Employee Benefits

A group health plan is an employee benefit plan established by an employer to provide medical care for participants and/or their dependents through insurance, reimbursement, or otherwise. By covering a group, the risk is dispersed among members, reducing the burden on the insurer. As a result, members of a group health insurance plan usually have reduced costs.

Dental care plans provide payments for preventative and restorative care and usually have discounted rates.  Preventative services include routine exams, cleanings, and x-rays.  Major services include dental surgery, endodontics (root canal therapy), periodontics (treatment for gum disease), crowns, and prosthetics (bridgework or dentures).

Vision insurance is a product that provides coverage for eye-related ailments and preventative care. Vision care plans typically provide coverage for the nonsurgical improvement of eyesight, including coverage for eyeglasses and contact lenses. Coverage typically is limited and is subject to applicable copayments or scheduled cash allowances.

Short-term disability (STD) plans provide benefits for non-work-related illnesses or accidents on a per-disability basis, typically for a 6-month to 12-month period. Benefits are paid as a percentage of employee earnings or as a flat dollar amount. STD benefits vary with the amount of pre-disability earnings, length of service with the establishment, or length of disability.

Long-term disability insurance ensures that employees will receive a portion of their income when they are absent from work for an extended period of time due to a covered disability. These absences may be a result of accidents, injuries or illnesses that happen on or off the job. If you become disabled because of an accident, injury or illness, long-term disability insurance typically pays 50-60% of your income, while you’re unable to work.

Group term life insurance is a type of term insurance in which one contract is issued to cover multiple people. The most common group is a company, where the contract is issued to the employer who then offers coverage as a benefit to employees. Many employers provide, at no cost, a base amount of group coverage as well as the ability to purchase voluntary, supplemental coverage and coverage for employees’ spouses and children.  Group term life insurance is relatively inexpensive compared to individual life insurance. As a result, participation is high.

Voluntary group life insurance is an employee benefit option offered by many employers to their employees. This allows the employee to increase the limit of group life that may be paid for by the employer. With voluntary life, the employee pays the monthly premium to the insurance company usually through a paycheck deduction. Many employers also offer the opportunity for the employee to buy additional coverage for their spouse and children.

Accident & Health insurance protects policyholders from the financial impact and consequences of unexpected medical bills by providing benefits to the insured for the treatment of illness, injury, or disability. Policies may be issued to employees or employers, individuals, or to members of an association.

Our ACA compliance services help make sense of this complex legislation and track changes that could be on the horizon. Our team can assess the impact of the employer-shared responsibility rules and suggest a variety of solutions for employer-provided health benefits. We can help you determine whether you fall under ACA requirements, review staffing structure to see how it impacts qualification, evaluate affordable coverage options, and assist you with ACA compliance.

Self-funding (aka self-insured insurance) is a health plan in which an employer selects an insurer to partner with  but then pays for their employees’ health care claims. In a self-funded plan, employers set aside money into a “fund” or trust that’s earmarked to pay their employees’ health care claims.

Comprehensive identity protection gives employees proactive monitoring and features designed to help protect themselves from ever-evolving risks. Plus, they can rely on full-service remediation and identity theft expense reimbursement, should the worst occur. Providing identity protection as a benefit can help you ensure your employees stay engaged, while also looking out for your bottom line.

Employee wellness programs are programs initiated by an employer to improve the physical and mental health of employees. Along with health insurance, wellness plans are one of the most highly sought-after health benefits. Many wellness programs offer premium discounts, cash rewards, gym memberships, and other incentives to participate in a healthy lifestyle, and can include programs to help participants with smoking cessation, diabetes management, weight loss, and preventative health screenings.

An employee assistance program (EAP) is a free, voluntary, and confidential work-based intervention program designed to identify and assist employees in resolving personal problems (e.g., marital, financial, or emotional problems; family issues; substance/alcohol abuse) that may be adversely affecting the employee’s performance.

In a defined contribution plan, such as a 401(k) or 403(b) plan, the employee and/or the employer contribute to the employee’s individual retirement account at a set rate, such as 5 percent of earnings annually. These contributions generally are invested on the employee’s behalf. The employee will ultimately receive the balance in their account, which is based on contributions plus or minus investment gains or losses. The value of the account will fluctuate due to the changes in the value of the investments. Employee contribution can reduce current taxable income, as contributions are typically taken pre-tax via paycheck deduction.