Employee Benefits
Nothing is more important than the health & well being of your family.
At INSURE4LIFE Financial Services, we offer a wide variety of highly rated insurance
programs and years of proven industry experience. Specializing in unique
group programs, our Life / Health Benefits team can custom tailor a benefits & insurance
package just for you and your employees.
Many businesses today face challenges in attracting and retaining top
employees. As a business owner, you know the importance of employee benefits
and their contribution to your business success. We will work with you
to develop a program tailored to your individual circumstances.
Buy / Sell Protection
If you have a partner in business, you have a need for insurance
so that in the event of death or disability, you can buy out your
partners interest without having to take out a loan or liquidate
company assets. This is also important where children and taxes are
involved.
Dental Insurance
Dental Insurance is one of the benefits most requested by employees.
Many employers provide dental insurance for their employees, but
a growing number of employers are offering this as a voluntary benefit
that is paid 100% by the employee through payroll deductions. Most
dental plans provide full coverage with a 100% benefit for preventive
exams &cleanings, an 80% benefit for basic services such as
fillings and root canals, and 50% benefit for major services and
prosthodontics such as dentures, crowns, etc.
Some dental insurance companies provide a dental buy-up plan which
allows the employer to purchase a base plan, while employees purchase
additional benefits as needed. Another newer option for dental insurance
is a dual option plan that allows each employee to choose a basic
plan or a more comprehensive plan based on his needs. This is a voluntary
benefit, which means that each employee gets the coverage he needs
for himself and his family.
Flexible Spending Accounts (FSA)
Employees' needs are as varied as their lifestyles, and benefit
programs need to be flexible to accommodate those differences. At
INSURE4LIFE Financial Services, we not only recognize, but welcome this diversity.
There are two FSA options. A Health Care FSA is an alternate way
of paying your share of your health care costs. In the same manner,
a Dependent/Child Care FSA reimburses you for expenses for dependents
and childcare which are necessary to allow you and your spouse to
work.
When you create an FSA, you choose to have a specific amount of
your annual salary withheld from your paycheck and deposited to your
FSA. These withholdings are on a pre-tax basis.
Flexible Spending Accounts (FSA's) are benefit options designed
to increase your disposable income by reducing the amount of taxes
you pay. An FSA enables you to use pretax dollars to pay for qualified
health care expenses which are not reimbursed under any health care
plan or insurance plan, and for qualified dependent/child care expenses.
Group Health
At INSURE4LIFE Financial Services, we are committed to health insurance for both
our commercial customers, who need group coverage for their employees,
as well as the individual or family that needs coverage.
With the changing face of health insurance in today's market, we
at INSURE4LIFE Financial Services are staying abreast of the latest developments
that will affect the coverage you expect as well as the cost impact
upon you.
We have the best health insurance markets available in our area,
and we will always present to our customers the best options at the
best price available.
Group Life
Life insurance is an integral part of most employee benefits packages.
When provided by an employer, employees appreciate the value of life
coverage and the additional security it provides to their families.
Employers have a wide variety of optional plan designs to customize
a Group Life plan. Optional coverages include Voluntary Life insurance,
Supplemental Life coverage, Accidental Death and Dismemberment policies,
and Dependent Life insurance. The premium paid for Group Life is
generally a business deduction, and this stand-alone contract is
usually less expensive than the life coverage provided with medical
insurance.
Group Vision
A Group Vision plan is especially attractive
for employers because it is inexpensive to offer, yet it's another
employee favorite. This is a separate plan that provides coverage
for eye exams and/or for frames, lenses and contact lenses. Many
times the basic health plan may provide for routine eye examinations.
However, it will usually not provide any benefit for frames, lenses
or contact lenses; this is where a separate group vision benefit
would be used.
Health Savings Accounts (HSA)
An HSA is a form of health insurance coverage that includes two
parts:
- A tax-exempt personal savings account to be used for qualified
medical expenses.
- A health plan with a high deductible (e.g., $1,000 for an individual
or $2,000 for a family).
Account funds are used to cover medical expenses before the plan
deductible has been met. Unspent account balances accumulate and
accrue interest from year-to-year. Once the health plan’s
annual deductible has been met, coverage resembles conventional
insurance, typically in the form of a preferred provider organization
(PPO) with little-to-no cost sharing for in-network services, and
limits on total out-of-pocket costs.
An HSA account is much like an Individual Retirement Account (IRA),
except that deposits and qualified withdrawals are tax-exempt. Individuals
and their employers may deposit money into the HSA up to an annual
dollar limit, with extra catch-up contributions allowed for those
age 55 to 65. Account balances can be used to pay for a wide range
of medical expenses — including some ordinarily not covered
by insurance — as well as some insurance premiums. HSA funds
also can be used to pay medical expenses of family members not covered
by the high-deductible plan. After reaching age 65, you may use HSA
funds to augment regular income by paying ordinary income tax on
withdrawals for any non-medical expenses.
Like IRAs, HSA funds can be invested in stocks, bonds, and mutual
funds. Since you own the account, it is fully portable regardless
of any job changes.
Key Person Coverage
Your key employees are your most valuable business asset. Their
skill, knowledge and experience are your real profit makers. Without
them, the success and growth of your business could be in jeopardy.
Key employee insurance is designed to protect your business from
the adversities associated with the loss of a key employee, manager
or executive. The death or disability of a key employee could result
in a substantial financial loss due to hiring and training a replacement,
lost sales, and/or slowed production.
Long-Term Care (LTC)
Long-Term Care is the type of care received either at home or in
a facility, when someone needs assistance with activities of daily
living, such as bathing and dressing due to an accident, an illness
or advancing age.
Rising life expectancy means that the potential need for "long-term
care" grows with every passing year of your life. The likelihood
is that you or a member of your family will need long-term assistance
due to a prolonged illness, a disability, or general deterioration
of your health and ability to perform routine daily activities. Most
long term care expenses are not covered by Social Security or Medicare,
Medicare Supplement ("Medigap"), or private health insurance.
Medicaid pays for nearly half of all nursing home care, but you must
meet federal poverty guidelines and may have to "spend down" most
of your assets on health care.
Long-Term Disability (LTD)
In the event that an accident or illness prevents an employee from
working for an extended period of time, the financial impact can
be severe for the employee and employers. Long Term Disability (LTD)
protection is designed to help cover the employee's expenses while
their regular income is interrupted. Flexible plan design options
and benefit alternatives are available to meet specific needs. This
valuable protection is available with low-cost, tax-deductible premiums.
Short-Term Disability (STD)
A steady income is essential for most people. If an accident or
illness interrupts that income, it affects both the employee and
employer. Short Term Disability (STD) protection is designed to replace
a portion of the wages lost when a short term disability occurs.
An affordable, flexible STD plan can provide needed benefits to both
the employer and employee.
Retirement / 401(k) / IRA
Many experts agree that Social Security may not exist in the same
form for future retirees. That is why it is more important now than
ever before to plan for retirement. We help companies start, transfer
and maintain their retirement plans of all types including 401(k)
plans.
A 401(k) plan can help you plan for retirement. The plan is named
for section 401(k) of the Internal Revenue Code that allows employees
of qualifying companies to set aside tax-deferred funds. The plan
is arranged through your employer as a defined contribution retirement
arrangement. So, as a member, you pay into the plan. Each paycheck
your 401(k)contribution is automatically deducted before you pay
taxes. When you become a member of a 401(k)plan, you decide how you
want your money invested. Although the money in the account belongs
to you, it is not intended for your use until you reach age 59 1/2.
Up until that time, you do not pay taxes on your 401(k) funds. At
the time of withdrawal you will pay taxes on the amount you have
in your account.
A 401(k) plan offers businesses and their employees one of the most
effective tax shelters available today:
- Company contributions are immediately tax deductible
- Employees are not currently taxed on company contributions
- Employees' investment earnings accumulate tax-free, until distributed
as benefits
- Costs of establishing and maintaining the plan are deductible
as ordinary and necessary business expenses.
For nonprofit organizations, a 403(b) plan is the perfect solution
because it's simple to administer and there are no up front costs
to your organization.
Similar to a 401(k) plan, a 403(b) retirement savings plan lets
employees of nonprofit organizations set aside a portion of their
salary pre-tax. Plus employees can choose from a wide portfolio of
financial products to fund their 403(b) retirement savings plan.
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