Dental Plans

Regular dental exams help employees stay healthier and more productive in the work place. Simple routine visits to the dentist, which are usually covered 100% by insurers, help to detect serious underlying conditions such as heart disease and diabetes. The National Association of Dental Plans and the Centers for Disease Control have performed studies that show that employees with Dental Insurance plans have better attitudes and are less likely to suffer from depression, a common condition in today’s fast-paced world.

Dental Plans offer a variety of diagnostic, preventative care and corrective services including cleanings, exams, x-rays, fillings, root canals, orthodontia for children, and emergency care while traveling.

Vision Plans

Similar to dental policies, vision plans are inexpensive and save money on eye and vision related healthcare services. This includes routine exams, eyeglass frames and lenses, contacts, and even discounts on procedures like LASIK. Monitoring your eye health with regular exams also helps to prevent serious eye diseases like glaucoma and cataracts. An eye exam also helps to detect early stages of diabetes, high blood pressure, and high cholesterol.

Permanent Life Insurance

This type of life insurance builds cash value which is sometimes used as collateral for loans, if needed. However, most employers only offer basic term life insurance (see below), but also offer permanent life insurance on a voluntary basis. Even so, employees appreciate the opportunity to widen their safety net.

Term Policy

This type of life insurance does not build cash value. However, it will pay a set amount to the named beneficiary upon the death of insured within the stated term. Additionally, some policies may also make payments upon terminal or critical illness.

Short-Term Disability

During the time an employee is unable to work due to a qualifying disability (illness or injury), STD generally allows for income payments to the employee to begin after about a two-week waiting period and will continue to pay the employee until he/she recovers or maxes out the benefits–usually anywhere between one month to two years, depending on the policy.

Long Term Disability

During the time an employee is unable to work due to a qualifying disability (illness or injury), LTD generally allows for income payments to the employee to begin after about a 90-day waiting period. However, it could be much longer depending on the policy. The policy will pay the employee far longer than STD–for a few years, up to age 65, or even for life.

Voluntary benefits add extra protection for your employees at little or no cost to the employer.  They create a financial safety-net for employees by augmenting employer-paid benefits. Sometimes referred to as worksite benefits, voluntary benefits can be purchased by an employee through pre-taxed payroll deductions, at a discounted group rate. Voluntary benefits are easy to administer and surveys consistently show that employees who have access to voluntary benefits experience higher job satisfaction and a higher overall sense of financial well-being.

Voluntary benefits can include the following:

Accident Insurance – pays cash benefits not typically covered by traditional health insurance.

Disability Plans – can be purchased to wrap around employer sponsored plan.

Life Insurance – employees can increase or buy up their basic sponsored life insurance.

Critical Care Plans – This special type of coverage generally pays cash benefits and can help reduce the personal financial impact of the cost of fighting critical illnesses.

Long Term Care Plans – provides benefits for care through nursing homes, assisted living centers, home health care and adult day care and designed to cover the cost of care that is not typically covered by Medicare, Medicaid or regular health insurance.

Dental and Vision Plans – available to increase employer sponsored coverage or for eligible dependents.

An HMO group health plan requires group members to obtain their health care services from doctors and hospitals affiliated with the HMO.  Thus, members are required to designate a primary care physician within the HMO.  Then, the primary care physician treats and directs health care decisions.  In addition, the primary care physician coordinates referrals to specialties within the HMO network.  Accordingly, HMOs offer access to a comprehensive package of covered health care services in return for a prepaid monthly amount (or “premium”).  However, most HMOs charge a small co-payment depending upon the type of service provided.

If you belong to a PPO group health plan, you will save the most money on healthcare if you use providers within the PPO network. Thus, if providers outside of the network are used, it is possible that those services may be covered only partially or not at all.  Also, deductibles must be met on this plan before some services will be covered. PPOs require a co-pay for physician visits and some other healthcare services.  However, the great thing about a PPO is it’s rich network of quality doctors and healthcare facilities, and the ability to utilize healthcare services outside of your deductible.  For example, doctors visits.

An HSA combines a high deductible, lower premium group health insurance plan (PPO) with a savings account.  Accordingly, both employer and employee can contribute, tax-free, to the savings account. Then, the account is used to help fund the deductible and other qualified medical expenses. Once the deductible is met, the insurance starts paying.

Gap insurance provides benefits that supplement a major medical and comprehensive benefit package. It works by paying a significant amount of the deductible on a major medical plan. More specifically, the additional benefits help to cover out-of-pocket expenses related to coinsurance, co-pays and deductibles for inpatient and outpatient services. For example, if you have a $5,000 deductible on your major medical plan, gap coverage could pay up to $4,000 of that deductible.