What are Group Benefits?
Your employees are one of your most important assets. That’s why you need to have a comprehensive health benefits package in place to cover them and make them feel appreciated.
Group benefits is health and supplemental insurance that covers a group of people who are most often employees of a common employer, though it can include professionals in a common group. Group benefits can be a powerful incentive to keep and attract great employees.
What types of Group Benefits do we offer?
Group Health Insurance
Group health insurance coverage is a policy that is purchased by an employer and is offered to employees of the company (and often to the employees’ family members) as a benefit of working for that company. Employees must be employed full-time and meet other eligibility requirements that the employer stipulates. A group health insurance plan is a major part of many employee benefits packages that employers provide for their employees.
Employer Provided & Supplemental Life Insurance
Employer provided life insurance is term life insurance covering a group of employees of a company paid for by the employer. Individual proof of insurability is not normally required for this type of insurance and the employer is considered the policyholder though death benefits are paid to the employees’ beneficiaries. Pricing typically is based on the business’ classification and size of the group. It is a very inexpensive way to communicate to employees that they are valuable to the organization.
Supplemental Life is an affordable way for employees to add additional term life insurance and provide peace of mind for their family members. Policy amounts are issued based upon an employee’s salary. If supplemental life over the group guaranteed issue amount is requested, the insurance carrier will require evidence of insurability.
Group Disability Insurance
Group Disability Insurance provides regular income replacement payments to an insured member of the group in the event of an eligible disability resulting from illness or injury. Some Coverage is generally offered in two types: short-term disability (STD) or long-term disability (LTD). Employers will often offer short-term disability policies that pay out for pregnancy and delivery as a covered disability/illness to enrich their maternity leave.
Accident insurance is supplemental insurance that you can purchase to help your employees pay for services and out-of-pocket expenses that their regular insurance does not cover in the event of an accident. While this can help for auto related accidents, it is also for other unexpected life events that your employees may encounter, i.e. breaking a bone or losing a limb.
Group Dental and Vision Insurance
Dental and Vision are some of the most popular plans for employers to offer to their employees. Employers can choose to pay for their employees’ dental and vision plans or make them completely voluntary. We have access to the benefit plans that will keep your employees and their families healthy.
Consumer Driven Health Plans
Consumer Driven Health Plans are plans designed to help your employees spend their health-care dollars wisely. They can provide a tax savings to the employer as well as the employee. We will work with employers to help them set up Flexible Spending Accounts (FSA), Health Savings Accounts (HSA), and Health Reimbursement Arrangements (HRA). Please reach out if you would like additional information.
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We do not offer every plan available in your area. Currently, we represent eight organizations, which offer fifty-six products in your area. Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program (SHIP) to get information on all of your options.