Group Benefits

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C. L. Frates and Company has been taking care of the insurance needs of our clients – from local neighbors here in Oklahoma to our global partners worldwide for more than 80 years. The level of knowledge, service and expertise we provide is what sets our company apart from other companies.

Personal Insurance

Individual/Family Health

The unexpected DOES happen.  No one plans to have an illness or accident.  Going without health insurance for even a short time will put you and your family at serious personal and financial risk.  Don't take that chance!  Contact us today to protect you from that risk.
We offer a wide variety of affordable customized options for your individual and family health insurance coverage.

Individual/Family Health Short-term

Short-term or temporary health insurance coverage is a solution for many different situations including:

• Between jobs
• Laid off
• Recent college graduate
• Waiting for employer group coverage
• Temporary or seasonal employee

You can purchase between 30 to 185 days of coverage designed to protect you or your family from the financial burden of an unexpected illness or injury.

Medicare Supplements

Getting close to turning age 65?
If so, now is the time to call our agency for an appointment to discuss your Medicare supplement insurance choices.
Q: Why do I need Medicare supplement insurance?
A: Medicare does not pay all medical expenses. Medicare supplement, also known as Med Sup or Medigap insurance, fills Medicare's coverage gaps. There are many standardized plans that cover various costs

 

 

Facts about Long Term Care

• 60% of all Americans are expected to need long term care at some point in their lives. (Nat. Academy of Elder Law Attorneys, 1999)
• 50% of nursing home residents exhaust their resources to pay for care. (U.S. Census, cited in LA Times, Sept. 29, 2000)
• For a couple turning 65, there is a 75% chance that one of them will need long term care. (The Wall Street Journal, June 2000)
• Family caregivers provide 80% of long term care. Institutions such as nursing homes provide only 20%. (ALS Assoc. , 1999)
• 75% of all Americans over age 40 will be diagnosed with a critical illness in the next 30 years. (Lotter Actuarial Partners, cited in Annuity Market News, October 2000)
• Over 70% of people with Alzheimer's live at home and receive 75% of the assistance they need from unpaid caregivers. (Understanding Alzheimer's, Alzheimer's Assoc., 1999)

Costs:

If a person does qualify for Medicare coverage for nursing home care, Medicare will only cover the first 100 days of confinement.  In 2003, there is a co-pay of $105 per day for days 21-100.  Even if you already own a long term care policy with a 90-day elimination period, you would spend $7,350 out of pocket to cover the Medicare co-pay over days 21-90.

• The average cost of care in a nursing home was about $56,000 in 1998. (AARP, May 2000)
• The average annual cost of nursing home care in some urban areas is $73,000 a year. (Guide to Retirement Living, Summer/Fall 1999)
• Care in your own home can cost $100 a day or more. (LA Times, May 2000)
• Medicaid pays the cost of care for only 7% of residents in assisted living facilities. (ACLI, March 2000)

Disability

Disability insurance is a type of health insurance that pays a monthly income to a policyholder who is unable to work because of an accident or illness.

The right plans for your SPECIFIC needs

• Replace lost income
• Maintain their lifestyle
• Pay their mortgage or rent, cover car payments, utilities, credit card bills, etc.
• Provide misc. living expenses
• Cover premiums on other insurance coverage

Life

Term life insurance, whole life insurance, universal life insurance, variable life insurance, survivorship insurance… the list and combinations seem endless. Do you know which life insurance policy type is right for you? At C. L. Frates and Company we can help. Our dedicated team of life insurance professionals understands Oklahoma’s market and regulations and can find the right plan – or mixture of plans – for your specific needs.

Term Life Insurance Basics:

• Coverage for a “term” or period of your life.
• Lower premiums for higher coverage.
• Rates can change after specific terms expire.
• No equity – cannot be used as cash value.

Whole Life Insurance Basics:

• Exactly like it says – permanent, not for a specific period.
• Protection carries with you your whole life.
• Can build equity and have cash value.
• Higher premiums than term life, but can be more valuable in the long run.

Universal Life:

• Permanent life insurance based on a cash value.
• The policy is established with the insurer where premium payments above the cost of insurance are credited to the cash value
• A form of life insurance that combines term insurance protection with a savings feature. The portion of the funds allocated to the savings feature is invested in a tax-deferred account that typically earns interest at rates comparable to prevailing money market interest rates..

 

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Employee Benefits

When we structure and propose benefits programs, we work with the employee and employers best interest in mind. We seek to provide you with products that match your specific benefit needs and budget requirements.

Having the right benefits package is important to the success of your business. Even more critical is how those benefits are delivered – how your plan is structured, enrolled, administered and serviced. We ensure that they understand their choices, appreciate the value being offered, know what actions are required to enroll, and take action to complete forms and applications.

Once your benefits are implemented, we continue to deliver with day-to-day service, access, and information you can count on. Whether your company is small - just a few employees - or a larger corporate operation, we will make your program run smoothly and cost-effectively. We offer a very wide range of benefits products, and back them up with the critical services needed to deliver your benefits success.

Our Employee Benefits Options Include:

• Health
• Life
• Disability
• Dental
• Vision
• and more

Give us a call today for an appointment to review your choices