Through a professional consultation, a knowledgeable and experienced TriSure representative will explain the types of coverage recommended for your employee benefits program.
Medical benefits are on most employee ‘must-have’ lists. Generally, medical insurance programs are set up so than each plan participant is responsible for an annual deductible and some coinsurance portions of medical costs, unless the plan uses a health maintenance organization or preferred provider organization.
Medical plans may also be set up in conjunction with Health Reimbursement Accounts (HRAs) or Health Savings Accounts (HSAs).
A dental service plan may be part of an employee benefit plan, part of a health insurance policy, or a separate policy altogether. Policies generally contain a coinsurance provision and may stress preventative care, for example, by paying in full for regular cleanings and check-ups.
When it comes to offering vision plans, foresight is 20/20. Many employees look for vision plans, which include coverage for eye examinations and eyeglasses or contact lens prescriptions.
Like HRAs, HSAs are becoming increasingly attractive. HSAs accounts allow employers and/or employees with qualified, high-deductible health plans to pay for medical expenses, tax-free. Unused balances roll over for use in subsequent years. HSAs are held by a bank or custodian.
In the wake of higher health care costs, HRAs are becoming increasingly popular. An HRA is an employer-funded account that allows employees plans to pay for medical expenses, tax-free. Funds contributed to the HRA are deductible by the employer. Employees may roll over unused funds for use in subsequent years.
A wellness program can help make for healthy employees and a healthier bottom line for companies.
Wellness programs educate and reward employees who maintain a healthy lifestyle. A program may include education about diet, sponsorship of drug, alcohol and smoking cessation programs, membership to a company gym, or partial reimbursement for membership to an off-site gym. Wellness programs may reduce an employer’s overall health-related costs by lowering absenteeism and insurance premiums.
Disease management programs encourage employees with certain diseases to actively manage their disease. A diabetes management program, for example, provides diabetic employees with ongoing information and education about diabetes, encourages them to self-manage their diabetes to the extent possible, and helps arrange as-needed treatments from specialists.
The three most commonly covered diseases are heart disease, diabetes and asthma. Less commonly covered diseases included pulmonary diseases and arthritis.
Like wellness programs, disease management programs may help companies reduce overall health-related costs.
Life insurance programs may be set up to provide qualifying participants with annual renewable policies (the most common) or permanent life insurance policies.
Disability programs provide coverage to qualifying employees in the case of illness or accident on the job. Participants receive a percentage of their wages lost, up to a maximum monthly payment. There are two types of disability plans:
Long-term care insurance is any insurance policy or rider that provides coverage for at least twelve months for medically necessary diagnostic, therapeutic or personal care services provided in a setting other than an hospital acute care unit. Coverage is often subject to a daily limit (typically, from $40 to $80) and may be subject to a maximum period (e.g., 48 months).
As health insurance premiums increase, voluntary worksite benefits offer another cost-effective way for companies to offer attractive, employee-tailored benefits.
Voluntary worksite benefits are supplemental benefits that cover out-of-pocket expenses incurred with other benefit plans, or that address a particular need (such as illness). Benefits are chosen and paid for by individual employees, often with pre-tax dollars, as part of a Cafeteria plan.
Examples of common voluntary worksite benefits are Critical Illness, Accident plans, Universal Life, and Long Term Care.
Pre-tax benefits lower payroll-related taxes for both employers and employees. Flexible Spending Accounts allow employees to pay for certain out-of-pocket health care or dependent care costs on a pre-tax basis. FSAs may be set up through a cafeteria plan.
What employees look for in a benefit package often depends on the employee. Cafeteria plans are attractive in that they give employees the flexibility to choose benefits that best suit them. Generally, a company allocates a set amount of money and permits the employee, subject to certain limits, to make a personalized benefit program. The plan may be set up so that an employee’s allocation is not used in full, he or she receives the difference in cash.
Executives are a company’s most valuable employees. Yet due to their higher salaries, they often cannot take advantage of the same benefits as other employees. Executive insurance programs address shortfalls in group benefits that often exclude highly compensated employees. They also provide additional benefits for owners and key executives.
All clients of TriSure Benefits have access to MyWave, a customized Web site that provides a dynamic set of insurance, employee benefits, and human resources tools and information. MyWave provides a wealth of solutions to your daily administrative challenges.