Group health insurance is coverage that is underwritten on members of a natural group, such as employees of a business, union, association, or employer group. Each employee or group member is typically entitled to benefits for hospital, room and board, surgeon and physician fees, and miscellaneous medical expenses. There is usually a required deductible and a coinsurance payment that each participant must pay.
The market for group health insurance seems to be constantly changing – which is why it’s so important to understand how the new health care reform environment and the Affordable Care Act (ACA) fit into your plan selections. We work with our clients in integrating group benefit plans, as well as related issues such as COBRA and ERISA, in order to ensure that they are compliant with ACA regulations, while at the same time doing what’s best for their businesses.
Group dental insurance is typically designed for visits to dental professionals for a wide variety of services that may be covered, such as:
- Regular cleanings
- Crowns and / or fillings
- Emergency tooth replacements
With dental insurance, the insured usually pays a premium or other regular fee in return for dental care – up to a specified amount of coverage per year.
When someone becomes a member of a vision benefits package, they are typically becoming a participant in either a discount vision plan or a vision insurance policy. These plans usually cover the following types of services in one form or another:
- Annual eye exams
- Eyeglass frames
- Eyeglass lenses
- Contact lenses
- Discounted rates for LASIK and PRK procedures
Generally, vision insurance plans will offer services for eye care, along with eye wear, that fall within a certain dollar amount. This will come in exchange for a premium from the participant. There may also be a small amount of co-payment that is required each time the participant receives a service through the eye care plan.
Short & Long-Term Disability
While many people have some amount of money saved, if they became sick or injured and were unable to work for a long period of time, it is doubtful that most would be able to sustain their ongoing living expenses for several months or longer on just the amount of money that they have accumulated.
Unfortunately, those who are of working age have about a 25% chance of becoming disabled before they reach retirement. Having group disability coverage can help employees gain the financial protection that they need to get them through the rough spots and not have to use up savings, dip into credit, or worse, in case of the unexpected.
Group life insurance is a type of life insurance coverage in which a single contract covers an entire group of people. This coverage will provide a benefit to the named policy beneficiaries if the covered individual dies during the defined period of coverage. This can help to ensure that their loved ones have enough money to pay for final expenses, unexpected medical bills, or other bills – even those for basic necessities like food and utilities – if the primary income earner passes away.
By offering worksite benefits, you can allow your employees to pick and choose the benefits that they need most, while not having to pay for those that they won’t use. These plans may include options such as:
- Cancer Insurance
- Critical Illness Insurance
- Accidental Death & Dismemberment