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Download Your Free Guide To Employee Benefits

Tue, 06 Feb 2024 14:16:00 GMT

Employee Benefits 101

Learn the basics of employee benefits packages

Get Your Free Employee Benefits Handbook

Meicare Basics

Wed, 18 Oct 2023 18:30:00 GMT

Medicare 101 - Learn the Basics

What is Original Mediare - Parts A & B

Medicare is a federal insurance program that provides guaranteed health insurance for people age 65 and older and for younger people who qualify because of a disability . More commonly known as original Medicare or traditional Medicare, the program refers to the first two parts of Medicare, Part A and Part B. Medicare eligibility isn’t based on your income or assets, and you can’t be denied coverage or charged more because of existing medical conditions. With original Medicare, you can use any doctor or other provider in the United States that participates in the program . More than 95 percent of surgeons, as well as some 90 percent of Non pediatric physicians, 80 percent of most other specialists and 60 percent of psychiatrists, are accepting new Medicare patients. Medicare isn’t free, you’ll find that original Medicare has fees similar to private-sector insurance you probably had during much of your work life. For the most part Original Medicare does not include prescriptions. To get coverage for prescriptions you must sign up for a Medicare Part D plan. If you don't sign up for a prescription plan when first eligible there will be penalty for enrolling late. Original Medicare (Parts A and B) can be signed up for through the social security office, Part D can be signed up for through a insurance agent or a carrier.

Medicare Part A (Hospital Insurance):

Part A Covers:

Hospitals
Skilled Nursing Facilities
Hospice
Some Outpatient Home Health Care

Part A is free if you have worked and paid Medicare taxes for at least 10 years. Some may be eligible because of your current or former spouses work.

Medicare Part B (Medical Insurance):

Part B Covers:

Services from doctors and other health care providers
Outpatient Care
Home Health Care
Durable Medical Equipment
Some Preventive Services

Most people pay a premium for Part B, typically $164.90 in 2023 and $174.70 in 2024. Higher earners can expect to pay more.

Deductible. You must pay this predetermined amount of out-of-pocket costs before your Medicare coverage kicks in. In 2024, the Part A deductible is $1,632 per benefit period and the Part B deductible is $240.

Copayment. After you meet your deductible, you’ll pay a fixed dollar amount for certain services and supplies.

Coinsurance. Also after you meet your deductible, you’ll pay a set percentage of certain bills, such as 20 percent of the cost for most Part B services.

Medicare Advantage Plans - What's the Advantage? For a Medicare Advantage Plan you must be signed up for Original Medicare Parts A & B and you will still have to pay the Part B premium. Medicare Advantage Plans are offered by private insurance companies and must provide at least as much as original Medicare and most often offer additional benefits such as dental, vision, hearing and fitness at no additional premium charge. Many of the Medicare Advantage Plans also include Part D Prescription Plans in them.

What do Medicare Advantage plans cover?

All Medicare Advantage (Part C) plans cover:

All Medicare Part A (hospital) benefits (hospice coverage may be provided, but if not, will still be covered by Part A)*
All Medicare Part B (medical) benefits

Most Medicare Advantage Plans Cover:

Prescription drugs

Additional benefits Medicare Advantage plans may offer:

Dental exams, cleanings and X-rays
Eye exams, eyeglasses and corrective lenses
Hearing tests and hearing aids
Wellness programs and fitness memberships
Other extra benefits such as transportation to medical appointments and virtual provider visits
*Even if you have a Medicare Advantage plan, hospice care will still be paid for you by Original Medicare Part A.

Important things to remember about Medicare Advantage plans

Some plans will have provider networks, some will not
Out-of-pocket cost limitations can vary by plan
Plan premiums can vary by plan, with different ones offered to fit different budgets

Medicare Supplements - (Medigap)
Medicare supplements can be purchased to go alongside your original Medicare Parts A&B. Medicare Supplement insurance plans are standardized by the federal government and labeled with a letter. The plans and what they cover are standardized by the federal government. Medicare Supplements do not include Part D prescription plans so you must sign up for a Part D plan along with a Medicare supplement or there could be a penalty for not having Part D.

General features of Medicare Supplement insurance plans

Predictable costs help you stay ahead of unexpected out-of-pocket expenses.
No network restrictions mean you can see any doctor who accepts Medicare patients.
You don't need a referral to see a specialist.
Coverage goes with you anywhere you travel in the U.S.
There is a range of plans available to fit your health needs and budget goals.
Purchasing a Medigap plan and a Medicare Part D prescription drug plan could give you more complete coverage.
Guaranteed coverage for life* means your plan can't be canceled.

* As long as you pay your premiums when due and you do not make any material misrepresentation when you apply for this plan.

How do Medicare Supplement insurance plans work with Original Medicare?

Medicare Supplement plans work alongside your Original Medicare coverage to help cover some of the costs you would otherwise have to pay on your own. These plans, also known as "Medigap", are standardized plans. Each plan has a letter assigned to it, and offers the same basic benefits. The basic benefit structure for each plan is the same, no matter which insurance company is selling it to you. Note: The letters assigned to Medicare Supplement plans are not the same things as the parts of Medicare. For example, Medicare Supplement Plan A is not the same as Medicare Part A (hospital insurance).

What Does Medicare Supplement Insurance Cost?
The primary goal of a Medicare Supplement insurance (Medigap) plan is to help cover some of the out-of-pocket costs of Original Medicare (Parts A & B). As a general rule, the more comprehensive the coverage, the higher the premium, however, premiums will also vary by insurance company, and premium amounts can change yearly.

Make an investment - What is Indexed Universal Life (IUL)

Thu, 28 Sep 2023 23:01:00 GMT

Why invest in an Indexed Universal Life Policy

What Is Indexed Universal Life Insurance (IUL)?

Indexed universal life (IUL) insurance is a type of permanent life insurance, meaning it has a cash value component along with a death benefit. The money in a policyholder's cash value account can earn interest by tracking a stock market index selected by the insurer, such as the Nasdaq-100 or the Standard & Poor's 500 . You may also have a fixed-rate account and can choose how much you want to go into each account. Although the interest rate derived from the equity index account can fluctuate, the policy does offer an interest rate guarantee, which limits your losses.

Indexed universal life (IUL) insurance lets the policyholder decide how much cash value to assign to a fixed-rate account and an equity-indexed account.
Indexed universal life is a form of permanent life insurance and like universal life, it allows for flexible premiums and possibly a flexible death benefit.
IUL insurance policies can track a number of well-known equity indexes, such as the S&P 500 or the Nasdaq-100 to earn interest credits.
IUL policies usually cap your returns but also guarantee a minimum interest rate.

How Does Indexed Universal Life (IUL) Insurance Work?

As with universal life insurance, IUL policies have adjustable premiums. You can underpay or skip premiums, and you may be able to adjust your death benefit as well. What makes IUL different is the way the cash value is invested.

When you take out an indexed universal life insurance policy, the insurance company will help you select the index to use for all or part of the cash value account segment of your policy and your death benefit. When a premium is paid on the account, a portion pays the cost of insurance based on the insured's life. Any fees are paid, and the rest is added to the cash value.

The total cash value is credited with interest based on increases in an equity index (but isn't directly invested in the stock market ). If you own an indexed universal life policy, you can likely borrow against the cash value accumulated in the policy. However, if you don't pay back your loans, they are deducted from the death benefit.

IUL insurance offers these main features, among others

Permanent, lifelong coverage when premiums are kept up to date.
Flexible premiums, and possibly a flexible death benefit.
Cash value, along with potential growth of that value through an equity index account.
Cash value can be partially allocated to a fixed interest option.
Minimum interest rate guaranteed, but there may also be a cap on gains, typically around 8%-12%.
Cash value built up can be used to lower or potentially cover premiums without subtracting from your death benefit.

Advantages of IUL Insurance

IUL insurance policies are a viable option for people seeking permanent life insurance with a cash component that earns interest plus a death benefit. This type of life insurance is more expensive than term life insurance , but you get permanent coverage and the death benefit paid tax-free to your beneficiaries when you die. The policy may even increase in value due to the cash value component , and you may be able to borrow from your account.

Advantages

Flexible premiums: As with standard universal life insurance, the policyholder can increase their premiums or lower them in times of hardship.
Cash value accumulation: Amounts credited to the cash value grow tax-deferred . The cash value can pay the insurance premiums, allowing the policyholder to reduce or stop making out-of-pocket premium payments.
Investment flexibility: The policyholder controls the amount risked in equity-indexed accounts, and the death benefit amounts can be adjusted as needed. Most IUL insurance policies offer a host of optional riders , from death benefit guarantees to no-lapse guarantees.
Death benefit: This benefit is permanent, not subject to income or death taxes , and not required to go through probate.
Less risk: The policy is not directly invested in the stock market, thus reducing risk.
Easier distribution: The cash value in IUL insurance policies can be accessed at any time without penalty, regardless of a person’s age.
Unlimited contribution: IUL insurance policies have no limitations on annual contributions.

Is Indexed Universal Life Insurance (IUL) a Good Investment?

An IUL can be a good way to save up money in a cash value account that, connected to a market index, may earn modest returns.

Can You Lose Money in an Indexed Universal Life Insurance Policy (IUL)?

IUL insurance providers set a guarantee for your principal to protect it against losses in the market.

What is the advantage of investing in an IUL?

Great as an investment for your children - Permanant life insurance that builds a cash value for their future. Can also be borrowed against later in life as needed.
Have financial protection for the family - Everybody should have some form of life insurance to protect their families from the cost of burial services to ongoing bills. Why not have a life long policy that builds a bigger cash value and has a portion that can be used earlier in the case of a critical illness.
Build a fund that can be used in your later years
Have a fund that can be borrowed against in the case of need.

From a life insurance policy to building a cash value an IUL is a great way to invest to protect you, your family and your finances.

To talk to a specialist and determine the value and get a quote give us a call at (813) 367-4616 or schedule a consultation below

Health Benefits Alternative - What is an ICHRA

Thu, 28 Sep 2023 18:40:00 GMT

Support your team with a flat contribution to their own health insurance

What is an ICHRA?

An ICHRA (Individual Coverage Health Reimbursement Arrangement) is a company-funded health benefit that reimburses employees for healthcare expenses. Unlike a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA), the ICHRA is available for businesses of any size. ICHRAs have been available to business owners since 2020. Both big and small businesses – as well as nonprofits, churches, and other employers – can reimburse employees tax-free for the cost of their individual health insurance premiums and other healthcare expenses. An ICHRA is a way to attract top talent and works as a stand-alone
benefit or as a part of your businesses benefit program along with standard small group insurance. In this case, the company provides some classes of employees a small group insurance plan and other classes an ICHRA.

How does the ICHRA process work?

When you choose an Individual Coverage HRA for your staff, you decide the amount of the monthly allowance you provide your employees. Your employees then pay for their individual health insurance coverage and other qualified expenses, and you reimburse them up to the allowance amount for those costs. Keep in mind that all ICHRA payments you make are on a pre-tax basis, which means you pay no payroll or income taxes on the payments.

Which businesses are eligible for an Individual Coverage HRA?

As a business owner, you determine which employees are eligible for your ICHRA, by choosing which class(es) of employees are eligible when setting up ICHRA plans.

There are 11 different employee classes:

Full-time employees
Part-time employees
Seasonal employees
Temporary employees who work for a staffing firm
Salaried employees
Hourly employees
Employees covered under a collective bargaining agreement
Employees in a waiting period
Employees who work abroad
Employees in various locations, based on rating areas
Any combination of the above

You are not required to offer an ICHRA to all your employees. For example, you can offer group insurance to one class of employees
and an ICHRA to another. If you choose to provide this option, you must meet minimum class size standards for the employees eligible for the ICHRA. You may also offer different reimbursement allowances to your various classes. For example, you can offer one group of employees $500 per month, and another $250 per month. You may choose to allow a different allowance amount based on the employees’ age and family size. For instance, you can offer single, full-time employees an allowance of $500 and full-time employees with families $1,000. You may also offer different amounts based on the age of the employees within a class. In this instance, you can only offer higher amounts (up to 3x higher than the youngest employees in a class) to older employees. While amounts can differ based on age and family size, each employee in a specific class must be offered the ICHRA on the same terms.

Benefits of an ICHRA for your employees

An ICRHA can be an attractive option for employees, allowing you to attract top talent by providing the benefits employees want today. Some of the benefits include:

Employees can choose plans that include their own doctors
Employees can add other benefits like vision and dental insurance
Each employee can choose the plan that works best for them
Other healthcare expenses may be reimbursed along with plan premiums
Employees own their health plan and can take it with them if they change jobs

By offering a flat contribution to the teams health care you allow them to find the plan that is best for them and takes the hassle out of shopping group plans for the company. It also sets the budget for you to be able to offer a benefit to the team.

To learn more about setting up an ICHRA for your team give us a call at (813) 367-4616 . You can also schedule a time that works best for you below.

Accident Insurance - Why Do I Need It

Tue, 19 Sep 2023 18:34:00 GMT

What is Accident Insurance and Why Do I Need It

What is accident insurance?

Accident insurance is a type of supplemental insurance that pays out when you're injured in an accident on or off the job. An accident can happen anywhere (not just your car). Weather it is to help cover medical cost, bills, or supplement wages for missed work, an accident plan is a lump sum paid directly to you. It also complements both your current health insurance and your disability insurance by allowing you to claim benefits even if your injuries don't keep you out of work. It can supplement health insurance if your injury requires medical care that your health plan either doesn't cover or has a co-pay or deductible that must be paid for the medical service where the accident plan will help to cover those expenses.

What’s covered by accident insurance?

What your accident policy covers will depend on your coverage and insurance company. Insurers usually divide injuries into different categories to assign them a level of risk and coverage. These include:

Accidental death or dismemberment
Burn
Concussion
Dental
Dislocation
Eye injury
Laceration
Fracture

The more severe your injury, the greater your benefit will be. For more serious conditions, such as being in a coma, you can expect a benefit as high as $10,000. Less serious injuries, like a laceration, may only trigger a benefit worth a few hundred dollars.

Companies may distinguish between “basic dismemberment” — accidental loss of just one limb, sight in one eye, or hearing in one ear — and “catastrophic dismemberment” — accidental loss of at least two limbs, sight in both eyes, hearing in both ears, or ability to speak. These benefits can be tens of thousands of dollars.
Why Do I Need Accident Insurance?
Accidents can happen anytime and anywhere and bring on unexpected cost such as exams, x-rays, stitches, or more serious accidents end up in hospital stays. Many of these cost add up, even with health insurance you will need to pay the co-pays, co-insurance and deductibles. For children it is bound to happen that they have an accident and end up needing medical care, weather it be from playing sports, playing outside or just around the house. For the low cost of accident insurance, normally between $6-$20 a month (the cost of a cup of coffee now days) you can help to protect your family and your finances when life happens.
For additional information and a quote on an accident plan for the family, schedule a time to talk with one of our specialist today

Employee Benefits Series Continued - Wellness Program

Tue, 19 Sep 2023 17:12:00 GMT

What is a wellness program and how can it help save you money

What is a Wellness Program?

A wellness program is a comprehensive health initiative designed to maintain or improve well-being through proper diet, exercise, stress management, and illness prevention. Wellness programs can include smoking cessation, weight loss education, fitness challenges, therapy, telemedicine and many other plans designed to increase the overall health of the individuals on your workforce.

In the past, wellness programs were offered by primary care physicians and insurance companies. However, there has been a growing trend for companies to develop workplace wellness programs for their employees. Workplace wellness programs not only fight the upward trend of unhealthy employees, but also decrease medical care costs and insurance premiums. Employers can provide information in a variety of formats, such as wellness videos, pamphlets, health-related quizzes, and bulletin boards.

According to The American Institute for Preventative Medicine, 91% of today’s organizations have a health and wellness program, compared to 78% a decade ago. Workplace wellness program may also include incentives to encourage employee participation.

Wellness programs are different from health promotion

What makes a wellness program different from health promotion? The definition of health is for the physical body to be disease free. There is usually an end goal to be healthy, i.e. losing weight or exercising to reduce the risk of long-term illnesses. Wellness is considered a lifestyle journey to balance of every facet of life: physical, spiritual, emotional, intellectual, environmental, and occupational well-being.

Why put a wellness program in place?

A workplace wellness program provides resources and introduces interactive ways for employees to improve their health and well-being. Healthy employees have low rates of absenteeism and higher rates of productivity, and are less likely to be injured on the job. As a result, employers experience a decrease in direct costs such as health care and workers’ compensation insurance. Workplace wellness programs can also improve employee morale and loyalty to the company.

There are several types of Wellness Programs available. Along with increasing your overall employee health, depending on what benefits are available with the wellness plan there are tax incentives for the company to put one in place. There are many benefits to having a wellness plan in place from supporting the employees to saving money.

To get more information on a wellness program for your business schedule a free consultation today!

The Facts About Short Term Medical

Mon, 11 Sep 2023 18:42:00 GMT

Is Short Term Medical Right for You

What is short-term health insurance?

Short-term medical is temporary health insurance. It’s designed to be cost-effective and flexible during times of transition, allowing you to:

Get covered as soon as possible. Apply online and enroll within a few minutes. Coverage is available year-round and may begin as early as the next day, if you’re eligible.
Choose your policy length. Policies last from 30 days and to 364 days, depending on where you live and how long you need coverage.
Access benefits right away. Coverage is typically limited to unexpected medical expenses rather than long-term healthcare needs (i.e., preventive care, maternity).

The Affordable Care Act doesn’t apply to short-term health insurance, which means it isn’t guaranteed issue may not include pre-existing conditions and does not include all of the essential health benefits that major medical insurance (aka ACA plans) must include.
While short-term health insurance does not provide major medical coverage, it does have some similarities:

You pay a premium in exchange for coverage.
You present your plan ID and pay a copay, if required, when visiting a healthcare provider.
Your provider files a claim with your short-term health insurance carrier, which pays for covered medical expenses according to your policy.
You receive a bill for your portion.

Like ACA plans, short-term plans typically include a deductible, coinsurance and copayment. They may or may not include a provider network.

What does short-term health insurance cover?

Short-term health insurance generally covers high-dollar medical expenses related to injuries and unexpected illnesses. For example, plan benefits typically include things like hospital room and board, emergency care, and surgical services. Some may include benefits for a few basic preventive care services (e.g., Pap smears) or limited coverage for pre-existing conditions . Bottom line: You’ll want to shop around to see what short-term plan best suits your needs.

Short-term health insurance vs. Major medical insurance

Short-term health insurance and major medical insurance are different products designed to serve different needs. It’s not a true apples to apples comparison. At a high level, here’s what to know about each product:

Short-term medical insurance plans:

Provide temporary coverage with a focus on unexpected healthcare.
May be purchased year-round. There are no open or special enrollment periods.
Does not include all of the essential health benefits.
Is not eligible for ACA subsidies (i.e., premium tax credits and cost-sharing reductions)
Is not guaranteed issue. You can be denied coverage based on your health history.
Is not available in every state.

Major medical insurance:

Provides long-term coverage with a focus on healthcare across the spectrum (e.g., preventive, pre-existing conditions, unexpected).
May be purchased during the annual open enrollment period or a special enrollment period, if you qualify.
Includes all of the 10 essential health benefits.
Is eligible for income-based ACA subsidies if you buy from a government exchange and qualify.
Is guaranteed issue. You cannot be denied or charged more based on your health history.
Is available in every state.

The decision ultimately depends on how long you need coverage, your typical healthcare needs and your financial situation.

Is short-term health insurance right for you?

Short-term health insurance coverage isn’t available to everyone. Applicants can be denied based on health history, and plans aren’t sold in every state. These types of plans also may not be a fit if you qualify for an ACA subsidy, have pre-existing conditions, want all of the essential health benefits (e.g., preventive care, maternity), or expect to need long-term coverage. Generally speaking, temporary health insurance tends to be a fit for healthy people who are:

Between jobs with employer-based benefits.
Attending college outside a parent’s health insurance plan network.
Early retirement before Medicare takes effect.
Aging off a parent’s health plan and not yet being enrolled in other coverage.
Looking for an alternative to COBRA , if it's too expensive.
In an employer waiting period before group benefits take effect.
Ineligible for an ACA subsidy or Medicaid but unable to afford major medical insurance at this time.

Not sure what kind of health insurance is right for you?

Employee Benefits Series Continued - Benefits Options for the Small Business

Mon, 11 Sep 2023 18:17:00 GMT

Small Business Employee Benefits Options

Why are Employee Benefits Important
Offering a benefits package provides a competitive advantage in the quest to attract and retain talent. That’s why it’s never too early for small business owners and startups to explore employee benefits, especially if they plan on growing their team in the near future. Employees today are constantly looking for a career where they can take care of their family, health, and maintain stability. Having a benefits package in place builds loyalty to the company and helps to hire quality team members. Offering benefits can also reduced time missed from work as the team is able to take care of themselves and their families.
Many small business owners see a high price tag to offer employee benefits, but there are several options available for any size business that could cost little to no out of pocket expense. There are also tax benefits for both the company and the employees for those that take advantage of the benefits that are being offered.
Types of Employee Benefits

Major Medical Health Insurance: Major medical health insurance is a type of health insurance that covers the expenses associated with serious illness or hospitalization along with preventative care. These plans normally have a higher price tag to both the company and the employee. With the cost of these plans, this can be a difficult benefits for employees to be able to participate in as the cost may be out of their budget compared to health insurance they can get on their own. These plans also do not include other benefits such as dental/vision, disability, life insurance, accident, or critical illness.
Minimum Essentials Coverage (MEC): MEC plans provide basic well-being care to the employees. They normally cover telehealth wellness and mental services, primary care visits, specialty care visits, urgent care visits, X-rays and labs and basic prescriptions. Some of these plans can be offered to the employees on a voluntary basis with or without the employer contributing.
Health Reimbursement Account (HRA): An HRA is a kind of health spending account provided and owned by an employer. The money in it pays for qualified expenses, like medical, pharmacy, dental and vision, as determined by the employer. Employers are able to provide money to the employees to help cover their medical expenses with a tax advantage.
Voluntary Benefits: Voluntary benefits are an essential for any size business. These are benefits that can be put in place with or without contribution from the employer. Many of these benefits employees can get for a lower price from employer offering them then they can on their own. These benefits support the employees' health and financial well-being. Voluntary benefits include Dental/Vision, Disability, Accident, Critical Illness, Life Insurance, Hospital Indemnity plans, and even pet insurance. Even if an employee has a major medical plan, there are usually deductibles, co-insurance and out-of-pocket max cost to the plans. Voluntary benefits help to offset those costs and provide stability to the team.
Wellness Plans: There are many incentives for companies to put a wellness plan in place. These plans provide many benefits the team can take advantage of for to help maintain their mental and physical well-being. Many of these programs have tax benefits for both the employer and the employee, and cost nothing extra.

Options for a Small Business

Major Medical Option: Putting in a major medical plan with an employer contribution and offering the team voluntary benefits they can choose to participate in themselves. Utilizing a wellness plan can help to offset some of the cost.
Quality Benefits Package: Helping the team take care of their basic well being and supporting some of the cost of major issues that may arise at a more affordable cost. Some businesses decide to put a MEC plan in place along with Voluntary Benefits where more of the team is able to participate.
Basic Benefits Package: Putting in Voluntary Benefits with little to no cost to the business is a value add to employees and allows them to have some support for them and their families.

How to Implement Benefits Into Your Business

Consult an Insurance Broker : You should discuss with an Insurance broker what your trying to accomplish, your budget and the employees you are offering the benefits to. An Insurance Broker can shop multiple carriers and provide multiple options to find the right plans to fit the needs of the business and the employees.
Have a Quality Open Enrollment : The right broker should be able to take the hassle of enrollment off your plate. Providing quality education to the employees about the benefits you are offering goes a long way with the team and understanding what you are providing, what they are signing up for and what is going to fit their budget.
Maintain Benefits with New Hires : Many businesses determine a time frame in which a new hire can sign up for benefits, normally after being employed for 60-90 days. Working with your broker to maintain the timeliness of these new hires and having them enroll them in their benefit options can take a lot off your plate.

A majority of employees either looking for new employment or searching for a new job, are looking for quality benefits to help them take care of themselves and their families.