Employers are always looking for ways to attract and retain good people. Offering a good Employee Benefits plan does NOT have to cost you a fortune….it really doesn’t!
Whether you want to offer Group Health Insurance, Dental, Vision, Disability, or an investment type 401K, we can help you strategize it to maximize your benefit.
Group Health Insurance is the most popular and the definitely the most costly for an employer. Our proven strategy helps your employees “insure” their deductible, providing better coverage for a much better price. We can provide you with many testimonials from companies that have been wildly successful using our strategy.
Group Health Plans can be structured in several ways:
- PPO (Preferred Provider Organization) PPOs are well suited for employees who want the freedom to choose their own doctor. As a PPO subscriber, you have the choice of using either an “in-network” or “out of network” doctor. By staying in the network, you receive the biggest benefit, lower copays and less out of pocket costs. PPOs are typically less expensive than HMOs.
- HMO (Health Maintenance Organization) HMOs are designed in such a way that employees are restricted to HMO doctors and hospitals only, except for emergency services. HMO copays are usually lower but the monthly cost is usually much higher. Kaiser is one of the more popular HMO type platforms.
- HSA (Health Savings Account) HSAs are usually PPO type plans with an HSA component attached. The HSA part is a tax free savings account, sometimes referred to as a “medical IRA”. The HSA allows the employees to have a savings account to pay for qualified Employee Benefit out of pocket expenses on a tax free basis. The HSA account can be funded by the company, the employee themselves, or anyone. Contributions are limited to $3350 for singles and $6650 for families. Money not used by the end of the year “rolls over” year to year with no limits. This tax free money can be used for things like; Dental expenses, Vision, Chiropractic, Massage, Accupunture, Orthodontics, prescribed medications, etc.
- HRA (Health Reimbursement Arrangement) HRAs are very similar to HSAs. The biggest difference with an HRA is that when an employee has a medical expense, they are “reimbursed” by the employer. HRA Health Plans are very flexible and the benefit structure can be tailored to the needs of each company. The pricing of HRAs vary widely.
Other popular Employee Benefits:
- Group Dental Insurance. Group Dental can vary widely in coverage and cost. Most plans have no waiting periods to obtain services, large networks, and have at least $1500 or $2000 in yearly benefit, per person. Some of the top companies include: Delta Dental, MetLife, Guardian, Principal, Humana, United HealthCare, Aetna, Cigna, Blue Cross. A Group Dental plan ranges from about $40-$75 a month.
- Group Vision Insurance. Vision coverage varies widely but is relatively inexpensive. VSP and EyeMed are probably the most popular companies. We usually recommend the Vision benefit allow for lenses, frames, and exams every months. Pricing ranges from $9-$15 a month.
- Group Disability Insurance. Disability coverage is purchased for protection in case an employee gets injured and is unable to work. The disability can be either classified as Short Term Disability or Long Term Disability. The coverage is based on the employees income, the benefit payout, and the “waiting period” before benefits start. The coverage can be structured to include both on and off the job injuries.
- 401K-Deferred Compensation-Retirement Plans. Compensation plans can be very important to an employee and business owners alike. Making sure they’re set up correctly is crucial! We partner with experts in the various areas of investment. Some of our experts specialize in the framework of the plan, the plan design, and how it gets funded. Others focus on the funding vehicle itself, the investment, and the tax implications.