401(k) Plans: return to top

401(k) plans are an excellent opportunity for employers to assist employees in saving for retirement. These plans are qualified retirement plans that allow eligible employees to make salary deferral contributions into various investment options. Employers may make matching contributions to the plan on behalf of employees and many 401(k) plans include loan provisions and/or a profit sharing feature. One excellent benefit for the employee is that investment earnings accrue on a tax deferred basis. Regulations and specific plan features typically limit the percentage of salary deferral contributions. There are restrictions as to how and when assets can be withdrawn. Penalties apply under certain circumstances such as withdraws prior to age 59^1/2.

Health Reimbursement Accounts (HRA’s) and Health Savings Accounts (HSA’s) are structured differently but both are forms of consumer directed health plans. Consumer directed health plans are designed to control the cost of healthcare. This is accomplished by providing the consumer both the incentive and information necessary to make wise healthcare choices.

Health Reimbursement Accounts (HRA’s) are simple, employer-funded, Section 105 defined contribution healthcare plans which provide tax-free benefits for employees and their legal dependents. HRA’s can be paired with high-deductible healthcare (HDHC) plans which may help employers reduce their overall health plan cost.

Health Savings Accounts (HSA’s) include a tax-deductible savings account that is paired with a high-deductible healthcare plan. The savings account can be used for current and future medical expense. Unused balances roll over from year to year. These accounts may be funded by both employers and individuals. The core components of an HSA include a high-deductible healthcare product coupled with a cash spending account that accrues interest tax-free. It combines the pre-tax treatment of a health flexible spending account, the portability and roll-over characteristics of a 401(k) plan, and the tax-free distribution of a Roth IRA.

Cost Driver Management: return to top

Approximately 20% of group health insurance participants account for 80% of medical insurance claims. Establishing effective programs in the areas of disease management, predictive modeling, and large case management are essential to controlling your health insurance costs.

Dental: return to top

Your smile is your biggest asset and dental care is an important factor in your overall health. Dental coverage is an excellent addition to your group medical coverage or it may also be presented as a stand alone product. Similar to group medical plans, dental coverage may be offered as a PPO, HMO or a traditional plan. Plans are usually designed to cover preventive, basic and major services. Many plans include orthodontia coverage as well.

Disability: return to top

No one plans to be disabled. Disability insurance provides an income for disabled employees. Therefore, they are able to concentrate on their recovery. Short-term and long-term disability coverage is available and can be combined as an integrated disability product. This coverage makes an excellent enhancement to employee benefit packages.

Flexible Spending Account (FSA): return to top

An FSA is an IRS Section 125 cafeteria plan that allows employees the option of pre-tax payroll deductions for some insurance premiums, unreimbursed medical expenses and child/dependent care expenses. Employers save when employees elect pre-tax payroll deductions because lower adjusted gross income results in lower payroll related taxes for both the employer and employees.

Health and Wellness Promotion: return to top

Health and wellness programs are designed to improve the health of your employees by improving lifestyle choices. Healthy employees reduce group health insurance related costs because they incur lower overall claims. Another substantial benefit is that healthy employees are more productive.

We have seen estimates that almost 40% of all healthcare expenses result from preventable conditions. These conditions are caused by lifestyle choices such as tobacco, obesity, stress, lack of exercise and poor diet. A reduction in demand associated with improved lifestyle choices will result in a corresponding reduction in the cost of healthcare. Your return on investment in effective health and wellness programs will be as high as 2:1 in the first year.

Life and AD&D: return to top

Group life insurance coverage is an affordable way to provide your employees with a much needed benefit by helping provide financial security for their family at a very difficult time. Life insurance is also a relatively inexpensive way for employers to distinguish themselves from their competitors.

Medical: return to top

Group medical coverage offers comprehensive medical benefits with a broad range of treatments and services included. Plans allow for flexibility to meet your company's needs. Enhancements may be added to your plan to round out that complete coverage package.

Preferred Provider Organization (PPO) Plans offer options for both large and small groups. These plans offer insured's access to benefits at negotiated rates, therefore saving your group premium dollars. With a wide range of provider networks, deductibles, copays, coinsurance and out-of-pocket maximums, your plan design is very flexible.

Health Maintenance Organizations (HMO) reward those groups who have employees that are able to stay within a specific list of providers with low out-of-pocket maximums. HMO plans work well in certain geographic areas.

Traditional Indemnity Plans offer enrollees the option to go to any healthcare provider they want. These plans are best suited for groups located outside the PPO or HMO network areas. Employers select from a choice of deductibles, copayments, coinsurance and out-of-pocket maximums.

Dual Choice Plans allow the employer to offer a choice of medical plans. Employees select the plan that best meets their individual needs. In addition to offering employees flexibility, dual choice plans allow employers the ability to manage their contribution levels and therefore gain control of their overall health insurance budget.

Vision: return to top

Offering affordable eye care plans is a benefit that supports visual wellness and improves quality of life. We offer plans ranging from a basic eye exam to plans that offer extensive coverage of exams, lenses, frames and even contacts.

Voluntary Products: return to top

Voluntary products include: life, cancer, disability, long-term care and dental plans that are made available through the convenience of payroll deduction. Without the convenience of payroll deductions, many employees may not have access to these beneficial products.

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