Does your benefit plan have all the features it should have?
Health insurance – prescription drugs (name brand and generic discounts, contraceptives, discounted mail-order refills) office visit co-pays, and free annual exams. Reward your employees for using network providers, walk-in clinics (instead of the emergency room) and your health plan premium will drop dramatically! Check out the new HRA and HSA plans for even greater savings on your insurance premiums!
Dental & Vision insurance – Most plans offer two annual "routine" dental checkups, x-rays and cleanings. Orthodontics is an option on larger groups only. Eye exams every 24 months and a new frame, lens or contacts. Vision benefits are very inexpensive and are fast becoming a standard benefit on health insurance plans as the Baby Boomers eyes age.
Long Term Disability income insurance
The odds are that 1 out of every 3 people will become disabled for at least 90 days prior to age 65. What is the longest vacation you ever took? Now extend that to a year or a lifetime. How will you, or your employees, fund it? LTD replaces your salary to ages 65 or 70 if you are disabled for more than three months from working in your own occupation. Include a COLA and termination transfer benefit.
Short Term Disability income insurance
STD replaces your salary for the first 3 – 6 months of a sickness (i.e. pregnancy or illness) or injury (i.e. knee surgery or hernia that prevents you from working and then stops when LTD begins.
Long Term Care insurance
LTC covers the cost of a nursing home or home health aide. Most health insurance policies do not cover this, or at most for only the first 100 days. A good plan offers a group discount to employees and their extended families on LTC insurance policies. There may be some State tax credits available for this purchase also.
An employer can provide each employee up to $ 50,000 of term life insurance income tax free. Spouses and dependants can also be covered on a guaranteed issue basis. Additional term or whole life plans are available on an individual basis either employee purchased or in a deferred compensation plan.
Home, Liability, & Auto insurance. Discount programs are available for certain groups via payroll deduction. Do your employees want the convenience of payroll deduction for their home and auto insurance? This simple benefit (payroll deduction) will build employee loyalty and increase retention.
A FLEXible Spending Account (FSA) to allow employees (and employers) to save money pre-tax for the coming year's un-reimbursed medical expenses, health insurance premiums, or day-care costs. A new Health Savings Account (HSA) is an option in some situations for long term medical savings for individuals or groups.
A pre-tax retirement savings program . Small employers may use a SIMPLE IRA program due to the low cost to setup and administer. Larger employers, or those needing to make larger contribution or desiring a vesting schedule, will use a 401-K plan or even a Defined Benefit program. Many will do a special Golden Handcuffs program for select, key managers and employees.
Personal Financial Planning services and seminars for families just starting out, or for those more established and with more complicated needs (confused by stock options and taxation?). What are the various insurance and investment plans available and which is best for me? How do I care and plan for an elderly parent's long term care needs?
Tax & Estate Planning for families that are approaching retirement. How do I pass my estate on to my heirs without losing it to income taxes or long term medical expenses? Are you ready give 55% of your estate to the Tax Man? Neither are your employees, and education is the key to preventing this waste of money.
Employee Education programs – retirement planning, how to purchase insurance, long term care planning, health & wellness topics, tax planning with a CPA, and much more.
Employee Discount Programs -- Take advantage of your size and sign up for discount programs on almost any purchase (electronic gear, telephone service, auto insurance, diapers, etc...).
Toll-free telephone or internet access to all benefit areas for the employees with questions on their accounts, or for service related questions and changes to their accounts and personal financial planning needs