Employer Group Benefits
At Stitz & Associates, our main focus has always been on Health Insurance. For employer groups, we offer traditional copay plans along with HSA plans. We can customize a program to be a good fit for any size group — this includes fully insured along with self-funded options. Health Savings Account (HSA) plans continue to increase in popularity. It is common to have employers offer both a traditional copay along with an HSA option to the employees thereby giving the employees a choice. The benefits of an HSA plan can be explained with the attached document Advantages of HSAs2018
Dental plans continue to be one of the most sought after employee benefits. We can illustrate a plan that has a strong out of network benefit which allows the insured to visit any provider. Plan limits, deductibles and out of pocket costs can vary from one carrier to another so it is important to have the best plan available in place. Dental can be offered as an employer paid benefit or offered on a Voluntary basis with the employees paying 100% of the premiums. Even a Voluntary option is considered an employee benefit since the group plans are better than any of the individual plans on the market.
Life Insurance can be offered as a voluntary or employer paid benefit. Most companies will offer a flat life benefit to the employees such as a $25,000 Life/Accidental Death & Dismemberment policy. Some employers will choose to offer a 1x salary option. Each program can be designed to fit the specific needs of the company. Life insurance premiums are an inexpensive addition to a benefits package.
Both Short Term Disability (STD) and Long Term Disability (LTD) continue to be a popular addition to the employee benefit portfolio. STD usually starts the 1st day of an accident or after 8 days of sickness up to a 13 week benefit period. LTD kicks in after the 13 week STD benefit is over and can cover an employee to age 65 if fully disabled. Both lines of coverage can be tailored to suit the needs of each group.
Vision insurance is becoming more popular as an added employee benefit. The monthly cost per employee is approximately $6 – $10. Services include an eye exam along with benefit amounts towards frames and lenses. Vision can be offered as employer paid or voluntary. Similar to Dental, the group Vision options are better than most of the Individual Vision options on the market so implementing a Vision program can benefit employees even if offered on a Voluntary basis.
VOLUNTARY WORKSITE BENEFITS
Voluntary worksite benefits can be offered as an additional benefit paid by the employees. Employees can choose benefits that best fit their needs such as accident coverage, critical illness and cancer coverage. These programs pays a set dollar amount based on each event.
As our client, you will receive complementary access to our HR360 backroom tool in support of all your compliance and Human Resource needs. This website is a valuable resource for everything related to your employees such as health care reform, compliance, Human Resources, HR forms, total compensation statements and much more. The laws are constantly changing; therefore, HR360 offers each employer the ability to research the issues that have the greatest effect on their company.