The first choice most employers have to make when deciding to offer benefits to their employees is a medical plan. But where do you start? We can help you navigate this complicated decision with customized plan options that work for your budget! Whether that’s knowing what type of plan to put in place, how it will affect your employees, or what level of benefits your industry is providing. We can work with any carrier -- that can be your current carrier or one of our preferred carriers! Medical Insurance is a key piece of employee retention. Here are some of the areas we can provide assistance:
Offering dental & vision benefits are relatively inexpensive to include in your benefits plan, and it may help you find and retain the highly skilled employees you want. Because employees can experience dental or vision-related health concerns at any age, employees with dental plans are often healthier, which means that in the long-run, this will end up saving you (and your employees) money!
Disability Insurance has become an increasingly valuable part of a comprehensive employee benefits package. Not only does disability insurance fill the gaps in financial protection offered by other programs like Social Security, it is also a highly sought-after component of a competitive benefits package for employers who need to attract and retain talented employees. As an employer, there are various types of Disability insurance you can offer:
Short-Term Disability (STD): Provides disabled employees with income after their sick leave has been exhausted. Usually lasts no more than 6 months.
Long-Term Disability (LTD): Usually begins when sick leave and short-term benefits are exhausted. LTD can cover usually anywhere from 2 years to retirement age.
Lump Sum Disability: Increment payments are beneficial to replace income, but as additional expenses arise that come with disability, the numbers escalate quickly. Lump Sum Disability plans come in handy in these situations by providing a lump sum when you have been deemed to have a total disability.
Life Insurance is generally very affordable for employers, because the group plan spreads the risk over many people making premiums low. Combined with employee education, offering this coverage can increase employees’ appreciation of their benefits package. Life insurance gives employees a crucial benefit that they may not have an opportunity to receive otherwise. As an employer, there are multiple plans you can offer:
Group Life: Coverage offered to employees and usually paid for by the employer. Plans are extremely customizable to fit any size and need.
Voluntary Life: An additional policy that employees can take for themselves and/or their families to increase their coverage above Group Life. Voluntary Life is paid for entirely by the employee and is portable.
Worksite benefits are benefits such as cancer, critical illness, accident, along with a variety of other plans that are offered through employers but usually paid for by employees through payroll deduction. Employees can choose options and customize plans to meet their financial needs. These needs include knocking out deductibles and left over medical expenses as well as providing funds to help with normal living expenses.
The biggest concern with healthcare is the cost. By providing savings & reimbursement accounts such as an HSA, HRA, or FSA, your employees can make pre-tax contributions toward medical expenses and reduce their tax burden. These benefits can be as complex or simple as needed to fit your benefit plan. But which one of these is the right fit for you? Take a look at the comparisons below to help you make the right decision for your business.
|What is it?||A personal bank account that allows you to save and pay for covered health care services & qualified expenses||Account to help you pay for covered health care services & qualified expenses.||An account to help you pay for covered health care services & qualified medical expenses.|
|Who owns it?||You||Your employer, but it’s your money||Your employer|
|Who puts money in it?||You & your employer.||You; but your employer may also contribute if they choose.||Your employer.|
|If I don’t spend it all this year, can I use it next year?||Yes. Since you own the account, you can spend it at any time.||Yes. Your employer can allow up to $500 to carry over, as permitted by the IRS.||Yes. Your employer can limit the amount that can carry over. This is not required.|
|Can I keep it if I leave my employer?||Yes, you own the account.||No, your employer keeps the money.||No, your employer keeps the money.|
|What can I pay for with it?||You can pay for qualified medical expenses, determined by the IRS under section 213(d).|
|You own the account.||+||-||-|
|Your employer owns the account.||-||+||+|
|You must have a high-deductible health plan.||+||-||-|
|Only your employer can put money in.||-||+||-|
|You and your employer can put money in.||+||-||+|
|You can invest the money in the account.||+||-||-|
|Must report account when you do your taxes.||+||-||-|
Employee Assistance Programs are voluntary, work-based programs that offer FREE and CONFIDENTIAL counseling, referrals, and other services to employees who have work-related and/or personal issues.