Human capital is your number one investment, and a strong benefits package is the best tool to help you recruit and retain your industry's top talent. At the same time, costs are continuing to rise, and the implementation of the Affordable Care Act has created new compliance issues and hurdles. As a result, the health care landscape has become more challenging than ever for business owners.
InSource focuses on providing affordable benefits solutions and resources that help streamline your daily workflow and reduce administrative costs.
WE OFFER THE FOLLOWING EMPLOYEE BENEFITS & ADMINISTRATIVE SOLUTIONS
Health care benefits (health, dental, vision, etc.)
Health Care Reform education, compliance, & resources
Information management and state-of-the-art cloud-based technology
Absence, disability and leave management
Voluntary/Elective benefits services
Billing & claims management and consultation
Individual health care advocate services for employees
Individual life, disability, and long term care, as well as health, dental and vision insurance products
There are a variety of plans available to choose from starting with Health Maintenance Organizations (HMO) to Point of Service Plans (POS). Recent legislation has added additional options such as Health Savings Accounts (HSA's) and Health Reimbursement Arrangements (HRA's.).
A Health Savings Account and a Health Reimbursement Arrangement are combined with a High Deductible Health Plan (the deductible must be higher than $1100). The purpose of these plans is to help reduce the premiums and with the right education can get the employees to make more price conscientious decisions, which can ultimately help reduce the renewal increases. An advantage of the Health Savings Account and Health Reimbursement Arrangement is the employer can make a contribution toward the deductible to assist the employee with medical expenses. The employee can also put away pre-tax dollars to pay for medical expenses.
Group Life & AD&D
Group Life insurance is an affordable option to help ease the mind of your employees by providing a benefit to help their families cover funeral and medical costs in the event of their loss. Depending on the coverage provided it can also assist their families on continuing their current lifestyle until they can recover from mourning.
Accidental Death and Dismemberment (AD&D) provides additional coverage in the event of a loss due to an accident. It also provides coverage for dismemberment (i.e. loss of a limb).
401(k) and related Retirement Programs
The purpose of 401k and retirement programs is to secure your future when you get to the retirement age. These plans will allow employees to put aside funds on a pretax basis and the employer has the option to contribute to these programs on behalf of their employees. Once the employee reaches retirement age and if they choose to retire these plans will pay the employee a benefit on a monthly basis or based on their arrangement an amount according to what was put into the plan.
Dental and Vision
There are three options for dental programs, starting with a Dental Maintenance Organization (DMO), Preferred Provider Organization (PPO) and an Indemnity Plan. The purpose of these plans is to provide dental benefits to your employees so they can seek treatment to care for their dental hygiene. Poor dental care has been linked to preterm labor for pregnant women and has even been linked to heart disease.
A vision plan provides benefits to your employees to cover eye exams, lenses, frames, and contacts. There are also discounts available for Lasik surgery.
Long Term and Short Term Disability
Disability plans help protect your employees from a financial hardship should they become disabled due to a sickness or injury. Short Term Disability plans typically cover no more than 13 weeks of a disability. Each injury or illness has its own specific timeframe for expected disability. For example, pregnancy is typically covered for 5 weeks. Once Short Term Disability is exhausted, if there is a Long Term Disability plan it will pay benefits for the remainder of the time you are deemed disabled by a physician. There is a maximum benefit period which varies based on the plan selected.
Travel Accident plans are good for those jobs which entail traveling. Travel Accident provides an additional benefit should an employee experience a claim while traveling. It also provides assistance with hospital admittance, emergency medical evacuation, and repatriation.
Flexible Spending Accounts
A flexible spending account is an account where employees can put aside money on a pre-tax basis to help with certain health (including dental and vision) expenses and the cost for dependent care. The dependents must be under a certain age and the care provided must meet certain criteria (ex: summer camp, day care, etc.).
Group Long Term Care
Long Term Care provides a benefit to pay for home health care services or nursing home care should a covered person need assistance with daily living activities. Services range from assistance with bathing, dressing, getting out of bed, medical supervision, etc. These benefits typically have an elimination period and a maximum benefit period. Also, depending on the plan elected, the benefits are based on a maximum and possibly a percentage of the charges related to the services provided.
Voluntary Benefits (AFLAC)
There is a long list of benefits that can be provided from AFLAC. Basically, the purpose of an AFLAC plan is to pay the insured because of an illness or accident. They do not pay medical bills, but try to prevent the insured from financial devastation. For example, a cancer plan will pay the insured a certain amount just for being diagnosed with cancer and every time they receive treatments they also receive a payment. Payments depend on the circumstances and the plan chosen.
Consolidated Omnibus Reconciliation Act (COBRA) is a law that offers continuing coverage to former employees and dependents at a cost based on the employer's plan. Groups with more than twenty employees are required to comply with Federal COBRA and offer former employees coverage. There are many guidelines that must be followed in order to comply with the federal regulations, such as a limited time frame in which the employer is required to notify COBRA eligibles, etc. Those on COBRA are allowed to continue coverage for a certain timeframe ranging from 18 months to 36 months, depending on the reason for loss of coverage. InSource will assist you in acquiring a third party administrator who will ensure you comply with the federal regulations and who will bill the COBRA participants for you at a cost.
Section 125 Plans (Cafeteria plan)
Section 125 plans allow employees to take pre-tax deductions on certain coverages. For example, should an employee be required to pay a portion of their medical premium or if they chose to include their dependents and are required to pay the difference in cost they can pay it on a pre-tax basis. InSource can provide you with an administrator to help implement this plan and provide the required plan documents for this plan in accordance with the IRS regulations.