Group Medical Plans
Ideal For: Companies with 3 to 199 Employees
As your company grows, Employee Owned Benefits will proactively manage your healthcare interests by monitoring legislation, anticipating problems and making recommendations to help you purposefully manage your healthcare costs.
The initial sale of a plan is just the beginning of our continued relationship. We deliver exceptional service after the sale to ensure your benefits remain attractive to employees while wisely managed costs prime your company for continued growth.
Ideal For: Companies with 200+ employees
Once your company has 200 or more full time employees on the payroll, it might no longer make sense to pay full premiums. Self Funded Plans reduce your premiums per employee by allowing the company to assume the risk for a limited range of their collective healthcare expenses.
Based upon your anticipated corporate cash flow, we can analyze your risk, choose the right doctor networks and create a customized package that could dramatically affect your bottom line over the long term. You can compare the potential risks and returns of both strategies and make a decision that’s right for you.
Consumer Driven Health Plans are designed to put employees in the driver’s seat, helping them to understand and manage their own health expenses.
HRA - Health Reimbursement Arrangements
HRAs are healthcare accounts established and funded by the employer that allow the employee to dictate how some of their healthcare dollars are spent. The employer decides the range of benefits covered and keeps remaining funds when the employee leaves the company. Employee Owned Benefits can customize the HRA to meet the needs of the employer and workforce. HRA are funded solely by the employer.
FSA - Flexible Spending Accounts
An FSA is a Section 125 Cafeteria plan that works in conjunction with most traditional healthcare plans. FSAs allow employees to spend Tax deferred income on qualified healthcare expenses (deductibles, co-pays, select medical services). Both employer and employee can fund the FSAs, either individually or together. There is an annual contribution maximum of $2,500.00 with a limited rollover amount. Funds revert back to the employer if employee ceases employment.
HSA - Health Savings Accounts
An HSA is an individual account that is funded and owned by an employee covered by a qualified High Deductible Health Plan (HDHP). HSAs ease many administrative burdens on employers. Employees can spend the money on qualified healthcare expenses, tax-free, as they see fit. Employees also retain the option to build savings for the future. Both employers and employees can fund HSAs, either individually or together. Funds stay with the employee if employee ceases employment.
Dental health is directly related to overall health, personal confidence and employee satisfaction. Employee Owned Benefits can match the right dental plan to fit the needs of your company. Options include PPO (Preferred Provider Organization), DMO (Dental Health Maintenance Organization) and simple indemnity coverage.
Good vision is critical to workplace safety, job performance and overall employee health and happiness. Employee Owned Benefits offers a variety of affordable vision plans to work in tandem with your overall coverage.
Group Life Insurance
Group Life Insurance is a single policy that underwrites everyone in the participating employee pool. In most cases, the cost of group coverage is far less than what employees would pay for a similar amount of individual protection. Group Life coverage is a great retention incentive for valuable employees. Employees can take confidence knowing that their families will be well provided for should the unthinkable happen.
Key-Man and Buy-Out Life Insurance
What happens to a business when an essential employee (such as a product engineer or lead designer), co-founder or partner dies, retires or suddenly leaves the company? Employee Owned Benefits offers plans custom designed to allow the business to carry on during the immediate aftermath of the departure and long into the future.
Employers often elect to limit their healthcare expenses by offering certain coverages ala carte. Employees select and pay for the services that meet their needs and budget.
Voluntary Benefits include:
- Short Term Disability
- Long Term Disability
- Accidental Death and Dismemberment (AD&D)
Life InsuranceDental and Vision Plans
- Whole Life Insurance
- Term Life Insurance
- Specialized Cancer Coverage
- Long Term Care
Dependent Childcare Expense
Employee productivity can suffer when there are concerns about attending to their children during work hours, business trips or required overtime. A Dependent Childcare Account is a limited use FSA allowing the employee to withhold up to $5000 annually to offset childcare expenses tax-free (limits and conditions apply).
Commuter Benefits are a pretax payroll deduction into a specialized account that allows employees to offset qualified commuting expenses such as public transportation, carpooling and ride shares.