Group Benefits
Why?
When designing a benefits plan, we believe the most important question is" WHY?" Understanding "why" you want to offer benefits will help you determine your best options.
Do you want to provide the best benefits for you and your employees?
Are benefits packages standard for the industry you are in?
Will offering benefits help you attract and retain the best employees?
Is compliance with the ACA employer mandate your biggest concern?
Do you want to offer benefits on a "voluntary" only basis? (no cost to the employer)
Do you want to offer a full benefits package, or only specific benefits?
Would you like to offer more benefits, but find it cost prohibitive?
Do your employees complain about the lack of benefits?
Are you interested in outsourcing your HR responsibilities?
Are HR responsibilities taking up more and more of your time?
Or is it something else?
There are of course more options than the ones listed below but there isn't enough room to list them all in detail. (You weren't going to read through them all anyway) Call us and we will help you decide, design, implement, and maintain a plan that is right for you and your business.
Do you want to provide the best benefits for you and your employees?
Are benefits packages standard for the industry you are in?
Will offering benefits help you attract and retain the best employees?
Is compliance with the ACA employer mandate your biggest concern?
Do you want to offer benefits on a "voluntary" only basis? (no cost to the employer)
Do you want to offer a full benefits package, or only specific benefits?
Would you like to offer more benefits, but find it cost prohibitive?
Do your employees complain about the lack of benefits?
Are you interested in outsourcing your HR responsibilities?
Are HR responsibilities taking up more and more of your time?
Or is it something else?
There are of course more options than the ones listed below but there isn't enough room to list them all in detail. (You weren't going to read through them all anyway) Call us and we will help you decide, design, implement, and maintain a plan that is right for you and your business.
Fully InsuredMost common type of group medical insurance. Employer pays a percentage and employee pays the remaining premium. The type of plan that typically comes to mind when people think of group medical insurance.
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MEC - Minimum Essential CoveragePreventive services only medical plan. Minimal cost to employer and employee. Employee is compliant with the ACA individual mandate. Employer is compliant with the ACA "sledgehammer" penalty. Good choice for service and hospitality industries.
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Level Premium Self-FundedFull medical insurance. Can be lower cost then fully insured plans. For healthy groups long term savings can be significant. Plans are fully underwritten. (applications needed from all employees) Stop loss insurance limits claims exposure. Possible premium surplus at end of year.
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Buy-up PlansGood for businesses that want to provide a fixed dollar amount to their employees and allow them to choose the benefits they want. Can be used as a stand alone plan, or part of a cafeteria plan. Gives employers a fixed cost per month for their benefits plan.
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PEO - Professional Employer OrganizationGood option for businesses with no HR director or department. HR responsibilities and compliance issues are outsourced. Services can be purchased a la carte or bundled.
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