available and gaining ground are the mini-medical/limited-medical/supplemental benefit plan (s) and the consumer driven plans. The mini-medical/limited-medical/supplemental plan (s) has been gaining significant ground for those employers who wish to offer health, life, dependent life, short disability and long term care insurance benefits to employees who: A. Do not meet the eligibility criteria of an employer's current health plan B. Cannot afford to pay the cost of the employer's current health plan offering C. Do not have the option to select a plan of benefits D. Choose not to select the employer’s current benefit plan options. These plans of benefits and options serves as an employee retention tool providing significant savings for the employer. The consumer driven plan (CDP) is a new thrust into making the employee more responsible for their costs of benefits with the belief being that it will save the employer benefit dollars. Along with the CDP are Health Savings Accounts.

The Company also creates self insurance benefit options and fully insured plan alternatives that meets those broker/employers’ requirements and eligibility conditions as well.

Why is Niche Benefits Affordable to the Employer and Employee?

The employer determines the plan's costs by selecting from a wide range of unique Niche Benefit features and options with consultation with their broker::

• Employer pays as little as 0% of the premium at their choice - with minimum participation requirements depending upon size of eligible employee population
• Employer may select weekly, biweekly and monthly effective dates
• The premium rates - tiered and composite rate alternatives available
• The plan (s) is administered by a Third Party Administrator, at no additional cost to the employer - COBRA is included as part of the premium cost
• There are No Pre Existing Conditions, No CO-Pays, No Census, No Claim Forms, No Coordination of Benefits and Very Few Deductibles for many of the plan options available – for the mini-medical/limited Medical/supplemental plans
• Benefit programs - some are offered in all the states and others are offered in the majority of states
• The benefit plan structure is scalable to the size of the company
• Reduces cost by lowering employee turnover and training costs
• Meets annual budgetary allocation of the employer
• PPO networks are available when requested which significant reduces the out of pocket cost of health care.

Who Is Eligible?

Niche Benefits is available through brokers/clients to companies of varying employment size - but not less the 51 eligible employees in respect to the mini-medical/limited-medical/supplemental and other fully insured plans. Self insured plans would preferably be offered to 200 or more eligible employees. The employer, on the basis of their eligibility rules, is the one whom determines which of the employees are eligible to participate.

Niche Benefits also offers other benefit structures and plans as well, dependent upon the information provided by the broker/employer, they will be offered "best" solution alternatives.

What Benefits Are Available – Mini-Medical/Limited Medical/Supplemental?

Niche Benefits working through brokers/clients to offer their employees a combination of the following benefits:

• Doctors office visit indemnity and PPO
• Preventive care indemnity and PPO
• Surgical indemnity and PPO
• Outpatient diagnostic lab and x-ray indemnity and PPO
• Hospital indemnity and PPO
• Prescription drug benefit - PBM
• Dental care - Network
• Vision care - Network
• Life insurance
• Accidental Death & Dismemberment (employee only)
• Dependent Life
• Additional accident benefit
• Weekly disability (employee only)
• Dependent Life
• Long term care
• Catastrophic/Critical Care Illness
• other benefits
  

What Plans Are Available?

Employers may choose from a variety of plans and benefits and integrate those in there benefit offerings. Plans and options are designed based upon the following criteria: Wage level of the employee, current benefit offering (if any), employer contribution and/or voluntary offering, optional offerings, etc. These plans are designed and unique to each employer and their workforce needs.

Please click here to see a few examples of Plans offered.

Do You Replace Existing Coverage – Mini-Medical/Limited-Medical/Supplemental Plans?

Niche Benefits mini-medical/limited-medical product offering is in ADDITION TO - not a replacement of - comprehensive coverage for employees that is provided by the employer. The product is very attractive to those employees which did not take the current benefit plan option the employer offered, if they had one. It is also available to those employees who were not eligible for the current benefits of the employer.

When implementing self insured and fully insured plans - those employees eligible for these plans are usually not eligible for the mini-medical/limited-medical/supplemental plans.

Can Employees Opt for Additional Coverage - Core Benefit Plans?

A significant advantage that Niche Benefits offers is the capability to "package" multiple benefit options for a number of products for the employer and its employees. Such packaged products are: long term disability, dental and vision, long term care, discount card programs, pharmacy benefit card and critical care illness.

In addition, with Consumer Driven Plans, the mini-medical/limited medical/supplemental plans can be offered and paid for through the Health Savings Account, which is a significant advantage for the employee.

Who underwrites Niche Benefits?

Niche Benefits offers benefits programs and options that are underwritten and owned by major insurance carriers which are "A" Rated by - A.M. Best & Co. These companies have demonstrated long-term commitments to excellence that's in keeping with the nature of insurance and financial services. Most of these carriers have not had a rate increase in their insurance products for several years.

Once Niche Benefits understands the requirements and demands of the employer and its employees the available insurance markets can be quickly identified, product designs completed and proposals offered as solutions for the employer.

What's been the renewal rate for Niche Benefits?

In the past two years, employers who have elected to offer Niche Benefits plans to their employees have been so pleased with them, that they have renewed the product offering for their employees 98% of the time.

Niche Benefits mini-medical/limited medical/supplemental plans can be offered in most states but not every state. Please contact Niche Benefits to learn if you business is eligible for these custom benefit offerings.

The products offered in the self insured and fully insured marketplace can be offered in all 50 state.

Do You Have Other Questions?

If any of your questions were not answered satisfactorily or if you determined there are other questions you would like to have answered please click here to have us contact you.

Broker/Employer Information Form

To learn more about what Niche Benefits can do for you, your benefits agency and/or your client, please submit a brief confidential profile clicking here.

The information submitted will be kept confidential and will not be distributed or shared with any other organization. Based upon the information contained in the profile submitted a response will be promptly returned for your consideration.