Alyssa Lane
Reliance Standard is a branding name for the company that provides a full spectrum of group coverage to employers as components of basic employee benefits programs. These include group life, group disability income, accidental death and dismemberment, integrated disability, administrative services, and group dental and vision. They also offer a limited benefit medical plan, which is not a comprehensive major medical plan but provides basic insurance coverage that is capped at specific amounts for specific services. This plan is marketed under the name Reliance Standard BasicCare.
| Characteristics | Values |
|---|---|
| Company | Reliance Standard |
| Parent Company | Delphi Financial Group (DFG) |
| Type of Insurance | Group Coverage |
| Coverage | Group Life, Group Disability Income, Accidental Death and Dismemberment, Integrated Disability, Administrative Services, Group Dental and Vision |
| Other Services | Absence Solutions®, Bereavement Support Services, Identity Theft, Travel Assistance |
| Limited Benefit Medical Plan | Yes |
| Availability | All states except New York, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, and Guam |
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What You'll Learn
Reliance Standard Limited Medical Plan
The Reliance Standard Limited Medical Plan is an insurance plan offered by some employers to their employees. It is designed to provide basic insurance coverage for specific services, with coverage amounts capped at specific limits. This plan is not a comprehensive major medical plan and should not be considered a replacement for one. However, it can be a valuable tool for recruiting and retaining employees, improving morale, and reducing absenteeism due to illness.
The Reliance Standard Limited Medical Plan is available to companies of all sizes and is particularly useful for those that rely on seasonal and part-time workers. It can help employers meet their obligations under the Patient Protection and Affordable Care Act (PPACA) by providing a cost-effective alternative to traditional medical plans. The specific benefits covered under the plan may vary, but they generally include basic medical services.
One of the key features of the Reliance Standard Limited Medical Plan is that it guarantees coverage for eligible employees, with no medical underwriting or exclusions for pre-existing conditions. This means that employees who may have been denied coverage under other plans can still access essential healthcare services. The plan also allows employees to visit any doctor or hospital for treatment, providing flexibility and choice in healthcare options.
In addition to the Limited Medical Plan, Reliance Standard offers a range of other insurance products and services, including group life, group disability income, accidental death and dismemberment, integrated disability, administrative services, group dental, and vision. They also provide specialized voluntary coverages, such as an integrated disability income product and a mini-medical product designed for part-time, temporary, and seasonal employees.
It is important to note that the Reliance Standard Limited Medical Plan is not a substitute for comprehensive health insurance. While it can provide basic coverage and peace of mind, it may not be sufficient for individuals with significant healthcare needs. Therefore, it is advisable to carefully review the plan's benefits, coverage limits, and exclusions before enrolling.
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Group coverage for employers
Reliance Standard provides a full spectrum of group coverage to employers as components of basic employee benefits programs. This includes group life, group disability income, accidental death and dismemberment, integrated disability, administrative services, and group dental and vision.
The BasicAdvantage Limited Benefit Medical plan is made available by employers for their employees and their dependents. This plan is not a substitute for comprehensive health insurance and does not qualify as minimum essential health coverage (MEC) under the Affordable Care Act. However, it is designed to provide basic insurance coverage and may be combined with an MEC plan sponsored by an employer.
Reliance Standard also offers specialized voluntary coverages to employers with enhanced and/or cafeteria employee benefit plans, including an integrated disability income product and a mini-medical product designed for part-time, temporary, and seasonal employees.
Additionally, they provide Absence Solutions®, an integrated employee benefits platform that helps companies manage FMLA leave and quantify their return on investment. This platform integrates short and/or long-term disability coverage with leave management, clinical case management, administrative and reporting features.
Reliance Matrix, a partner of Reliance Standard, offers multiple plan design options to fit the budgets and service preferences of various employee populations, including Traditional Indemnity and Dental Preferred Provider Organization (PPO) options. Dental programs can be offered as standalone coverage or as part of a package with other employee benefits.
Reliance Matrix also provides eye care programs that can be combined with a Dental, STD/LTD, or Term Life Insurance program. These plans offer benefits for eye exams, prescription contact lenses, and eyeglasses.
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Employee benefits
One of the key benefits that Reliance Standard provides is health and medical insurance. They offer a Limited Benefit Medical plan, also known as the Reliance Standard BasicCare plan, which provides basic insurance coverage for employees and their dependents. This plan allows employees and their enrolled dependents to visit any doctor or hospital for treatment, with specific caps on coverage amounts for different services. Importantly, this plan is not intended to replace a major medical plan but rather to serve as a supplementary option. Reliance Standard also offers Group Disability products to protect employees' income in the event of an inability to work. These products are flexible, with various benefit amounts available on an employer-paid, contributory, or voluntary basis.
In addition to health-related benefits, Reliance Standard offers a range of supplemental benefits to support employees in various aspects of their lives. These include Bereavement Support Services, Identity Theft protection, and Travel Assistance. They also provide access to a dedicated toll-free line, operating 24/7/365, connecting employees with essential services such as health insurance referrals, legal assistance, financial counselling, and work-life resources. Furthermore, their Business Travel Accident insurance provides benefits for key employees while travelling, including aircraft pilot and crew coverage.
Reliance Standard also understands the importance of dental care and offers Dental Preferred Provider Organization (PPO) options. These dental programs can be tailored to the specific needs of employees, available as stand-alone coverage or as part of a comprehensive benefits package. Additionally, they provide specialised voluntary coverages, such as an integrated disability income product and a mini-medical product designed for part-time, temporary, and seasonal employees.
Absence Solutions® is another notable employee benefit offered by Reliance Standard. This integrated platform, marketed in partnership with Matrix Absence Management, effectively manages employee absences to enhance overall productivity. It combines short and long-term disability coverage with sophisticated leave management, clinical case management, and administrative features, helping companies navigate complex leave processes, such as FMLA leave.
Overall, Reliance Standard demonstrates a strong commitment to employee welfare by offering a diverse range of benefits designed to support employees' health, well-being, and professional needs. These benefits not only provide peace of mind but also contribute to a positive and engaging work environment.
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Health insurance referrals
Health insurance in the United States is complex, and it is primarily based on employer-provided insurance. Reliance Standard is one such employer that provides a full spectrum of group coverage as part of basic employee benefits programs.
Reliance Standard offers a Limited Benefit Medical plan, which is not a comprehensive major medical plan but provides basic insurance coverage that is capped at specific amounts for specific services. This plan is designed to help employees who cannot afford or are not offered traditional medical benefits. It is important to note that this is not a replacement for a major medical plan.
The Limited Benefit Medical plan allows employees to visit any doctor or hospital for treatment, and their enrolled dependents receive the same benefits. There is no medical underwriting, and coverage is guaranteed for eligible employees. Additionally, there are no exclusions or limitations for pre-existing conditions.
Reliance Standard also provides health insurance referrals as part of its employee benefits. This service allows employees to access health insurance referrals and other services through a dedicated toll-free line that operates 24/7. This suggests that Reliance Standard does not directly provide medical insurance but facilitates access to it through referrals and limited benefit plans.
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Accident Insurance
Reliance Standard, a well-known name in the insurance industry, offers a comprehensive range of group coverage options to employers as part of their basic employee benefits programs. Among the coverages provided by Reliance Standard is accidental death and dismemberment insurance, which can provide financial security for employees and their families in the event of an accident resulting in injury or death. This type of coverage is particularly important for individuals who may not have traditional health insurance or sufficient savings to cover unexpected medical costs.
Furthermore, Reliance Standard's accident insurance can be a valuable supplement to existing health insurance plans. While medical insurance typically covers a wide range of healthcare needs, it may not adequately cover all expenses incurred from an accident. By having accident insurance, individuals can have peace of mind knowing that they are financially protected against the potential gaps and shortfalls of their primary health insurance plan. This additional layer of protection can be crucial in maintaining financial stability during challenging times.
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Frequently asked questions
The Reliance Standard Limited Medical Plan is an insurance plan that provides basic insurance coverage for employees and their dependents. This plan is not meant to replace a comprehensive major medical plan but instead to provide fundamental coverage with caps on specific amounts for specific services.
The plan covers healthcare costs for things like doctors and hospital expenses. It also includes travel assistance, emergency medical transportation services, and emergency personal assistance.
This insurance is provided by employers to their employees as part of basic employee benefits programs. If your employer offers this plan, you are guaranteed coverage as an eligible employee, and there is no medical underwriting.
You can contact your employer's Human Resources or Benefits representative to discuss your options for limited benefit medical coverage.
There are several alternatives to the Reliance Standard Limited Medical Plan. These include the Minimum Essential Coverage plan, which helps employers meet their obligations under the Patient Protection and Affordable Care Act (PPACA), and the SmartChoice plan, which is an affordable, comprehensive option for small business owners.
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