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group
insurance brokerage
| voluntary insurance brokerage
| administration
Group
Insurance Brokerage
As Licensed Insurance Advisors, we provide complete
group insurance brokerage and advisory service through
our affiliated insurance agency, Benefit Reports Insurance
Services, Inc. The process begins with formulating objectives
for your plans in light of employee needs, legal requirements,
benefit trends, government plans and cost considerations.
We are able to identify any duplications or gaps and
thus develop new and revised programs. We then service
and maintain these programs on an ongoing basis. These
services would be provided for your group health care
(medical, dental, vision), disability (short-term and
long-term), life (basic, supplemental, accidental, travel-accident)
and long-term care.
Health Care (Medical, Dental,
Vision)
Even though the players in this market have diminished,
those that remain offer a number of alternative programs
that, when examined, could result in favorable opportunity
for you, the customer. When examined as a stand-alone
or in conjunction with a Third Party Administrator
(TPA), there are many avenues that should be explored,
such as defined benefit plans, defined contribution
plans, partially or fully self-insured plans.
Disability (Short-Term and Long-Term)
What are you trying to accomplish with your salary
continuation plan? How does your sick leave work?
Do abusive problems persist? Are the employee categories
properly defined? Does a signed resolution exist?
These are the types of questions that must be addressed
in the design of a program of salary continuation
for your employees. The answers may or may not be
solved with group insurance.
Should group insurance be needed,
each insurance company's contract should be examined,
as the definitions contained within the contract dictate
how the claim is handled.
Life (Basic, Supplemental, Accidental)
Many things should be reviewed annually. Does your
contract provide benefits other than for death? Are
the coverages adequate? Are the guaranteed-issue limits
too low? Is administration a problem? Is your rate
competitive?
Long-Term Care
Long-Term Care is the type of care received when someone
needs assistance with daily living due to an accident,
illness, or advancing age, either at home or in a
facility. The need for Long-Term Care is on the rise.
Approximately 23% of Americans over the age of 65
use formal long-term care services. Nearly 25% of
Americans over age 85 are in nursing homes. Of the
12.8 million people that need help with everyday activities,
almost 40% are working age adults (ages 18 - 64).
This product is the newest of the
group coverages and the one receiving the most attention.
Our population is aging. Medical care advancements
will prolong life and people want to maintain their
quality of life. Have you reviewed this type of coverage
for your employees?
Voluntary
Insurance Brokerage
In today's economic environment employees tend to rely
heavily upon their employers to provide them with extra
benefits. Unfortunately, most employers are not able
to meet those needs to the extent that the employee
might desire. Consequently, there is a need for voluntary
programs structured on a payroll deduction basis.
These programs would include additional
coverage for auto, homeowners, dental, short-term disability,
long-term disability, long-term care, life, accidental
death and cancer insurance. Voluntary programs are offered
on a group basis, thus they are discounted and available
(based upon participation) on a “guaranteed issue”
basis.
In addition to the convenience of
issue and purchase, these policies are portable. This
means that if an employee stops working at your facility
for whatever reason, that individual may keep the policy(ies)
in force by simply continuing to make premium payments
on his/her own — at the same low rate. The premium
costs will never increase and the coverage amount will
never decrease.
Administration
Flexible Spending Accounts
Section 125 of the Internal Revenue Service Code allows
employees to pay for group insurance premiums, unreimbursed
health care expenses, qualified dependent care expenses
and certain transportation expenses with pre-tax dollars.
We provide complete administration for these accounts
as well as assistance for those employers that wish
a Premium Only Plan (POP).
Premium Only Plan
(POP)
This plan allows employees to pay for their portion
of the premiums for medical, dental, accident and
health coverages on a pre-tax basis.
Health Care
Health Care Spending Accounts allow you to use tax-free
dollars to pay for certain expenses that are not
paid for by your medical and dental plan. For example,
items such as deductibles, co-payments, eyeglasses,
uncovered dental expenses, uncovered medical expenses
and chiropractic just to name a few. An employee
may elect to reduce his/her gross pay in order to
fund a Health Care Spending Account.
Dependent Care
Dependent Care Spending Accounts allow you to pay
for up to $5,000 of eligible dependent care (child
or adult) expenses on a tax-free basis.
Transportation Expense
Transportation Expense Spending Accounts allow employees
to pay pre-tax for up to $175 per month in qualified
parking expenses and up to $65 per month in commuting
expenses.
Health Savings Accounts
(HSA)
Beginning January 1, 2004, individuals enrolled in
high-deductible health plans ("HDHPs") may
establish HSAs to reimburse tax-favored contributions.
The resulting HAS balances may then be distributed
on a tax-free basis to pay or reimburse qualifying
health expenses, may be accumulated for future health
expenses, or may be used (on a taxable basis) for
non-health purposes – either currently or in
the future. An HDHP is a health plan that has a deductible
of at least $1,000 for self-only coverage and $2,000
for family coverage, and that has an out-of-pocket
limit on covered expenses of no more than $5,000 for
self-only coverage and $10,000 for family coverage
(These dollar amounts will be adjusted for inflation
beginning in 2005).
COBRA
The Federal law known as the Consolidated Omnibus
Budget Reconciliation Act (COBRA) of 1985 requires
that most employers sponsoring group health plans
offer employees and their eligible dependents the
opportunity for temporary continuation of health coverage
at group rates in instances when coverage under the
plan would otherwise end.
Under COBRA, a group health
plan ordinarily is defined as a plan that provides
medical benefits for the employer's own employees
and their dependents through insurance or otherwise
(such as a trust, health maintenance organization,
self-funded pay-as-you-go basis, reimbursement or
combination of these). Medical benefits provided under
the terms of the plan and available to COBRA beneficiaries
may include:
- Inpatient and outpatient
hospital care
- Physician care
- Surgery and other major
medical benefits
- Prescription drugs
- Any other medical benefits,
such as dental and vision care
We offer complete administration
of group COBRA plans.
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