Group Benefits / Group Insurance Plans

Group Insurance Programs are standalone or combined Life, Health, Disability, Dental, Long Term Care, and Prescription Medication Programs sponsored by an employer for the benefit of employees.

Recent changes in federal health insurance law prohibits an insurance carrier from refusing to issue health care coverage because of employee and dependent pre-existing conditions. The minimum number of employees to start a group varies from two to ten, depending on the applicable state law.

Section 125 Plans – Pre-Tax Flexible Benefit Spending Accounts

A Section 125 Flexible Benefits Account provides group health insurance, disability insurance, and life insurance coverage for employees in benefit eligible positions. The Flex Plan allows employees to pay for their dependents' health care using pre-tax dollars. A plan can cover the following:

• Health Care Benefits (medical, dental, vision, prescription drug, and mental health coverage)- 
• Long-Term Disability
• Life Insurance and Accidental Death and Dismemberment
• Long Term Care

Health and Dependent Care Spending Accounts

These are available to most employers regardless of size.  Under a healthcare and dependent care spending account program, employees estimate the amount of eligible health care and/or dependent care expenses they will incur during a calendar year, January through December, and authorize a monthly payroll deduction to meet the estimate. The account is spread equally over the employee's pay periods and deposited into the employee's flexible spending account. Employees then submit documentation of healthcare/dependent care expenses, to a third party administrator who mails or direct deposits a check directly to the employee. The maximum deferral amounts are subject to IRS regulations, and subject to change on an annual basis.

Call Statland & Katz for a free analysis of your present program. We will help you understand applicable state and federal laws, contain costs, improve benefits and improve client retention. We service all sizes of accounts and are extremely knowledgeable working with security minded defense contractors.
 

Advantages to the employer:

•  Federal income-tax deductible premiums.
•  Desirable fringe benefit to offer new employees.
•  Reduced turnover, saving your money in hiring and training costs.
•  Contributes to employee security, loyalty, and higher morale.
•  Valuable life insurance protection provided at a low group rate.      

Advantages to the employee:

•  Valuable life insurance protection provided at a low group rates.
•  Right to name and change beneficiaries at any time.
•  Waiver of premium disability benefit rider available at no extra cost.