Providing a benefits package for your employees can be expensive and have compliance requirements. Our firm provides both employee benefits brokerage services plus regulatory compliance and personal customer service.
Group Benefits Design and Brokerage
- Review your current benefit offering
- Discover what improvements are needed and what inefficiencies there are currently
- Build plans to fit your needs
- Negotiate carrier offerings to insure that the best pricing is delivered
Group Benefits Service
- Implement plans on a turn key basis
- Conduct educational enrollment meetings
- Provide all employee communications (i.e., outlines, premium illustrations)
- Follow through to make sure all policies are issued correctly
- Provide personal assistance through out the plan year: Answer Employer and Employee questions, Provide Claim Assistance
- Start the renewal process 90 days prior to the renewal
Click on the Services below to explore details.
The medical plans that are represented are with major insurance companies such as Aetna, Assurant, Blue Cross and Blue Shield, Humana, Pacificare, United Healthcare, Medical insurance plans can be designed for catastrophic coverage only or the richest benefits package available. The products these carriers have consist of Indemnity, PPO, POS and HMO. These products can be offered as a single, dual or triple option plans with most carriers. We represent all of the largest insurance carriers and we are able to design the plan that will fit your company’s needs.
High Deductible Health Plan (HDHP) that is Health Savings Account (HSA) Compatible
A high deductible health plan, often called consumer driven insurance, is a health plan with lower premiums and a higher deductible for major care, like a hospitalization or surgery. When someone is enrolled in this plan they are eligible to enroll in a health savings account (HSA). A HDHP that is HSA compatible has to meet certain deductible requirements and also only allow for preventive care to be the only benefit paid for at a 100% prior to the deductible being met.
Dental insurance plans offer coverage for many different dental procedures. Some clients like a plan that only covers preventive care (cleanings, x-rays) and basic care (extractions and fillings). Other clients want a dental package that covers preventive to orthodonita. As we discuss your needs and budget the proper plan can be designed for your business.
Many people think of vision insurance as a product that just pays for glasses. Vision insurance is know today as a compliment to a health plan. Depending on the vision insurance plan you choose you can have coverage that provides coverage for eye exams, lenses and frames on an annual basis. Having an annual vision exam provides a great way to keep an eye on your health. Many diseases can be diagnosed from a vision exam.
Most employers offer a life insurance benefit for their employees. Many people today do not have adequate life insurance and many times the employer provided life insurance is the only coverage someone has. These life products pay a death benefit upon an insured’s death and another benefit if the death is due to an accident. Spousal and child coverage can also be added.
Disability insurance coverage is the most important insurance coverage you can have because it insures your ability to earn an income. Without an income nothing happens (cannot pay the mortgage, rent, car payment, electricity, groceries, etc.) Disability insurance comes in several different forms: Short Term, Long Term and Gap Coverage. Short Term Disability coverage is a weekly benefit and it has an elimination period for disabilities due to an accident and sickness. The benefits will generally be provided for 13-26 weeks depending on what is elected. Long Term Disability (LTD) coverage provides protection for the long term disabilities. LTD provides a monthly benefit with benefits that go out for five years and up to normal retirement age (age 65-67). GAP coverage is where an employee or employer purchases an additional benefit up and beyond what the base employer benefit is. (click here for more information on disability insurance
Long Term Care Insurance (LTCI)
LTCI coverage provides protection for a range of services which address the health, social and personal care needs of individuals who need assistance or supervision, due to a severe cognitive impairment or from a severe disability which requires assistance with two or more activities of daily living, such as eating, bathing, continence, dressing, using the restroom, and transferring.
Employee Assistance Plan
The Employee Assistance Program (EAP) helps employees and their family members resolve personal or work-related problems. Using your EAP does not cost you anything. An employee assistance plan is a product that.
Voluntary Insurance Products
Voluntary insurance products are becoming a very popular addition to any group benefits package. As employers profit margins are being squeezed more and more employers are opting to offer voluntary products. These voluntary products consist of dental, vision, short and long term disability, life, accident, critical illness, hospital income, and cancer coverage. We represent the most well known carriers for these products (AFLAC, Colonial, Guardian and Humana). We will make an assessment of your current benefit offering and determine what products would enhance your current benefit offering. A Section 125 plan (Premium Only Plan) can be set up along with these products so that the premiums can be deducted from the employees paycheck on a pre-tax basis.
A good way to provide health care benefits to your business employees is with the establishment of a Section 125 Plan – also known as a cafeteria plans, flexible spending plans or similar names depending on the specific plan’s purpose. The plans are named after Title 26, Section 125 of the United States Code where “cafeteria plans” are specifically excluded from the calculation of gross income for federal income tax purposes.
Premium Only Plans
The Premium Only Plan is the building block of the Section 125 Plan. It allows for certain employee paid group insurance premiums to be paid with pre-tax dollars. The qualified premiums (if offered by employer) are: Health, Dental, Vision, Disability (not recommended), Employee Group Term Life (up to $ 50,000.00), Cancer, Medicare Supplement, Hospital Indemnity, and Accident.
Flexible Spending Account (FSA)
Medical Reimbursement and Dependent Care are part of the Flexible Spending Account.
One of the few ways workers can cut out of pocket medical expenses is through medical flexible spending accounts (aka, flex spending account or FSA). A medical flex account is an employer-provided benefit that allows you to contribute a set amount from your paycheck in order to cover out-of-pocket medical, dental, and vision expenses such as health insurance co-pays, uninsured treatments, or even over-the-counter drug purchases.
Dependent Care Spending
If you have a child, a disabled parent, or a spouse who needs daily care while you work, your expenses for that care may be paid with the pre-tax dollars you contribute to your dependent care pre-tax expense account. The primary eligibility requirement is that incurring the expense allows you to work. Moreover, if you are married, you may use the dependent care pre-tax expense account only if both you and your spouse are employed, or if your spouse is disabled or is a full-time student.
Texas State Continuation only applies to those employees who have been covered under the group medical plan for 3 months or more. Texas State Continuation applies to Fully Insured Medical Plans only. Employers who are not subject to COBRA that have 2 – 19 employees must comply as well as those who have 20+ employees after COBRA is exhausted. Employees are given the option to continue coverage for up to 9 months under Texas State continuation. Source: IPS Advisors
The Consolidated Omnibus Budget Reconciliation Act (COBRA) gives workers and their families who lose their health benefits the right to choose to continue group health benefits provided by their group health plan for limited periods of time under certain circumstances such as voluntary or involuntary job loss, reduction in the hours worked, transition between jobs, death, divorce, and other life events. Qualified individuals may be required to pay the entire premium for coverage up to 102 percent of the cost to the plan. Employees and dependents can continue the coverage up to 18 months for termination, 29 months for disability and 36 months for divorce. Source U.S. Department of Labor.
Section 105 Health Reimbursement Arrangements (HRA)
A medical reimbursement plan is any plan or arrangement under which an employer reimburses an employee for uninsured health or accident expenses incurred by the employee or their dependents. Health or accident expenses are defined in IRC Section 213(e). If done correctly, these reimbursements are paid to the employee tax-free. Source: Benefit Plans
Health Savings Accounts
A Health Savings Account (HSA) is a tax-favored account used in conjunction with an HSA-compatible health plan. The HSA allows you to contribute funds on a pre-tax or tax-deductible basis, which you may use to pay for eligible medical expenses. To learn more about the HSA’s many benefits, click here.
Put wellness to work for your company and you can do good for your organization while capturing the fiscal advantages of healthier, more productive employees. Wellness services include: Employee Health Screenings, Health Education Seminars, Health Promotion Activities, Health Risk Assessment, Flu Shot Clinics.
401(k) plans are mainly employer-sponsored: employees elect to have a portion of their wages paid directly into their individual 401(k) account, which is managed by the employer. Such payments are known as “contributions”. As a benefit to the employee, the employer can optionally choose to “match” part or all of the employee’s contribution by depositing additional amounts in the employee’s 401(k) account or simply offering a profit-sharing contribution to the plan.
Since 2006, another type of 401(k) plan is available. Participants in 401(k) plans that have the proper amendments can allocate some or all of their contributions to a separately-designated Roth account, commonly known as a Roth 401(k). These “Roth” contributions will be collected and treated as after-tax dollars; that is, income tax is paid or withheld in the year contributed. Qualified distributions from a designated Roth 401(k) account, including all income, are tax-free. (A traditional 401(k) account is funded with pre-tax dollars and, in general, tax must be paid when the original contribution and earnings are withdrawn.)
Human Resource Management System (HRMS)
A HRMS will allow you to use modern technology to run your business and manage your business. Some features are: 24/7 Access: employee record and personnel actions, HR compliance (EEO, OSHA, I9, etc.), benefits administration, absence management (PTO, LOA, FMLA, etc.).
For more information on a Group benefits package, Individual Insurance, or an HR Complete proposal for your company please contact us.