GROUP EMPLOYEE BENEFITS:

 

Medical – Through an endorsed relationship with Blue Cross Blue Shield of Michigan, the MBA offers a complete array of healthcare options to member banks.  Every plan type (HMO, PPO and Traditional) offered through BCBSM is also available through your Association.   The MBA also supports BCBSM’s Dental and Vision plan offerings for groups who enjoy consolidating these benefits with one carrier.

Innovative plan designs have proven to help banks minimize their employee benefit expenditures.  Through the use of Health Reimbursement Arrangements (HRA) and Health Savings Accounts (HSA), members can engage their employees in consumer driven models while still preserving high quality benefits.  The MBA staff is highly trained in this growing trend of medical plan designs and welcomes the opportunity to show how they may be beneficial to your bank. 

MBA Service Corporation is a “preferred agency” of BCBSM.  Our experience allows us to analyze plan designs and help you select the most comprehensive coverage available at the lowest possible cost.  Our on-staff agents are fully licensed in life and health, and are never commissioned to receive direct compensation for any assistance they provide to member banks.   The MBA is not just any insurance agent – we are YOUR exclusive agent – our interest is always pure to what’s best for you.

 

Dental – The MBA’s relationship with Delta Dental provides quality coverage to      bank employees, retirees and directors.  With over 90% of all Michigan dentists      participating in Delta Dental’s preferred network, you can be assured that enrollees receive the best dental care at the lowest out-of-pocket costs available. 

Members that join the MBA’s group Dental program are allowed to choose the benefit plan that best suites their bank from a menu of 9 custom plan designs with variances of deductibles, co-payments and orthodontia services.  Click on this link to view the plan designs and current rates.

 

Life & Disability – This benefit offered by the MBA is a true group program.   Member banks that band together to obtain their Life & Disability   benefits almost always receive richer benefits at a lower cost than would be available if they purchased individual policies.  The essence of “The Power of the Group” is evident in this program. 

The MBA’s group Life & Disability program is underwritten by UNUM.  Offerings  include:

• Life & Accidental Death and Dismemberment
• Short Term Disability
• Long Term Disability

Life plan designs range from a percentage of salary to specific dollar amounts; Disability plan designs offer a variety of elimination periods, benefit durations, and disability definitions for groups to select from.  Affordable group rates, guaranteed insurability, and coverage portability make the MBA’s group program on of the most competitive in the market. 

Vision - Vision benefits are available through the MBA from a variety of carriers allowing member banks to select the exact benefit plan that fits their needs.   Plans can be established on a group or voluntary basis and may be offered to all bank employees and retirees.  

  

SUPPLEMENTAL EMPLOYEE BENEFITS

 

Dependent Life - Life coverage is extended to the spouse and children of an employee at a fixed low cost.  Two plan options are available for banks to choose from ranging in cost of 91cents to $1.82 per subscriber, per month.  This protection eases a household’s financial concerns in the event of dependent death while the employee is working with your bank.  This benefit is made available to participants in the MBA’s group Life program. 

           

Executive Supplemental Income Replacement - This program is exclusively for a bank’s executive level employees whose income is not sufficiently replaced on the bank’s long-term Disability plan.  Additional coverage of up to 75% of income replacement may be obtained, and up to 100% for catastrophic disabilities.  Premiums are level for the lifetime of the insured, and coverage includes a guarantee issue conversion to a Long Term Care policy between the ages of 61-70.

 

Deferred Compensation & Bank Owned Life Insurance (BOLI)  –  Motivating and retaining key personnel is always an important goal of an organization.  There are several ways to accomplish this goal including Deferred Compensation plans and Bank Owned Life Insurance. 

A deferred compensation plan can provide for the salary of a select group of management or highly paid employees to be continued or paid to designated persons if death occurs prior to retirement.  These plans are also referred to salary continuation or supplemental executive retirement plans. 

Bank Owned Life Insurance (BOLI) can provide an excess level of life insurance while providing your bank and its top performers with:   

• Executive & Director Incentives
• Financing Strategies to Offset Costs & Increase Bank Earnings Independent
• Compliance Monitoring

For more information on Deferred Compensation or BOLI plans, visit the website of the MBA partnering company Bank Financial Services.   Bank Financial Services (BFS), will do a thorough analysis to provide your bank with customized strategies to motivate and retain key personnel, increase the bank’s after-tax ROI, and improve your bottom line. 

INDIVIDUAL / VOLUNTARY EMPLOYEE BENEFITS

Voluntary Employee Benefits – Virtually every variety of employee benefit offered by the MBA on a group basis can also be offered to employees on a voluntary enrollment basis.   Voluntary benefits provide opportunities for employees to purchase benefits through the convenience of payroll deduction.  Implementing a voluntary program allows employees the chance to select benefits which fits their individual and/or households unique needs.

Voluntary benefits available at the MBA are offered through AFLAC and UNUM and include:

• Life
• Short-term Disability
• Vision
• Dental
• Critical Illness
• Accident
• Hospital Indemnity
• Long-Term Care
• Specified Disease