America's Benefit Specialist August/September 2023

PRODUCT NEWS

options for Life Insurance, Aflac has announced the launch of a new product, Aflac Group Life Term to 120, to provide worksite life insurance with flexible living benefits and afford able rates that won’t increase across employees’ lifespans. “Most life insurance is either unaffordable for the average household or does not provide benefits for the living, which results in the lack of financial protection,” explains Virgil Mill er, president, Aflac U.S. “Aflac’s new group life product is de signed to stand in the gap by providing affordable and stable pricing as well as flexible living benefits to age 120, in order to guarantee employees will not outlive their coverage.” Many expenses accumulate at the end of life, with the av erage costs for an individual reaching over $96,000 annually, and many people do not have sufficient savings to cover those costs—not to mention financial protection for loved ones when a wage earner passes away. “This product is particularly unique when it comes to flexible living benefits,” explained Bob Ruff, senior vice president, Aflac Group Voluntary Benefits. “Aflac’s Term Life to 120 product is designed so that it is easy to use whenever it’s needed. Whether that is needing benefits for potential home modifications related to a health condition, healthcare or final expenses, our customers can be assured that they will have financial protection in their time of need.” Aflac Group Term to 120 offers: • Hybrid plan design that merges the most attractive fea tures of a term life plan and a permanent life plan to give consumers what they value most. • Employee controls freedom to use benefits with options, such as managing conditions like chronic illness or paying for at-home or nursing care or funeral costs. • Lump-sum or monthly installment payments so individu als can use their benefits how they need to, for instance to pay for home modifications needed for a health condition, healthcare equipment and more. • Option to include restoration of the death benefit rider or extension of chronic condition period payment rider. Death benefit restoration restores the amount of the death benefit without further reduction or penalty even if living benefits have been exhausted, if benefits are paid for a chronic condition. Extension of chronic conditions periodic payment rider adds an additional 25 monthly pay ments, equal to four percent of the life insurance benefit amount for chronic conditions. • Living benefits, including flexible benefits for chronic conditions that are accessible and affordable for most budgets. This benefit does not require professional ser vices, meaning that benefits can be collected when one is receiving home care from close friends or family. It is paid when the certificate holder can no longer complete two of six listed Activities of Daily Living.

MARPAI LAUNCHES HEALTH PLAN FOR SMALL EMPLOYERS

Marpai Inc., a smart technology TPA specializing in trans forming self-funded employer health plans, recently an nounced the launch of its new plan designed exclusively for small employers. The Marpai Vitality Plan is an offering in the rapidly growing segment of self-funded health plans, where small businesses are increasingly opting for greater control, cost savings, and better benefits for their employees. According to the Kaiser Family Foundation Employer Health Benefits Annual Survey, an estimated 20% of workers employed by businesses with under 200 employees are in self-funded plans as of 2022, versus only 13% of workers in this segment in 2011. As small businesses recognize the benefits of transitioning from fully insured to self-funded health plans, the Marpai Vitality Plan provides a solution. It combines ease of implementation, speed and comprehensive coverage to meet the precise needs of small businesses seeking to maximize savings, enhance employee benefits and provide value-based healthcare options. Often smaller employers do not have the infrastructure to deal with complex, time-consuming implementations of self-funded health plans. Marpai Vitality Plan has been designed to simplify the process, ensuring a hassle-free ex perience for newly self-funded small employers. From initial setup to ongoing management, the streamlined approach allows organizations to get up and running quickly, enabling them to focus on what they do best—growing their business. The Vitality Plan provides comprehensive healthcare for groups of less than 100 employees. It offers a wide range of services, including access to national and regional provider networks, compliance, banking, vision and dental options, telehealth, COBRA administration, out-of-network repricing, utilization management, pharmacy benefit management, care management, subrogation and stop-loss placement. With an emphasis on value-based benefits, the Vitality Plan enables smaller employers to prioritize the well-being and healthcare outcomes of their employees. For more information, visit www.marpaihealth.com, the content of which is not incorporated by reference into this press release.

AFLAC REIMAGINES TERM LIFE INSURANCE Chronic diseases are the leading causes of illness, disability and death in the U.S., according to the Centers for Disease Control and Prevention. Addressing the need for better

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