Group Health & Benefits
Health Insurance is a broad term that includes coverage for medical protection, disability, accidents and sickness, as well as dental, vision, and other related benefits. Policy language tends to vary from state to state depending on local and federal mandates. Most business owners require a human resources department or independent consultant to understand all the provisions included in a health care policy. You may want to learn and discuss your policy terms or options such as deductibles, co-pays, coinsurance, cost containment features, and exclusions. Understanding how these provisions affect you and your employees is an important part of your role as a business owner, but can often be complicated and difficult to explain to an entire workforce.
An increase in health care costs has lead many employers to seek out tax advantaged strategies such as Flexible Spending Accounts (FSA’s), Health Reimbursement Arrangements (HRA’s), and Health Savings Accounts (HSA’s). Our specialists can explain how these type of accounts work, and implement them to provide tax advantaged funding for health related expenses.
Do you know if your plan is an HMO, PPO, POS or traditional plan? There are major differences between how these types of policies work, and even though some may appear less expensive in the short term, the least expensive option may have gaps that leave you and your employees exposed to large out-of-pocket expenses. Picking the right “system of delivery” requires a general understanding of how your employees use their coverage. Selecting the most appropriate plan typically requires a specialist who can match your workforces needs with the most suitable master contract.