Benefits

What makes Madison National Life Insurance Company, Inc. a company of choice? Some believe it is our commitment to enable employees to enjoy a better quality of life.  At Madison National Life, our employees are our success. Our employee benefit program is designed to assist our employees in being happy, healthy and able to realize their full potential.

Our full-time employees receive a variety of benefits which include group medical, dental, life and disability insurance plans, 401(k) savings plans, sick leave, vacation and holiday pay. The information in this section is designed to provide a brief summary of these benefits. Specific policy provisions are found in the Employee Handbook and discussed with each employee at the time of hire.

  • Medical Insurance

    Madison National Life provides its eligible employees with group insurance coverage for hospitalization, surgery, doctor’s visits and other medical related expenses through a variety of insurance policies. All regular full-time employees are eligible to enroll in group medical insurance coverage.  Coverage begins on the first of the month following thirty days of employment.  Madison National Life pays 90% of the monthly premium and the employee pays the balance through payroll deduction. The employee may either elect single, employee plus dependent(s), or family coverage.


  • Dental Insurance

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


  • Life Insurance

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

    The group life insurance benefit coverage is three times the employee’s annual salary, adjusted upward to the next thousand.  All regular full-time employees are eligible to enroll.  Coverage begins on first of the month following thirty days of employment.

    An Accidental Death & Dismemberment (AD&D) benefit is also included.  The AD&D benefit is three times the employee’s annual salary adjusted upward to the next thousand.  Single and multiple dismemberment, and loss of life that occur as a direct result of an accident are covered.  The loss must happen within 90 days from the date of the accident.

    The group life insurance policy also provides for conversion rights to individual life coverage at the time of employee termination.


  • Vision Insurance (Voluntary)

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


  • Flexible Spending Accounts

    Madison National Life offers employees the opportunity to pay for their eligible out-of-pocket medical, dental and vision expenses, dependent care expenses, and medical and dental insurance premium contributions with pre-tax income.  This is made possible through Madison National Life’s Section 125 Cafeteria Plan which features Medical and Dependent Care Flexible Spending Accounts.

    Employees may contribute each year up to the Federally allowed limits for dependent care expenses and out-of-pocket medical, dental, and/or vision expenses.


  • Health Savings Account (HSA)

    Madison National Life offers an HSA to employees who select its Qualified High Deductible Health Plan.  The HSA enables the employee to contribute tax-free income to their HSA up to the Federally allowed limit.  These dollars can be used to pay for out-of-pocket health care expenses.  Unused monies can grow and accumulate to help pay for future out-of-pocket health care expenses, even retirement1!

    Madison National Lifes also contributes annually to each employee’s HSA that enrolls in the Qualified High Deductible Health Plan.

    1. Using Your HSA as a Retirement Savings Tool
      https://www.investopedia.com/university/how-hsas-work/using-your-hsa-retirement-savings-tool.asp


  • Short Term Disability Insurance

    Madison National Life provides basic Short Term Disability insurance for all regular full-time employees at no cost.  The weekly benefit is $250.  All regular full-time employees are eligible to enroll.  Coverage begins on the first of the month following thirty days of employment.  Employees may also purchase voluntary Short Term Disability insurance up to 66.67% of weekly earnings up to a maximum of $1,000. The premium for voluntary Short Term Disability insurance is paid by the employee. Short Term Disability insurance benefits are payable for disabilities following a 7 day elimination period and for up to 12 weeks of paid benefits.


  • Long Term Disability

    Madison National Life provides Long Term Disability insurance for all regular full-time employees at no cost.  It’s designed to provide monthly income if the employee is unable to work due to an eligible disability.  All regular full-time employees are eligible to enroll.  Coverage begins on the first of the month following ninety days of employment.  Benefits begin three months following the date of disability.  The monthly benefit payment is equal to 60% of the regular full-time employee’s monthly gross base salary.


  • 401(k) Plan

    The 401(k) Retirement Savings Plan enables regular full time employees to save for retirement with pre-tax dollars, while the Roth 401(k) Plan enables the employee to save for retirement with post-tax dollars. Participants are eligible to receive a matching contribution from Madison National Life to either plan. All regular full-time and regular part-time employees are eligible to participate in the 401(k) Retirement Savings Plan upon completion of three months and 250 hours of service.


  • Time Off and Paid Holidays

    Vacation

    • 1 to 4 years of consecutive employment—10 days per year
    • 5 to 14 years of consecutive employment—15 days per year
    • 15 years or more of consecutive employment—20 days per year

    Sick Leave

    • 10 days per calendar year, 3 of which can be used for the employee’s personal business

    Paid Holidays

    • New Year’s Day
    • Memorial Day (Last Monday in May)
    • Independence Day (July 4th)
    • Labor Day (1st Monday in September)
    • Thanksgiving Day (4th Thursday in November)
    • Thanksgiving Friday (Friday after Thanksgiving)
    • Christmas Eve Day (December 24th)
    • Christmas Day (December 25th)
    • Floating Holidays (Employee’s Choice)


  • Travel Accident  Insurance

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


  • Educational Opportunities /Tuition Reimbursement

    Madison National Life takes an interest in each employee’s on-the-job progress and continuing industry education.  For this reason, a variety of educational opportunities, including tuition reimbursement program are supported by Madison National Life.


  • Casual Dress Policy

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


  • Employee Wellness Programs

    Madison National Life is dedicated to the health and well-being of our employees. As such, Madison National Life offers its employees various wellness programs to help them to lead healthy lifestyles. These include: Wellness Lunch & Learns, Wellness Committee membership opportunities, Wellness events & contests, on-site work-out facility, on-site flu shots, and on-site Health Risk Assessments.


 

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