ISS Financial & Insurance Network
Employee Benefits Products
Employee benefits programs from ISSFIN include a wide range of coverages offered by international schools to attract and retain quality teachers and administrators. Programs are offered on a group basis, generally as a standard element of each school's terms of employment with international employees. Employee benefits programs can be designed to include some or all of the following types of coverage: Medical, Dental, Vision, Life, Accidental Death, Long Term Disability, Emergency Medical Evacuation and Travel.
- Medical
Medical benefit plans protect covered members against the cost of securing medical care. Programs for international schools typically provide cover of expenses for hospitalization, doctors' office visits, specialists' visits, prescription medications, ambulance, and emergency medical evacuation. The level of coverage, cost sharing elements (where members pay a portion of the cost of care), underwriting limitations and coverage exclusions vary widely and have a direct impact on the program's premium costs. Balancing the need to offer comprehensive cover to attract and retain qualified international staff against the costs of what is often the second largest annual school expense item is a continual challenge for international school leaders.
- Dental
Dental benefit plans reimburse covered members for some or all costs incurred for dental care. Plan designs generally include cost sharing between the insurance plan and covered individuals in the form of deductibles and coinsurance features. Plans are subject to annual maximum benefits. Some plans also cover the cost of orthodontia treatment in addition to routine dental check ups and dental care.
- Vision
Vision benefit plans reimburse covered members for some or all costs incurred for vision care services. Depending on the plan that is purchased, this can include normal vision exams and also the cost of purchasing eyeglass frames, lenses and contact lenses. Plans are generally subject to annual or bi-annual benefit maximums.
- Accidental Death & Dismemberment
Accidental Death and Dismemberment (AD&D) plans pay cash benefits to a beneficiary or beneficiaries in the event an insured member dies or is permanently disabled due to an accident. Benefits are generally structured as a flat amount per person (ex. $10,000, $25,000 or $50,000) or as a multiple of one or two times their annual salary. Cover is typically only offered to employees.
- Life
Life insurance plans pay cash benefits to a beneficiary or beneficiaries in the event an insured member dies due to natural or accidental causes. Benefits are generally structured as a flat amount per person (ex. $10,000, $25,000 or $50,000) or as a multiple of one or two times their annual salary. Cover is typically only offered to employees.
- Long Term Disability
Long term disability plans pay a monthly cash benefit that is equal to a portion of the insured person's most recent pay. Benefits are generally equal to 60-65% of salary and continue for as long as the individual is disabled. International school disability plans typically define disability during the first two years as the inability to perform one's own job. Thereafter, disability is more strictly defined, often as the inability to perform any job. Benefit payments begin after individuals are disabled for a period of time called the elimination period (typically between 90-180 days) and can continue for benefit periods of two, five, or ten years or until the individual reaches retirement age.
- Travel
Travel insurance products provide a range of protection to covered members while travelling outside of their country of residence. Different programs are available to include coverage of business and/or vacation travel and combinations of some or all of the following coverages: accidental death & dismemberment, medical expenses, emergency medical evacuation, political evacuation, lost luggage, trip cancellation/delay, personal liability, repatriation of mortal remains and access to 24 Hour Assistance Services. Plans can be written on a per trip or annual blanket basis where all insureds are covered during the policy year no matter how often or where they travel.
We look forward to helping your school manage its employee benefits and risk management programs in the near future. Please contact us for further information by clicking on the Contact ISSFIN button at the left side of this page or call us at +1-609-452-2490.