Insurance Products Offered through the SD Bankers Insurance & Services
The SDBA offers a variety of benefits available to our bank members through our for-profit company, SDBIS (SD Bankers Insurance & Services). Contact either Mike Feimer via email or phone 605-660-2341, Michelle Guthmiller via email or phone 800-221-7551, Darla Mendel via email or phone 800-221-7551, or Dean Franzen via email or phone 605-220-4219 or fax our office at 605-260-1346 for more information on how to get started!
Click to view details:
VADD | LTD | Life/Dependent Life | Health | Flex | Vision | Dental | Executive Benefits | Commercial Lines
VADD (Voluntary Accidental Death & Dismemberment)
Provider: Mutual of Omaha
Although accidents are unexpected and usually come without warning, employees don’t have to let an injury catch them off guard. They can be prepared to handle the accompanying medical expenses with the help of an accident insurance policy.
Accident insurance pays a lump-sum cash benefit for covered injuries employees or an insured family member sustains as a result of an accident (as defined by the policy). Because accident insurance is supplemental, it works in addition to other insurance employees may have.
The cash benefit from accident insurance can be used to:
- Pay for out-of-pocket medical expenses
- Supplement daily living expenses
- Cover lost income from unpaid time off
Employee Benefits
- Easy to understand benefits
- Pays lump-sum cash benefit paid directly to the insured – regardless of other insurance coverage
- Coverage for most common injuries due to accidents
- Optional express benefit paid upon notification of accident, without proof required for full claim
- If portability is included, coverage is fully portable
LTD (Long Term Disability)
Provider: EMC
 Our disability plans are available separately but coordinate perfectly for a complete disability income program. The following options have been specifically designed for SDBA members, with pricing customized based upon a census of your eligible employees:
Group Short-Term Disability (for off the job illness or injury only):
- Option 1: 66.67% benefit up to $750 weekly max, 0/7 elimination period, 26 week benefit period
- Option 2: 66.67% benefit up to $750 weekly max, 14/14 elimination period, 24 week benefit period
Group Long-Term Disability (for both on and off the job illness or injury):
- 60% monthly benefit up to stated max, 2 year own occupation definition of disability, 12/12 pre-existing condition:
- Options include:
- Elimination period of 90 days or 180 days
- Benefit period of Reducing Duration or Social Security Normal Retirement Age
**************************************************
Provider: Reliance Standard
Protect your business while protecting your most valuable asset - your employees.
What happens when an employee is unable to work because of illness or injury? Your employees rely on their paychecks for the necessities of life. Reliance Standard offers employers – and their employees – a variety of options so they can get the coverage they need affordably.
View a short video that answers questions you may have about Voluntary Disability insurance.
Voluntary Group Short and Long Term Disability Plan Highlights:
- Benefits up to 60% of salary
- Available in flat dollar amount, percentage of salary, or increments
- Maximum short term benefits up to $1,250 per week
- Maximum long term benefits up to $7,500 per month
- Elimination periods of 7, 14, 30, 60, 90 or 180 days
- Benefit duration up to Social Security Normal Retirement Age
- Elimination period interruption provision
- Maternity covered as an illness
- Partial and residual available
- Rate guarantees up to two years
Life/Dependent Life
Provider: EMC
In order to recruit and retain the best people in the marketplace, many employers, including school districts, government entities and health care organizations, are recognizing the need to provide the most basic of coverage to employees – term life insurance. At the same time, employees are looking to their employers to offer this coverage as a benefit.
Group Term Life is an annual renewable term life insurance product designed for groups of 10 or more employees.
Group Term Life features the following:
- Minimum death benefit: $10,000
- Supplemental employee and dependent coverage available
- Optional riders and benefits, including Waiver of Premium, Accelerated Death and Accidental Death and Dismemberment
- Customization of the plan to fit each group's needs
- Coverage can be converted to an individual policy if an employee changes jobs
Health (SD Bankers Benefit Plan Trust)
Provider: Blue Cross Blue Shield of South Dakota
Started in 2014, our self-insured health plan is owned by the employees of the Trust. Our plan is available to all of our member banks with customizable deductibles to fit your bank and your employees. An entrance fee is required to participate.
About Wellmark
Wellmark, Inc. is an independent licensee of the Blue Cross Blue Shield Association. We’re also a mutual insurance company, which means we’re owned by our members and not investors — and that’s important. Since we’re owned by our friends and neighbors, we know what’s important to them.
We maximize the value of your plan. Our combination of network strength (100% of hospitals and 99% of doctors) plus payment innovation yields the lowest cost of care, without sacrificing the member experience or quality of care.
From ease of enrollment to customer service to claims processing, we’re dedicated to doing things right the first time. High member and payor satisfaction is the result.
We’re good stewards of your dollar. In fact, nearly 95 cents of every premium dollar is spent on health care costs. It’s earned us an ‘A’ financial security rating from AMBest.
DoctorOnDemand
See a Doctor, 24/7. Available where you are, without the hassle of the waiting room. Our flu doctors are equipped to support you and your family with quality care during cold and flu season. Connect in minutes with board-certified doctors and therapists over live video, and have prescriptions sent directly to your pharmacy. Copays are reduced for services with DoctorOnDemand.
We provide treatment for 90% of the most common health conditions affecting the mind and body.
Some examples of what we treat:
- Cold & Flu
- Depression & Anxiety
- UTI
- Skin & Eye Issues
- Allergies
- Urgent Care & more
What we don't treat: There are many conditions Doctor On Demand physicians can often treat effectively through a video visit, but for more serious or life threatening conditions, a visit to a doctor or hospital is important and necessary. Doctor On Demand physicians do not prescribe Controlled Substances, and may elect not to treat or prescribe other medications based on what is clinically appropriate.
FSA (Flexible Spending Account)
Provider: WageWorks
Healthcare FSA
A Healthcare Flexible Spending Account, or "FSA," is a pre-tax benefit account that you can use to pay for eligible medical, dental, and vision care expenses that aren’t covered by your health insurance plan. You decide how much to contribute to your Healthcare FSA each year, and funds are withdrawn automatically from each paycheck for deposit into your account before taxes are deducted. The total amount you elect to contribute to your Healthcare FSA each year is available on the first day of your plan year.
Generally, you need to spend the funds in your Healthcare FSA within the plan year. However, your employer may provide you a grace period of 2-½ months after the end of the plan year to spend funds left in your account. Or your employer may allow you to carry over up to $500 left in your account into the next plan year.
Your Healthcare FSA covers hundreds of eligible healthcare expenses, like co-payments for doctor visits, prescription drugs, and new eyeglasses or contact lenses.
Here's a handy list of eligible expenses to review, download, or print out for future reference. Please keep in mind that IRS rules determine which expenses are eligible, and some expenses require a doctor's note or prescription to be eligible for reimbursement under your Healthcare FSA.
Your Healthcare FSA does not cover these expenses:
- Cosmetic surgery and procedures
- Dental whitening
- Expenses for healthcare services rendered outside the coverage period
- Expenses reimbursed by an insurance provider or another health plan
- Family or marriage counseling
- Herbs, vitamins, supplements, or other over-the-counter items used for general health
- Insurance premiums
- Personal use items (e.g., toothpaste, shaving cream, cosmetics)
With a variety of convenient payment options, your WageWorks Healthcare FSA makes it easy for you to get reimbursed for hundreds of eligible healthcare expenses, like copayments for doctor visits, prescription drugs, and new eyeglasses or contact lenses.
Payment options include:
- Pay My Provider. Arrange for convenient direct payments to your healthcare provider. Simply log into your WageWorks account and fill out a form to have eligible expenses paid directly from your account.
- Pay Me Back. Arrange for account funds to be directly deposited into your bank account or a check to be mailed to reimburse you for eligible expenses you've already paid.
- Pay by a Prepaid Card. Depending on your employer’s plan, you may use the convenient WageWorks Healthcare Card associated with your account to pay for hundreds of eligible healthcare products and services. If you have more than one WageWorks account, this smart prepaid card knows which account to draw money from first. Just don’t forget to save your receipts as some expenses charged to your prepaid card may need to be verified.
Learn more about these payment options.
Dependent Care FSA
A Dependent Care Flexible Spending Account, or “FSA,” is a pre-tax benefit account used to pay for dependent care services while you are at work. The money you contribute to a Dependent Care FSA is not subject to payroll taxes, so you end up paying less in taxes and taking home more of your paycheck. Under this type of account, a “dependent “ is a child under 13 years of age (until the day of their 13th birthday) and adult dependents who can't take care of themselves. Please keep in mind that they must live with you and be claimed as dependents on your tax return. Please review the eligible expense list [list] to see what's covered under your Dependent Care FSA.
A Dependent Care FSA covers a wide variety of dependent care services, such as preschool, summer day camp, before- and after-school programs, and child or elder daycare. Here's a handy list of eligible expenses to review, download, or print out for future reference. Please keep in mind that IRS rules determine which expenses are eligible.
With a variety of convenient payment and reimbursement options, your WageWorks Dependent Care FSA makes it easy for you to pay for variety of eligible dependent care expenses, like preschool, summer day camp, before or after school programs, and child or elder daycare.
Options include:
- Pay Me Back. Arrange for account funds to be deposited directly into your bank account or a check to be mailed to reimburse you for eligible expenses you've already paid.
- Pay My Provider. Arrange for convenient direct payments to your dependent care provider. Simply log into your WageWorks account and fill out a form to have eligible expenses paid directly from your account.
Vision
Provider: Vision Service Plan
We partner with VSP to provide you with access to care from great eye doctors, quality eyewear, and the affordability you deserve, all at the lowest out-of-pocket costs. VSP helps you:
-
Save money. Did you know that VSP members get the best value and lowest out-of-pocket costs, saving them an average of $365 per year, when they visit a VSP network doctor? Calculate your savings and check out the Exclusive Member Extras you’ll get.
-
Stay healthy. Annual eye exams are important to your overall health and can detect signs of chronic conditions, like diabetes and high cholesterol. See how a WellVision Exam can helpkeep your eyes feeling young.
-
Look great. From classic styles to the latest designer frames, you’ll find hundreds of options for you and your family. Choose a featured frame brand and get an extra $20 to spend. Plus, save up to 40% on lens enhancements!
Dental
Provider: Delta Dental of South Dakota
Offer a plan to your employees to provide financial assistance for dental care needs. The focus is prevention. Our dental plan is structured to provide coverage that meets basic diagnostic and preventative dental needs.
Services Include:
- Check-ups and Teeth Cleaning (Diagnostic and Preventative)
- Cavity Repair/Fillings and Tooth Extractions (Routine and Restorative)
- Root Canals and Gum and Bone Diseases (Periodontics)
- Cast Restorations, Bridges and Dentures (Major Services)
- Braces - (Orthodontics)
Delta Dental Advantages for Employers
- Best value product in the market place
- Unequaled access to approximately 98% of dentists in South Dakota
- Excellent, responsive customer care
- Delta Dental National Coverage---nationwide access to care
- Employer savings through claims review and coordination of benefits
- Dental is our only business
- No balance billing to subscribers
- South Dakota-based, nonprofit organization
- Simple to administer
Delta Dental Advantages for Employees
- Unequaled access to approximately 98% of dentists in South Dakota
- Excellent responsive customer service
- Delta Dental National Coverage---nationwide access to care
- Best value product in the market place
- Dental is our only business
- No balance billing to subscribers
- Simple to use
Executive Benefits
Provider: NFP Executive Benefits
How do you make sure that your most valuable assets – your top executives – feel rewarded, valued and motivated to continue making your company great? Create an executive benefits program that helps give them long-term financial stability. And just think about the advantage you’ll have in attracting and retaining top talent.
Our Executive Benefits team has one main focus: to build the best executive benefits package for your company and its key people.
Request a Proposal - the beginning of a great relationship is just a click away!
Commercial Lines
Provider: AmTrust, OneBeacon, FinSecure, EMC, Lenders Risk Services, Frates, Lee & Mason Financial Services, US Risk, Beazley Cyber
The SDBIS offers a variety of different commercial lines from different providers to better fit our members' needs. Please contact our SDBIS office to speak to an expert in navigating through the ocean of risk relievers.
Professional Lines
- Financial Institution Bond: This multi rider policy provides coverage for dishonest fraudulent acts committed by employees, customers or third parties.
- Directors and Officers Liability: This policy protects your directors, officers, employees and entities from loss due to lawsuits, criminal proceedings and demands of money by customers, shareholders or third parties. This policy typically can include Lender, Fiduciary, Employment Practices and Bankers Professional Liability coverages.
- Cyber Liability: This policy protects your directors, officers, employees and entities from losses arising out of electronic theft of customer information which can include cyber extortion, forensic expense, security breach notification, e-commerce activity and electronic publishing.
- Excess Deposit Bond: This policy insures customers’ deposits above FDIC limits.
- Medallion Signature Guarantee: This is a special signature guarantee for the transfer of securities. It is a guarantee by the transferring financial institution that the signature is genuine and the financial institution accepts liability for any forgery.
Property & Casualty Lines
- Property and Casualty: This policy protects bank owned buildings, personal property and data processing equipment from physical damage losses. Liability and Business Auto exposures can also be included in this policy.
- Umbrella Policy: This policy picks up losses that exceed the underlying limits under General Liability, Business Auto Liability and Workers Compensation Liability.
- Workers’ Compensation: This policy provides wage replacement and medical benefits to employees injured in the course of employment.
Lending Related Lines
- Mortgage Protection: This comprehensive policy protects your real estate secured loan portfolio and secondary market portfolio where the bank services the loan. This policy allows the bank to choose between various levels of protection. The blanket option replaces tracked programs.
- Lenders Single Interest: This policy protects the bank’s interest in titled property including autos, RVs, boats, mobile homes, trucks and UCC filed collateral from uninsured damage or theft. This blanket option usually replaces tracked programs.
|
