A good employee benefits program can help your business recruit and retain the best employees. How does your benefit program measure up to your competitors’—in our area and in your industry? We can evaluate your existing benefits and design a program that achieves the best balance of attractiveness to employees and cost to you.
Health Benefits
In survey after survey, employees rank health benefits as one of the most important things they look for in a job. Most employers offer health insurance, finding the favorable tax treatment benefits both the employer and the employees.
Did you know that employers with as few as two employees can buy group health insurance to cover employees and, if you choose, their dependents? We can tailor health coverage solutions for groups of any size. We work with the best health insurers doing business in our area and will work with you to find a solution that meets your needs and budget.
Options include:
- Preferred provider organizations (PPOs)
- Health maintenance organizations (HMOs)
- Point-of-service (POS) plans
- Consumer-driven health plans, including health savings accounts
- Self-insurance
- Voluntary (employee-paid) health insurance
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Life Benefits
Life insurance is the foundation of any benefits program. According to the Bureau of Labor Statistics, 51 percent of all employees in private industry had access to life insurance through their employer.
Group Term Life Insurance
Most employers provide their employees life coverage through group term life policies. Group life is written on a “guaranteed issue” basis, so all eligible employees can obtain the basic coverage amount, regardless of their health status, as long as they sign up during the enrollment period.
Some group plans offer additional enhancements, such as allowing employees to convert their coverage to an individual policy if they leave the employer. Individuals who want higher limits can usually buy additional coverage if they pass medical underwriting.
Voluntary Life Insurance
You can use voluntary (employee-paid) life insurance to either enhance employer-provided coverage or as the basis of your life insurance program. We offer a full range of voluntary life insurance products, including group term, supplemental group term and dependent life insurance.
Life Insurance in Business Continuity Planning
Life insurance guards the financial health of your business as well as of your employees. Key employee life insurance protects the company from financial loss due to the untimely death of a key employee.
Life insurance-funded buy-sell arrangements can guarantee that designated successors have the money available to buy your share of the business and your heirs receive a fair value.
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Dental Benefits
Dental benefits offer a lot of advantages to employer and employees. Dental insurance encourages preventive dental care, which saves an estimated $4 for every $1 spent. And since oral health affects overall health, encouraging your employees to take care of their teeth and gums could help reduce your medical costs.
Dental insurance also costs only about one-tenth of what medical insurance costs. No wonder nearly 90 percent of large employers offer dental benefits!
We offer a full range of dental benefit solutions for groups of any size, including:
- Group dental insurance
- Voluntary dental insurance
- Dental reimbursement plans
- Dental discount plans
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Vision Benefits
Vision disorders cost U.S. businesses an estimated $8 billion annually in lost productivity. How much do they cost your company? With costs starting at as little as $5 per month per employee, vision benefits pay big dividends in improved morale, health and productivity.
Employers can provide vision benefits through group vision insurance or a discount vision plan.
Group vision insurance works like other employer-provided qualified benefits. Most plans cover exams, glasses, contact lenses and more. You can also opt to include dependent coverage as well as coverage for popular vision-correction services, such as LASIK.
A discount vision plan is not insurance, but gives members discounts on eye care services from participating providers. Members (or their employers) pay an annual membership fee and receive a card that entitles them to discounts.
No-cost benefits with voluntary plans! You can structure your vision benefits to be either employer-paid or voluntary, in which participating employees pay the entire cost. A voluntary plan gives your employees the advantage of group pricing and convenient payroll deduction payments, at absolutely no cost to your firm.
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Accidental Death and Dismemberment Insurance
For the vast majority of workers who do not have not have individual disability insurance, accidental death and dismemberment (AD&D) benefits can provide their families added peace of mind at very little cost—as little as $5 per employee per month.
AD&D insurance pays a set benefit if a covered employee dies in an accident. It also pays a portion of the death benefit if he/she suffers loss of use of an extremity, hearing or sight due to accident. You can provide AD&D benefits either as an addition, or rider, to your group life policy, or you can buy a separate group AD&D policy. You can also offer AD&D as a voluntary benefit.
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Long-Term Care Insurance (LTC)
When you think “long-term care,” you probably think of elderly people in a nursing home. But 40 percent of the people receiving long-term care services are between the ages of 19 and 64.
With nursing care costing an average of $75,000 annually (more in urban areas), long-term care needs can stretch the finances of almost any family.
Long-term care insurance (LTC) can help your employees pay for the cost of nursing home and other long-term care for themselves or for an elderly dependent. Most group LTC plans are voluntary, or employee paid. Voluntary long-term care insurance offers employers a way to reduce absenteeism and improve productivity, loyalty and morale.
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Disability Benefits
By age 45, an individual has a 50 percent chance of having at least one disability that lasts 90 days or more. In fact, workers have a higher chance of suffering a long-term disability than of premature death during their career. Disability benefits protect your employees from a catastrophic loss of income when a disability makes them unable to work, or unable to work full-time.
Disability benefits generally fall into one of three categories:
Paid sick leave. No law requires employers to provide paid sick leave, but many provide up to two weeks’ paid sick leave per year or give employees “paid leave banks,” which they can use for any reason.
Short-term disability (STD) insurance. This is the most commonly found type of group disability insurance. STD plans typically have a waiting period of 0 to 14 days before a covered individual will receive benefits, and they provide benefits for a maximum of six months to one year.
Long-term disability (LTD) policies usually begin paying benefits 30 to 180 days after the disability occurs, once the covered individual has exhausted sick leave and short-term disability benefits.
Usually, group plans have very streamlined or no underwriting requirements so employees do not have to answer a lot of health questions. Your less-than-healthy employees will find it easier to obtain coverage through the group market than through individual policies. In addition, group coverage usually costs less than an individual policy.
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Risk Management and Benefit Administration Services
Our firm wants to do more than just sell you insurance. We offer a full range of risk management and benefit administration services designed to help you control benefit costs and stay in compliance with ever-changing laws and regulations. These include:
- Plan review and design, including fully insured and self-insured options
- Third-party administration
- Prescription benefit management
- Medical claims management
- Utilization review
- Disease management
- Wellness programs
- Employee assistance programs (EAPs)
- Third-party administration for self-insured employers
- Employee communications
- COBRA administration
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