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Employee Benefits
EMPLOYEE BENEFITS
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Benefits are not one size fits all. From the overall package to the individual plan design, everything is structured to support your employees’ needs and company goals.
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It’s all in the details; this is where we come in. We take time to learn about your business, goals for growth and employee population, we work with you to create a benefits package that will maximize employee happiness and stay within budget. A competitive benefits package is a must-have in today's labor market.
If you’re thinking that benefits are an expense you can't afford, consider the following:
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72% of employees say that the safety and protection of themselves and their family is more important now than ever before AND 51% of employees say that their employers should play a greater role in the safety and protection of employees and their families*
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87% of employees say that being able to manage their work and personal life (impacting their overall well-being) makes them more productive at work and employers have the ability to support employee well-being through benefits*
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85% of employees consider medical benefits to be a must have benefit*
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By offering a Cafeteria/Section 125 plan, you can reduce your payroll taxes because employees can deduct their share of premiums pre-tax from their paycheck
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Companies that offer strategic benefits perform 58% better than those that don’t; recruit 19% more effectively and are 28% more likely to retain employees**
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* Data from the Metlife 2021 US. Employee Benefit Trends Stud
**According to SHRM’s 2018 Employee Benefits Report
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HEALTH INSURANCE
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Health Insurance is the cornerstone of an employee benefits package. Medical carriers typically have the strictest rules and requirements to qualify for a group policy. We work with Fully Insured carriers, regulated by the Affordable Health Care Act (ACA), as well as Self-Funded carriers, who offer products tailored for smaller employers. Historically, Self-Funded plans have only been an option for large employers who can withstand fluctuations in monthly cost. However, Level Self-Funded plans, evenly distribute anticipated claims over 12 months, creating a more predictable monthly bill (with set employee premiums). Thus, allowing smaller employers to benefit from a self-funded plan structure.
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Once we’ve determined the most appropriate funding model, we’ll look at the employee demographics and industry of the business, to make recommendations regarding what types of benefits would work best.
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Selecting and purchasing a medical plan is only the first step when an employer has a benefits package. We work diligently to ensure each client understands their benefit related responsibilities and has a plan for successful administration. Regardless of the funding model, we make sure that clients understand all related components including compliance and administrative duties.
DENTAL INSURANCE
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Usually covered 100% by a dental plan, routine visits to the dentist can detect serious underlying conditions such as heart disease and diabetes. Dental plans offer a variety of diagnostic, preventative care and corrective services including cleanings, exams, x-rays, fillings, root canals, orthodontia and emergency care while traveling. Dental insurance can be employer-sponsored or voluntary.
VISION INSURANCE
Similar to dental policies, vision plans are inexpensive and save money on routine exams, frames, lenses, contacts and even discounts on procedures like LASIK. Vision insurance can be employer-sponsored or voluntary.
Health Insurance
Life and Disability Insurance
SECTION 125 OR CAFETERIA PLANS​
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We work with employers to establish Section 125 Plans or Premium Only Plans (POP Plan). These allow employers to deduct an employee’s share of their monthly medical, dental and vision premiums pre-tax from their paychecks. This is advantageous to the employees as well as the employer as it lowers the taxable income for both!
Employers can also set up Flexible Spending Accounts (FSA), Health Savings or Reimbursement Accounts (HSA or HRA), Commuter benefits, Dependent Care Accounts and more under a Section 125 or POP plan. We work with clients to identify and implement applicable benefits to support employees and expand the employer’s benefits package.
Dental & Vision Insurance
Voluntary (Employee Paid) Benefits
Our Partners
At Group Benefits Designers, not only have we focused on building relationships with our clients, but we’ve also concentrated on our carrier partners. The strong, trusted relationships we’ve cultivated with our carrier partners has allowed us to successfully advocate and negotiate on behalf of our clients for more than 40 years.
LIFE INSURANCE
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Along with Health Insurance, Life Insurance is considered to be a key part of the benefit package for employees. Besides being a valuable tool in attracting top talent, employees are happier and more productive because of the security a life insurance benefit provides their family. Whether employer paid or voluntary, a well-designed life insurance policy provides for an employee’s final expenses, taxes, mortgage and even their children’s education.
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DISABILITY INSURANCE
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National surveys have shown that Short Term Disability (STD) and Long-Term Disability (LTD) remain of high importance for most employees. Savvy employers attract and retain top talent by offering both STD and LTD. There are numerous ways you can structure STD and LTD policies. STD can last anywhere from 90 days to 180 days and LTD, when dovetailed with STD, will begin right as the STD coverage terminates. LTD can last all the way to retirement age or for life, depending on the policy.
VOLUNTARY BENEFITS
Voluntary Benefits, sometimes referred to as Worksite Benefits, are additional insurance products which an employee can purchase via payroll deductions at a discounted group rate to supplement their employer-paid benefits.
Examples of voluntary benefits:
• Life Insurance
• Accident
• Disability Insurance
• Dental and Vision Plans
• Long Term Care
• Cancer
• Hospital indemnity
• Critical Illness
Section 125 or Cafeteria Plans
LegalShield & IDShield
LEGALSHIELD & IDSHIELD
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The more people’s lives move to the “cloud” or online, the more at risk they become for identify theft and fraud. Additionally, when employees are dealing with ID theft or other legal issues, they are often distracted and less productive at work. Providing identity theft protection and legal benefits provide peace of mind to employees. In fact, 61% of employees associate identity theft protection and legal service plans as a way to increase their financial well-being (data from LegalShield).
We offer LegalShield and IDShield and clients can offer one or both as an employee benefit at group rates. These benefits are also portable, so employees can keep them even if they separate from the company.
Please visit our LegalShield Website for details!