Employee Group Benefits (Life, Health, Dental, Vision)
Rising health care costs, complicated plans, and regulations have made it even more important to have the right advisor to navigate your employees’ insurance needs. GracePoint Insurance will take time to help you understand the challenges and design an Employee Benefits plan that helps keep costs in check while maximizing value for your employees.
Group Health Plans
Group health insurance is one of the most important employee benefits your company can offer and can help you to attract and retain talent. But with healthcare options and coverage requirements changing year after year, there are many factors to keep track of when it comes to creating a group health plan for your company.
Employers have a number of plan options including:
- Preferred Provider Organization (PPO)
- Health Maintenance Organization (HMO)
- Consumer Driven Health Plan (CDHP)
- Health Savings Accounts (HSAs)
Depending on the makeup of your workforce, you may also want to consider benefits for part-time employees or contractors.
Group Dental Insurance
Group dental insurance can give your employees and their family members the opportunity to make a great first impression with a healthy smile. There are several types of dental insurance plans are available, including:
- DMO (dental maintenance organization) — a plan in which a dentist is selected within the plan’s network. DMO plans are usually the least expensive but do have restrictions.
- PPO (preferred provider organization) — usually provides a lower cost as long as the chosen dentist is within the network. Going to a provider outside the network will be more costly.
- Dental Indemnity — this flexible plan allows visits to any provider without referral but most plans only cover up to a specific amount.
Group life insurance is usually offered as part of a benefit package and covers an entire group of people. Policies are not based on an individual’s lifestyle habits or health factors but the employees are grouped together and rates are based on the risk of the group as a whole. The coverage costs are usually much less than if the employee purchased an individual policy.
The advantages to an employer offering group life insurance include:
- Federal income-tax deductible premiums
- Fringe benefits to offer new employees
- Valuable life insurance protection provided at a low group rate
Offering life insurance as a benefit can contribute to employee loyalty and reduce turnover, saving your company money in hiring and training costs.
You may choose to purchase group term life insurance or whole life insurance. Term life is the most common and cost effective and remains in force until the employment is terminated or until the specific term of coverage ends. The employee has the option of converting the group coverage to an individual policy when leaving employment but the premium tends to be much higher than those available to individuals.
Group Vision Insurance
Even if your health insurance plan offers coverage for routine eye examinations, a group vision insurance plan is inexpensive to offer your employees and can cover benefits for the exam, frames, lenses or contact lenses, upgrades, and safety glasses. Not only do many employees need glasses or contacts to correct and enhance their vision, but regular eye exams can detect diseases like glaucoma and diabetes.
As an employer, you know the importance of offering an attractive comprehensive benefit package and how it can contribute to business success. Here at GracePoint Insurance, our experienced agents can help gather the information needed about your business, employees, and objectives to help you develop the best package for your employees.
Call us at 678-224-9333 to get started today!