Group Insurance / Employee Benefits
Most business owners know that in order to attract and retain high quality employees, they not only must pay their employees a competitive salary, but also provide “benefits”. Competition for these employees varies from industry to industry, but often dictates what benefits are offered and how much of the cost for these benefits an employer must bear.
The number one most desired benefit for an employer to provide; unfortunately, it is also the most expensive. With the new federal law (Affordable Care Act (ACA)), it is now mandated, depending on the size of your business (number of employees). The market as gotten a lot smaller over the years, but we represent all of the remaining major carriers, and can help you design a plan to meet your needs and budget.
The second most desired benefit for an employer to provide. While the cost of this coverage has gone up in recent years, it is still, relatively speaking, very affordable.
Often an “after-thought” for many employers and their employees, this is one of the most affordable coverages and goes a long way in satisfying employees. Along with the ever increasing use of computers, more and more people are in need of eyewear.
Another often forgotten insurance benefit, this is probably one of the most important, but least utilized of the main lines of insurance coverage despite being very affordable. People often don’t want to think about or plan for the probability of disability (up to 50% at some ages!), which is too bad as many people are financially ruined because of an accident or illness that prevents them from working (earning an income), and being able to continue to pay their bills until they can return to work. The average American has less than 1 month of earnings in savings to help in this scenario.
Group Life Insurance
The Life Insurance market has changed significantly over the last 10-20 years. There are fewer insurance agents calling on individuals/families to plan for and purchase this valuable coverage. Consequently, for the majority of working Americans, the only life insurance they have is that made available through their employer.
Retirement Savings Plans (401k)
With all of the economic and competitive challenges businesses in our country have faced over the last few decades, “pension plans” have all but disappeared except for the largest of American companies. These have been replaced for “retirement savings plans” (e.g.: 401(k)), which require contributions by both the employer and the employee, with the majority of the individual’s savings success dependent upon the employee’s contributions. For many Americans, saving for retirement is often forgotten about until it is too late. An employer sponsored plan makes it much easier for employees to successfully save for retirement.
Employee Paid (Voluntary)
Most employers only provide (pay for) a nominal amount of Life Insurance for the employees. Having a supplement/voluntary plan in conjunction with the employer-paid “basic” plan allows employees to buy the additional coverage they need (for both the employees and dependents), at very affordable rates!
As previously mentioned, this is one of the most important, yet underutilized forms of insurance despite its relatively low cost. For employers who would like to “offer” it, but simply can’t afford it, providing it this way is a win-win for everybody. The employees can get the coverage they need at a rate that is much more affordable than what they can purchase it for on their own.
Again, often an after-thought, more and more people are in need of glasses/contacts, and these plans make it very affordable. Those that need/want the coverage can buy it, those that don’t, don’t. At a single rate of less than $10 a month, employees will get back much more in benefits than they will pay in premiums.
This highly desired/needed coverage is often the second most expensive benefit plan employers offer, which is why is often isn’t. However, now employees can pay for it on their own and get the valuable benefit they want, especially for children.
“Worksite/Specialty” insurance plans are actually individual plans, but are only available through employer sponsored group arrangements. These are supplement plans, especially to group medical and disability plans, but some people, due to family histories or other reasons highly covet these plans.
As the name would indicate, benefits (cash payments directly to the insured) are paid to assist with other / unexpected expenses related to having a diagnosis of certain/covered cancers, but that are not covered by the medical plan. (i.e.: travel expenses to treatment centers, missed/unpaid work days, etc.)
As with the cancer, certain named “critical” illnesses (e.g.: stroke, etc.), when diagnosed, benefits (cash payments directly to the insured), are paid to assist with other / unexpected expenses.
As with the cancer, certain accidents (e.g.: broken hip, etc.), when diagnosed, benefits (cash payments directly to the insured), are paid to assist with other / unexpected expenses.