Our specialty lies in helping our business owner clients with employee benefits; specifically, those that include health insurance, medical plans, dental plans, group life insurance and disability insurance plans. We rely heavily on our relationship-centric approach to help produce quantifiable results.
Benefit Plan Review
Group Medical
A group health insurance plan provides healthcare coverage to a select group of people, usually offered as one of the major benefits to employees of a specific organization. These plans are usually uniform in nature, offering the same benefits to each member of the group.
Group Dental
A group dental insurance plan provides healthcare coverage to a select group of people, usually offered as one of the major benefits to employees of a specific organization. These plans are usually uniform in nature, offering the same benefits to each member of the group.
Group Life & Disability
A group life and disability plan provides life and disability coverage to a select group of people, usually offered as one of the major benefits to employees of a specific organization. These plans are usually uniform in nature, offering the same benefits to members of the group.
Group Vision
A group vision plan provides healthcare coverage to a select group of people, usually offered as one of the major benefits to employees of a specific organizations. These plans are usually uniform in nature, offering the same benefits to members of the group.
Voluntary & Payroll Deduction Programs
This is a benefit offered to some employees so that they may request payroll deductions from their paychecks to automatically pay insurance premiums on specific policies available through their employee benefits such as health insurance.
Section 125 Cafeteria Plans
A Cafeteria Plan is an employee benefits program that takes advantage of Section 125 of the Internal Revenue Code. A Cafeteria Plan gives employees the option to pay certain qualified expenses, for example health insurance premiums, on a pre-tax basis, thereby reducing their total taxable income and increasing their spendable/take-home income. Funds set aside in these accounts, considered Flexible Spending Accounts (FSAs), are not subject to federal, state, or Social Security taxes.
Retirement Programs
Retirement programs or savings plans are funded by employee contributions and oftentimes include matching contributions from the employer. Contributions are made from your salary tax-free and the funds continue to grow tax-free until they are withdrawn. They then can be converted into an IRA, transferred if you change employers, and you can manage the investments yourself to some extent.
Key Executive Plans
Most organizations have at least one executive who is essential to the company’s success. If unexpected departure from the organization occurs due to a death, accident or resignation – it may be hard for the organization to thrive without the key executive. Key-person life insurance or key-person disability insurance can help protect businesses from the unexpected departure of this person.
Long Term Care
Long-term care refers to a variety of services which help meet medical and non-medical needs of individuals with a chronic illness or disability who cannot care for themselves for long periods. Long term care focuses on individualized and coordinated services that maximize patients’ quality of life, and meet patients’ needs over a period of time.
Long-term care commonly provides custodial and non-skilled care, such as assisting with normal daily tasks like dressing, feeding, and using the bathroom. Increasingly, long-term care involves providing a level of medical care that requires the expertise of skilled practitioners to address the multiple chronic conditions associated with older populations. Long-term care can be provided to anyone of any age and can be administered in the home, an assisted living facility or nursing home.
Benefit Plan Design
Consumer Driven Health Plans (HRA, HSA, Wrap Plans)
Traditional health insurance plans require the payment of pre-determined yearly premiums. A consumer driven health plan, or CDHP, allows you to pay for routine medical expenses yourself instead of paying high insurance premiums. Under traditional plans, you agree to which can be more affordable if your amount of medical care used is less than the amount you paid in yearly premiums. You cover these expenses through your own tax-free medical savings account. Any unused balance at the end of the year may rollover to the next year depending on the account, allowing you to build future funds in your medical savings account.
Self-Funded Medical & Dental Plans
Employers that self-fund benefits choose to retain the risk of claims incurred during the plan coverage year. Plan members’ claims are paid by setting aside funds or paying the claims as they happen. These policies can be purchased for combined medical and dental claims or as stand-alone policies.
Medicare Options
Most people have Original Medicare known as Medicare Part A or Part B. Medicare Part A covers hospital expenses whereas Medicare Part B covers other health insurance. This traditional program run by the federal government allows you to go to almost any doctor or hospital in the country. Original Medicare covers most of the health services that you need, but to fill gaps where Medicare coverage ends, many individuals purchase additional insurance known as supplemental insurance. Others get their Medicare benefits through a Medicare Advantage Plan (Part C) which is sold by private insurance companies and offer Medicare benefits. There is also the option for the Medicare drug benefit (Part D).
International & Expatriate Benefits
These benefits are offered to employees working internationally for a company based in their home country. These packages of benefits may vary greatly offering additional salary to compensate for a higher cost of living, relocation, additional education required, etc.