Group Plans
Medical
Medical insurance is one of the most highly sought-after benefits by employees in America. Employer groups are only mandated to provide ACA compliant health insurance benefits when they have 50 or more full-time employees (or the equivalent in part-time employees), but many smaller employers offer health insurance even without a mandate to both attract and retain qualified employees. So what types of plans are available for groups? There are three major-medical plan types in which employer groups typically participate. Most small to mid-sized companies will select either fully insured (the carrier takes on all of the risk) or level-funded (some potential risk shared by the employer). Large groups will often employ the use of self-funded plans (the employer takes on the lion’s share of the risk). These plans can come with tax incentives.
Dental & Vision
Fully or partially paid dental and vision coverage offer your employees a benefit that takes some of the financial burden of the costs of proper and continuous dental and vision care. Many affordable dental plans offer 100% coverage for basic services, 80% for things like fillings, extractions, and oral surgery and 50% coverage for major services. Some dental plans even include orthodontia benefits. Vision plans can offer low copay benefits for annual checkups and durable goods like prescription glasses or contacts.
Dental & Vision
Fully or partially paid dental and vision coverage offer your employees a benefit that takes some of the financial burden of the costs of proper and continuous dental and vision care. Many affordable dental plans offer 100% coverage for basic services, 80% for things like fillings, extractions, and oral surgery and 50% coverage for major services. Some dental plans even include orthodontia benefits. Vision plans can offer low copay benefits for annual checkups and durable goods like prescription glasses or contacts.
Disability
Employer paid short-term and/or long-term disability will help to protect your employee’s income when the employee becomes temporarily or permanently unable to work due to illness or accident. Sometimes these benefits will include coverage for maternity leave. The plans usually pay from 50 – 60% of your employees full-time salary until they can return to work.
Life
Not all of your employees will carry a life insurance policy on themselves or their family members. Employers who sponsor life insurance, do so to protect their employee’s families against a sudden loss of life. These employer paid policies can range in death benefit from $10,000 and up.
Life
Not all of your employees will carry a life insurance policy on themselves or their family members. Employers who sponsor life insurance, do so to protect their employee’s families against a sudden loss of life. These employer paid policies can range in death benefit from $10,000 and up.
Flexible Spending Account (FSA):
The general-purpose health FSA allows your employees to save their money on a pre-tax basis and spend those dollars tax-free on qualified medical, dental and vision expenses throughout the plan year. Employees You can offer this option in conjunction with medical insurance or allow participation independent of your health insurance option. The FSA is also advantageous to employees because the dollars they commit to contribute for the year are available immediately. They must spend the money in the account by the end of the plan year because most (if not all) of the money will not roll into the next year. Other types of FSAs available to your employees like Dependent Care Assistance Accounts and Commuter Parking Accounts. There are annual contribution limits on all.
Health Savings Account (HSA)
The HSA, like the FSA, will allow your employees to save their money on a pre-tax basis, and spend those dollars tax-free on qualified medical, dental and vision expenses. This account, however, is always linked with a specialized medical plan known as a High Deductible Health Plan (HDHP). Your employee must be participating in an HDHP to contribute to an HSA, but these dollars do roll over, year over year, and stay with your employees for as long as they retain the account. Like the FSA, there are annual contribution limits, and contributions can be made by both the employee and the employer if desired.
Health Savings Account (HSA)
The HSA, like the FSA, will allow your employees to save their money on a pre-tax basis, and spend those dollars tax-free on qualified medical, dental and vision expenses. This account, however, is always linked with a specialized medical plan known as a High Deductible Health Plan (HDHP). Your employee must be participating in an HDHP to contribute to an HSA, but these dollars do roll over, year over year, and stay with your employees for as long as they retain the account. Like the FSA, there are annual contribution limits, and contributions can be made by both the employee and the employer if desired.
Section 125/Premium Only Plan
This plan allows your eligible employees to decrease their taxable take-home pay, contributing pre-tax dollars for their share of group insurance premiums like medical, dental and vision. The POP also allows the employer to save a percentage of FICA taxes on each dollar contributed.