Employee Benefits

WHIFCO Benefits Administration operates as a defined benefits administrator for your company. We utilize several sections of the IRS code to structure a benefits program that maximizes tax deductions for your employees and reduces matching contributions for your company. The resulting tax savings create a benefit bank for your employees, allowing them to choose from a wide array of supplemental benefits to fill in gaps in their current benefits and reduce financial risk – without negatively affecting their take home pay. We also offer state of the art on-line enrollment capabilities for every aspect of your medical benefits. All of these services are provided at no cost to your company. For more information contact WHIFCO at info@whifco.com

We work on your behalf to:
• Reduce costs
• Maximize tax savings
• Save valuable administrative time
• Improve employees’ understanding and appreciation of their benefits

Group Health

We understand the challenges your business and your employees face today. As medical costs continue to rise, both parties are suffering the financial strain. A recent article published in The American Journal of Medicine showed that 62.1% of bankruptcies were due to medical bills. This was an increase of 49.6% over a six year period. 92% of these had medical debts over $5000, or 10% of pretax family income. The rest met criteria for medical bankruptcy because they had lost significant income due to illness or mortgaged a home to pay medical bills. Most medical debtors were well educated, owned homes, and had middle-class occupations. Three quarters had health insurance. By partnering with WHIFCO, you gain access to knowledge, insight, integrity and commitment. Your existing plans will be reviewed, marketed, implemented, and maintained with a standard of service unmatched in the industry. We pride ourselves on being proactive and innovative in our approach to define your health and welfare benefit needs. To ensure you receive the highest quality benefits and an affordable solution, our services are broken down into three comprehensive phases:

Phase I: Analysis and Marketing
• Review existing health and welfare benefits offered by your company
• Collect necessary data and requirements to market your company to carriers
• Analyze any special contract options to benefit your company
• Provide education on current legislative policies that pertain to your benefits platform and company’s financial budget
• Prepare a side-by-side plan and cost comparison
• Recommend any plan changes that could increase attendance, productivity and revenue

Phase II: Negotiations, Implementation & Communication
• Develop a concise list of preferred carriers
• Review the provider comparisons with you
• Analyze and negotiate final rates from carrier
• Assist in final carrier selection process
• Prepare carrier information and a summary of benefits
• Implement all plans and assist with transition for your company and employees
• Provide communication materials and conduct employee enrollment meetings

Phase III: Ongoing Services
• Continued service throughout the year
• Consultant review of industry trends and future rate actions
• Resolve employee claims or billing issues with internal Claims Specialist
• Assist with late enrollee and new employee educational meetings
• Inform on legislative changes that affect employers and employee benefits
• Prepare your renewal analysis prior to policy renewal

Individual Health Insurance

WHIFCO believes everyone deserves flexible health care. That’s why we offer a range of health insurance plans directly to families and individuals under age 64 through many different carriers. From traditional health benefits to Health Savings Accounts Plans to help working through the Federal Marketplace and more, WHIFCO will find the coverage that’s right for you.

Life Insurance

From Estate Planning to Business Protection, Life Insurance fills one of the most critical needs in any client’s long term financial plan. WHIFCO has experts in all areas of Life Insurance, providing our agents with best in class insight and training to determine the appropriate product for their client’s unique situation. Our agents are always in prime position to make the sale.

Universal Life Insurance
Universal Life is a flexible premium, adjustable life insurance product that provides you with the flexibility of choosing the policy features that are appropriate for you and adjusting those features as your financial priorities and needs change. Policy cash value that grows on a tax-deferred basis.

Term Life Insurance
Term life insurance policies are policies that provide affordable, temporary coverage. Term policies contain no cash value and are designed for death benefit protection only. The premiums may be level for the first 10, 15, 20 or 30 years, depending on the policy selected. Because the death benefit protection is for a limited period, the premium is often the lowest of all types of life insurance policies. However, after the level term period, premiums go up significantly and increase annually.

Fully Underwritten Life & LTC
There’s a solution to every situation, and Fully Underwritten Life & Long Term Care products can usually provide it. Fully Underwritten products require medical exam and routine requests for medical records, in addition to a completed application. From the client seeking a large death benefit, to one in fantastic health, to the client who needs to protect against Long Term Care expenses; we have a solution.

Simplified Issue Term
Term Life Insurance is generally used to cover a specific liability or provide income replacement over a specified period of time. Simplified Issue Term Life does the same thing, and it offers a reduced level of underwriting at lower face amounts than a fully underwritten product. Many clients seek out this type of product in order to avoid a lengthy and invasive medical underwriting process. Typically, consumers seeking Simplified Issue Term coverage are looking for lower face amounts ($25,000 – $250,000).

Final Expense
Many consumers need Life Insurance to simply cover the costs of their funeral and burial. That’s where Final Expense is appropriate. Final Expense coverage is Simplified Issue Whole Life insurance with small face amounts ($10-15 thousand) that is intended exclusively to cover funeral costs. Clients are not subject to medical exams or requests for medical records. Generally, they simply have to answer a series of “Yes” or “No” questions. Agents like Final Expense for its simplicity and ease of use.

Senior Benefits

With thousands of people turning 65 every day, having access to competitive Medicare Advantage, Medicare Supplement, and Prescription Drug Plans is more critical than ever. WHIFCO gives our brokers the edge by providing the key products and unparalleled expertise. From sales support to market training, WHIFCO is the industry leader in the Senior Market.

Medicare Advantage Providers
A Medicare Advantage Plan is a type of Medicare health plan offered by a private company that contracts with Medicare to provide you with all your Part A and Part B benefits. It is sometimes referred to as “Part C” or “MA Plans”. Medicare Advantage Plans include Health Maintenance Organizations (HMO), Preferred Provider Organizations (PPO) , Private Fee-for-Service Plans (PFFS), Special Needs Plans (SNP), and Medicare Medical Savings Account Plans (MSA). If you’re enrolled in a Medicare Advantage Plan, Medicare services are covered through the plan and aren’t paid for under Original Medicare. Most, but not all, Medicare Advantage Plans offer prescription drug coverage. These products give agents the opportunity to offer their clients plans that are generally lower in price than Medicare Supplement coverage in exchange for cost sharing when they utilize medical services.

Medicare Supplement
Medicare Supplement plans or Medigap plans are products offered by private companies that cover the copayments, deductibles, and coinsurance of Original Medicare. There are several “standardized” plan designs that are offered by companies, ranging from Plan A through Plan N. Medicare supplements are not the same as Medicare Advantage Plans. Medicare Supplement plans generally have a higher monthly premium than Medicare Advantage plans, but require less cost sharing for members when utilizing medical services.

Prescription Drug Plans
Medicare Part D Prescription Drug Plans (PDP) are one way Medicare recipients can obtain coverage for their prescriptions. These plans, which are offered by private companies, are built based upon the guidelines that are provided each year by the Center for Medicare & Medicaid Services (CMS). While the basic structure is similar, the plans vary in terms of copay amounts and formulary.

Disclaimer:  We do not offer every plan available in your area.  Any information we provide is limited to those plans we do offer in your area.  Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.