Employee Benefits

Medical Coverage

As protection against the cost of preventative/wellness care, hospitalization, surgery, and other medical related expenses, Madison National Life provides group medical coverage through a variety of plans. All regular full-time employees are eligible to enroll in the group medical coverage and coverage begins the first of the month following thirty days of employment. The Company pays 90% of the monthly premium of the insurance and the employee pays the balance through payroll deductions. The employee may select either single or dependent coverage within the plan of his/her choice.

Group Life Insurance

Madison National Life provides group life insurance for all regular full-time employees at no cost to the employee.  In the event of the employee’s death, the insurance is payable to the beneficiary named by the employee.

The group life insurance amount for each employee is three times his/her annual salary, adjusted upward to the next thousand.

The group life insurance policy includes Accidental Death & Dismemberment (AD&D) coverage at three times his/her annual salary adjusted upward to the next thousand. AD&D benefits cover single and multiple dismemberments and loss of life occurring directly from an accident.  The loss must occur within 90 days of the date of the accident.

The group life coverage also contains conversion rights to individual coverage at the time of employee termination.

Dental Coverage

Madison National Life provides group dental insurance to all regular full-time employees.  Employees are eligible to enroll in the dental insurance and coverage will begin the first of the month following thirty days of employment.  The Company pays 90% of the premium of the insurance and the employee pays the balance through payroll deduction. The employee may either elect single, employee plus dependent(s), or family coverage.

Vision Coverage (Voluntary)

Madison National Life provides group vision insurance for all regular full-time employees.  The group vision insurance provides co-pay and discounts for eye exams and materials.  Employees are eligible to enroll in the vision insurance and coverage will begin the first of the month following thirty days of employment.  The employee may either select single, employee plus dependent(s), or family coverage and will pay 100% of the premium through payroll deduction.

Flexible Spending

Madison National Life offers employees the opportunity to pay for eligible expenses not covered under the medical, dental, and/or vision insurance programs with pre-tax income through the Flexible Spending Account/Cafeteria Section 125 programs. The Cafeteria Section 125 also allows employees to deduct the premiums for medical, dental, and vision on a pre-tax basis.  The H S A Flexible Spending Account allows for reimbursement for dental/orthodontia only.

Employees may contribute up to $5,000 for dependent care expenses and up to $2,500 for medical, dental, and/or vision expenses per calendar year.

Short Term Disability

Long Term Disability

Madison National Life provides Long-Term Disability coverage for all regular full-time employees that will pay a monthly income if you are unable to work due to disability. This is at no cost to the employee and employees are eligible for coverage the first of the month following sixty days of employment. Coverage is extended for non-work related injury or illness.  Benefits begin three months after the disability begins and consists of a monthly payment equal to 60% of employee's monthly gross base salary.

401(k) and Profit Sharing Plan

The 401(k) Retirement Savings Plan allows you to set aside pre-tax dollars in savings for retirement and to enjoy other tax advantages. The Roth 401(k) plan allows you to set aside post-tax dollars.  Participants are eligible for a matching contribution made by the Company with both plans. All regular full-time and regular part-time employees are eligible to participate in the Independence Holding Company’s Retirement Savings Plan upon completion of three months of service with 250 hours. If eligible, you are able to enroll in the retirement plan on the first day of the month following the three months of service.

Time Off and Holidays

Travel Accident Coverage

Madison National Life provides travel accident insurance for all active, regular full-time employees who work at least 30 hours per week. In general, the policy provides a death benefit of $400,000 per person while traveling on Company business. The policy also covers all active, regular full-time, hourly, non-exempt employees with a death benefit of $50,000.  All benefits are subject to the terms of the policy.

Educational Opportunities

Madison National Life is interested in your progress on the job and in the expansion of your knowledge of insurance. For this reason, a variety of educational opportunities and tuition reimbursement program are supported by the Company.

Dress Policy

Our primary objective is to have employees project a professional image, while taking advantage of more casual and relaxed fashions, defined as casual attire. Casual attire is an option not a requirement. Our employees may choose to wear casual attire, Monday through Friday, for a more comfortable work atmosphere.

Employee Wellness

Madison National Life is dedicated to the health and well-being of our employees. As such, we offer our employees various wellness programs to help them to lead healthy lifestyles which in turn will become productive employees.  Examples are: Wellness Lunch & Learns, Wellness Committee membership opportunities, Wellness events & contests, on-site work-out facility, on-site flu shots, on-site Health Risk Assessments.