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.
Vision Coverage (Voluntary)
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.