There are many business and personal reasons a person would like to have a lump sum amount if a disability were to occur rather than being paid a monthly benefit to age 65.
Buy/Sell Disability Coverage Funding for the Buy & Sell Agreement
The business organization needs the funds immediately to pay for the disabled partner's share of the business. Prescribing adequate amounts of Disability Buy-Sell Insurance is a perfect solution to this problem, and an effective way to save the company from financial distress.
Key Person Disability Coverage Funding for Replacing Your Key Person
Most companies have key employees to which the success and profitability of the firm are directly related. The business needs coverage to fund the replacement of a key employee or to assist the employee's family should a key employee become disabled.
Sole Practitioner Business Risk Coverage Funding Business Overhead Expense
An attorney or accountant who is a sole practitioner needs protection against the cash flow and the usual increase in costs when he or she becomes disabled. A lump sum benefit may be necessary to cover ongoing office expenses and personal expenses while recovering from a disability.
Personal Disability Coverage A Disability Financial Planning Tool
Sound financial planning begins and ends with income planning. Proper income planning is impossible without adequate amounts of disability insurance. A person may see a lump sum amount paid for a disability as a better solution to cover the various expenses of his disability without the limitation of a monthly payment from an Insurance Carrier.
The lump sum benefit provides the Assured, an infusion of a specified amount of money in a single cash payment after the policy waiting period. The waiting period for this policy is 12 consecutive months after the Assured has been disabled.
Issue Limits:
$200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 $1,000,000
Optional Monthly Disability Benefit
If the disabled Assured, needs access to money sooner than the twelve month waiting period has expired, this policy offers an Optional Monthly Disability Benefit, which will pay 1% of the policy lump sum amount after an elimination period of 90 days then a monthly benefit will commence for up to nine months.
If the Assured is still disabled after the Monthly Disability Benefit has been paid, the Lump Sum Disability Benefit will be paid less any Monthly Disability Benefits that have been paid.
Accidental Death Coverage
If an Assured dies due to a covered Accident or Injury, this policy has an Accidental Death Benefit which is equal to the Lump Sum Disability Benefit chosen.
Your Occupation Coverage
Since this policy pays the Lump Sum Disability Benefit after the twelve month waiting period, this policy has "Your Occupation Coverage". Many policies will not pay for a disability if you have the ability to perform any job. This Disability Policy pays its benefits for a covered disability if the Assured is unable to perform the material duties of his occupation.
This policy is administered by MWG International. For over twenty years MWG International purveys innovative Medical, Dental / Vision & AD&D, Life and Disability products to the international market place.
This VSP vision plan is only available to those enrolling in the Delta Dental PPO plan. Vision plans are not available in Florida or Oregon.
Deductible: This is a Discount Plan. Copay: N/A
| Code | Description | Plan Cost | Normal Cost | Savings |
|---|---|---|---|---|
| 0120 | Periodic Oral Evaluation | $24 | $50 | 53% |
| 0274 | Bitewings — Four Films | $31 | $66 | 54% |
| 1110 | Prophylaxis — Adult (light) | $48 | $97 | 51% |
| 1120 | Prophylaxis — Child | $34 | $70 | 52% |
| 2160 | Amalgam — Three Surface, Primary or Permanent | $99 | $220 | 55% |
| 2750 | Crown — Porcelain Fused to High Noble Metal | $600 | $1,125 | 46% |
| 3330 | Root Canal — Molar (Excluding Final Restoration) | $580 | $1,035 | 44% |
| 4341 | Periodontal Scaling and Root Planning | $124 | $275 | 52% |
| 7140 | Extraction — Erupted Tooth or Exposed Root | $81 | $180 | 56% |
| 8080 | Comprehensive Orthodontic Treatment of the Adolescent Dentition | 20% Disc. | $5,581 | 20% |
To locate a participating provider, call toll-free 1-800-290-0523, use the Providers tab above or go online at www.careington.com to access the online provider search.
Members call to make an appointment with the participating provider. The member must show their membership card at the time of visit to receive the discount.
Pay the bill. The member is responsible for the total bill, less the applicable savings, at the time service is rendered.
| Monthly | Quarterly | Annually | |
|---|---|---|---|
| Member | $13.86 | $41.58 | $166.32 |
| PlusOne | $23.34 | $70.02 | $280.08 |
| Family | $35.73 | $107.19 | $428.76 |
One time Non Refundable Processing fee: $35.00
The stated rates above include a two dollar ($2) per month billing fee and one dollar ($1) per month fee for membership in the Benefits Association. Rates are guaranteed for a 12 month period, at which time rates may be subject to change. After your first renewal, the rates will be guaranteed for 12 months each year thereafter.
This plan is NOT insurance. This is NOT a Medicare Prescription Drug Plan.*
This plan does not meet the minimum creditable coverage requirements under M.G.L. c. 111M and 956 CMR 5.00. The plan provides discounts at certain health care providers for medical services. The range of discounts will vary depending on the type of provider and service. The plan does not make payments directly to the providers of medical services.
Plan members are obligated to pay for all health care services but will receive a discount from those health care providers who have contracted with the discount medical plan organization. You may access a list of participating health care providers at this website. Upon request the plan will make available a written list of participating health care providers.
The program and its administrators have no liability for providing or guaranteeing service by providers or the quality of service rendered by providers.
This program is not available in Montana and Vermont.
* Medicare statement applies to MD residents when pharmacy discounts are part of program.
You have the right to cancel within the first 30 days after receipt of membership materials and receive a full refund, less a nominal processing fee (nominal fee for MD residents is $5).
Discount Medical Plan Organization and administrator:
Careington International Corporation,
7400 Gaylord Parkway,
Frisco, TX 75034
Phone: 800-441-0380.
Easy, simply call your eye doctor to see if they are in fact a VSP Provider, call VSP's customer service line at 800.877.7195, or visit our providers section and check it out for yourself.
By visiting a VSP Provider you will be able to take full advantage of the benefits provided by this plan. Such as, the low co-payments for examinations and materials.
Yes, but you get the best value from your benefit when you see a VSP doctor. If you see a non-VSP provider, you'll typically pay more out-of-pocket. You'll pay the provider in full and have 6 months to submit a claim to VSP for partial reimbursement less co-pays. Before seeing a non-VSP provider, call us at 800.877.7195. You can see the out of network reimbursement amounts in the Plan Benefits section of the site.
Monthly bank draft or monthly credit card billing.
The draft will take place between the 1st and 5th of each month.
If your enrollment form is received by the 20th, your coverage begins the first of the following month.
Morgan White at 888.859.3795
VSP at 800.877.7195. You can also check the status of claims and review your benefits at https://vsp.com, by logging into the members section of the site.
No. Once enrolled, the plan will continue unless you send a cancellation notice. All cancellations require a 30 day notice via email to individualchanges@morganwhite.com or by fax to (601) 956-3795.