Why You Need parental leave Insurance

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Parental Leave Insurance benefits:

Paid Leave Benefits
Better Morale

PEACE OF MIND :

Michigan does not have a paid family and medical leave law. It is estimated, however, that 23% of Michigan workers are employed by companies that offer a paid family leave. These companies not only get peace of mind knowing they’re supporting their working parents when they need it most, but they also benefit from higher employee satisfaction.

EMPLOYEE LOYALTY:

Paid parental leave is a must-have for employers to promote a family-first agenda with 86% of Millennials saying they would be loyal to an employer who offers paid parental leave.

EMPLOYEE RETENTION:

In the U.S., 30% of working women leave their jobs after giving birth. Some states that do mandate paid parental leave see a decrease in the rate of mothers leaving the workforce by 20-50%.

FINANCIAL PROTECTION:

Employers who offer paid parental leave benefits can turn potentially large liabilities for unexpected parental leave expenses into regular, consistent payments for this insurance. For the employee, it provides essential financial support to new parents, ensuring they can take time off work to bond with their child and navigate the challenges of parenthood without worrying about income loss.

Key Features of Parental Leave Insurance:

Partial Income Replacement:

The policy typically provides a percentage of the employee’s regular salary or wages for a specified period, often ranging from a few weeks to several months. This partial income replacement helps offset the financial impact of taking unpaid or partially paid parental leave.

Eligibility Requirements:

 Employees must meet certain eligibility criteria to qualify for parental leave insurance benefits, such as having worked a minimum number of hours or days within a specified period before taking leave. Eligibility requirements may vary depending on the insurer and the terms of the policy.

Coverage Duration:

Parental leave insurance policies typically have a maximum duration for which benefits are payable, such as a certain number of weeks or months. The duration of coverage may vary depending on factors such as the employee’s length of service, the type of leave (e.g., maternity, paternity, adoption), and applicable legal requirements.

When buying a Parental Leave policy, employers can choose the coverage levels that are right for their business:

Length of Parental Leave 6 – 16 weeks % of Salary During Leave 50% – 100% Maximum Weekly Benefits $1,000 $2,000 Policy Aggregate $1,000,000 – $3,000,000

Potential Savings to Explore:

Insurance discounts can differ depending on the insurance provider you select.  It is important to note that not all carriers offer the same discounts.

Flexi-Bundle™ & Save:

Flexi-Bundle™ Discount:  Combine up to four insurance products and select from up to four insurance carriers.

Frequently Asked Questions

Although over sixty million Americans are parents, the U.S. is one of the few countries that does not mandate universal parental leave requirements. It is not mandated by Michigan law.

Thirty percent of working women leave their jobs after giving birth. However, states that require paid parental leave see a decrease in the rate of mothers leaving the workforce by 20-50%.

Parental leave is ranked as the third most desired benefit for employees, but only 23% of private employers in the US offer paid parental leave in their benefits package, making it difficult for small and medium enterprises (SMEs) to retain talent.

It works for all companies, whether the employees work in-office, remote or hybrid, of at least ten full-time employees. It also works for all industries, regardless if the companies are public, private, or non-profit employers.

Parental leave insurance, also known as paid family leave insurance or parental benefits, is a type of insurance program that provides financial assistance to employees who take time off work to care for a newborn child or a newly adopted child. This insurance coverage typically offers paid leave benefits to eligible employees, allowing them to take time away from work to bond with their child without sacrificing their income. The duration and amount of benefits vary depending on the specific insurance program and applicable laws or regulations. Parental leave insurance aims to support work-life balance, promote family well-being, and facilitate the transition to parenthood for employees.

You have two payment options:

Option 1:  Click the Carrier tab, scroll to locate your carrier. Most carriers accept online payments via check, credit card, or ACH.  Click on your carrier’s name and proceed to make your payment.

Option 2:  Click the Customer Center tab. Scroll down to find the Input1 icon. Input1 offers digital payment options, including ApplePay and eWallet.  Click on the Input1 icon, log in, and make your payment. 

Report The Claim by Phone:

  • Click on the Carrier tab.
  • Locate your insurance carrier.
  • Use the carrier’s claims phone number to report the claim.

Report The Claim Online:

  • Click on the Carrier tab.
  • Use the carrier’s claims website link to report the claim online.

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Please Note:

At Insurish, we provide general information on insurance products to help you grasp their different aspects. It’s important to note that this information isn’t an insurance policy and doesn’t pertain to any specific carrier’s policy. It doesn’t alter any provisions, limitations, or exclusions expressly stated in an insurance policy. Descriptions of coverages, discounts, and features are concise. For a comprehensive understanding of specific policy details, we recommend reading the applicable policy and consulting an Insurish agent. Coverages and features vary by insurer and state and may not be available in all states. Coverage for accidents or losses depends on the terms and conditions of the actual insurance policy. References to premiums, losses, deductibles, and costs are illustrative and may not apply to your circumstances. Insurish is not liable for the content of third-party sites linked from this page.