Fully Insured Plans

Fully insured plans are the most common type of insuring arrangement. Employers pay a fixed premium and in return, the insurance company acts as the claims administrator, pays claims, and is the fiduciary of the plan.

Level-Funded Plans

Level-funded plans have become vital for small businesses with fifty and under employees and can also benefit some groups above fifty lives. These plans are modeled to feel like a fully insured plan from the client’s perspective, but are actually self-funded plans that are administered by the insurance carrier instead of the insured. Employers are the fiduciary on level-funded plans.

Self-Funded Plans

Self-funded plans are most common in groups with hundreds of employees and up. The larger the group the more accurately claims can be predicted and absorbed. The employer typically contracts out a third-party administrator to process claims and pays these claims out of their own bank account until they reach the stop loss limit that is purchased to protect them against catastrophic medical claims. Self-funded plans require more work for the employer and may require dedicated in-house employees to administer. Employers are the fiduciary on self-funded plans.

Association Health Plans

Association plans pool together  similar employers, whose businesses have synergies, under one master plan sponsored by an association.

Dental insurance provides coverage for dental procedures including cleanings, X-rays, and more comprehensive work. Coverage can also include dependent child orthodontia.

Vision insurance provides coverage for an annual eye exam and coverage for purchasing glasses and/or contacts for vision correction.

Life insurance with accidental death and dismemberment (AD&D) coverage pays a death benefit which can be employer paid or voluntary (employee paid), in the event an employee passes away.

Disability insurance is essentially paycheck insurance that will pay a percentage of an employee’s pre-disability earnings if they develop an illness or are injured off the job. Employees can be covered for Short Term Disability, Long Term Disability, or both.

Worksite benefits such as Critical Illness, Group Accident, Cancer, and Hospital Indemnity coverage are now offered by many employers. In general these coverages provide lump sum payments to help cover a portion or all of a health plan’s deductible.

The 401k has become the standard retirement savings benefit provided by employers replacing pensions that have become increasingly less common.

Key person and buy-sell life insurance policies help provide financial stability during uncertain times by insuring a key employee and determining how a business will move forward if one of the owners unexpectedly passes away.

Our agency partners with select companies that offer Administrative Services Only (ASO) and Professional Employer Organization (PEO) models which provide services such as payroll, benefit administration, and more.

Plan document that allows a company to pretax medical, dental, and vision premiums paid by employee through payroll deductions.

COBRA allows terminated employees to have the option to continue their current medical, dental, and vision coverage for a period of time. State continuation may be available in some situations in addition to, or when COBRA does not apply.

A document that can be purchased to help employers meet their obligations as required by ERISA and prevent department of Labor audit violations and fines.

An account that can be paired with a high deductible health plan to set aside money on a pre-tax basis. The funds set aside can be used to pay for qualified medical expenses.

An account that reduces taxable income through payroll deductions on a pre-tax basis. The funds set aside can be used to pay for qualified medical expenses.

An account that allows employees to set aside money on a pre-tax basis to pay for qualified work related transportation expenses.