Employee Benefits
Employee benefits, also known as Group Benefits, include many forms of non-wage compensation that employers offer employees as part of a benefits package. A company’s benefits package can help attract and retain top talent.
Which Benefits Are Typically Offered to Employees?
Every employer’s situation is unique, as are their budgets. We’re happy to work with employers of all sizes to develop comprehensive benefits packages that meet their needs. Here are common coverage options that may be available to your business:
- Group health insurance—Under the Affordable Care Act (ACA), most employers are required to offer health insurance to their employees. This benefit can allow employers and employees to share premium costs, which significantly reduces employees’ personal expenses for their essential health insurance benefits.
- Dental insurance—This benefit can provide employees with coverage for various dental services, including routine cleanings, more complicated oral surgeries and orthodontics.
- Short- and long-term disability insurance—This benefit can provide employees with income support following disabilities that force them off the job and cause termination in their standard paychecks. It is different from workers’ compensation insurance because it will apply even when employees get injured in accidents that happen away from work.
- Group life insurance—This benefit allows participating employees to enroll in guaranteed-issue coverage. Applicants won’t be denied enrollment just because they have a pre-existing condition that might make it hard to qualify otherwise.
- Vision insurance—This benefit can help employees maintain healthier eyesight and catch developing problems before they get worse by providing coverage for routine vision care.
The package you provide will determine your costs and the fees your employees will pay for their benefits. These benefits decisions are entirely up to you as a business owner. To determine which coverage is right for you and your employees, contact your agent.
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Contact Knapp-Miller-Brown Insurance Services to start building a benefits package to add value to your current compensation plan
Group Disability Insurance
Employers typically offer group disability insurance as part of a company’s benefits package. This coverage pays a percentage of the insured person’s salary if they become ill or suffer an injury and can’t work.
The benefit is designed to provide a percentage of lost income, but it’s subject to income taxes, which reduces the amount of money the insured person receives.
How Does Group Disability Insurance Work?
Employees of a company offering group disability insurance may be able to sign up for this benefit.
Each insurer has criteria the insured person must meet to be eligible for group disability payments. If the insured person is injured or becomes ill and can’t work, they may be eligible to file a claim, depending on whether their condition meets the criteria set forth by the insurer.
Group disability policies don’t typically cover work-related illnesses or injuries.
Short-Term Disability and Long-Term Disability
Employers may offer both short-term and long-term disability benefits. Both coverage types may pay benefits of up to a percentage, usually 60%, of the insured person’s gross salary.
- Short-term disability is designed to cover injuries or illnesses that last six months or less. It often imposes a shorter waiting period of zero to 30 days between when the insured person can no longer work and when the coverage kicks in.
- Long-term disability may begin after a more extended waiting period of 90 days or more. Payments may last between two and 10 years or until the insured person retires.
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To learn more about group disability benefits, contact Knapp-Miller-Brown Insurance Services today.
Life Insurance
Life insurance can help provide financial security for you or your loved ones by replacing lost income and covering various expenses after your death or when the policy’s term is up. If you’re looking for life insurance, we’re here to help. Our agency is ready to discuss your life insurance needs and help find a policy that’s right for you.
What Is Life Insurance?
Life insurance is a contractual agreement between you (the policyholder) and the insurance company. In exchange for paying the insurer a regular premium, your beneficiaries will receive a lump-sum death benefit when you pass away or after a specific amount of time has passed.
What Are the Types of Life Insurance?
There are two primary types of life insurance, including:
- Term life insurance—A term life policy provides a death benefit to your loved ones if you die during the policy’s term. This term might be a period of 10, 20, 30 or more years, depending on the expiration date of the policy. If you do not die during this time, the policy does not pay and will expire when the term ends. You will also have to reapply for a new policy if you want to continue to have coverage.
- Whole life insurance—A whole life policy will last for the remainder of your life once you enroll. It will not expire unless you stop paying for it. Additionally, such a policy offers cash value investment opportunities. This cash value component can enable you to receive a source of income during your lifetime (in addition to the eventual death benefit).
Several other types of life insurance also exist. Speak to one of our agents to determine which type of coverage suits your particular needs.
How to Get Life Insurance
If you’re in need of a life insurance policy, we’re here to help. Give Knapp-Miller-Brown Insurance Services a call or request a quote online to get started.
Voluntary Benefits
Voluntary benefits are plans provided to you by your employer and allow employees to enroll in coverage options at lower rates than receiving them privately. Extensive coverage options are available at no cost to the employer. Employers often save on taxes when offering voluntary benefits to their employees. Our agents are here to help you determine which benefits may suit you.
What Voluntary Benefits Are Available?
There are several types of voluntary benefits to choose from. Which policies you consider will all be up to your unique coverage needs. The following are options to learn more about:
- Supplemental Health Insurance: Supplemental health insurance is an additional benefit that can help pay for unexpected costs not covered by medical insurance. Cash benefits can be received directly and used in any way deemed fit for things like groceries, childcare, housekeeping and out-of-pocket medical costs. Types of supplemental insurance can include coverages such as:
- Accident insurance benefits employees for various accidental injuries requiring treatment, urgent care or hospitalization.
- Cancer insurance will provide a payment to an employee for cancer diagnosis, screenings and treatment.
- Critical illness insurance complements medical and disability insurance by directly providing payment to the employee after a significant, chronic or debilitating disease diagnosis.
- Hospital indemnity insurance will reduce the impact of higher medical plan deductibles and other out-of-pocket costs associated with an admission to a hospital.
- Disability Insurance: Disability often comes without warning. Disability insurance provides a partial income if you become too sick or injured to work. Anyone that depends on income through work should consider this coverage. There are two types of disability coverage:
- Short-term disability insurance —This helps immediately after an accident.
- Long-term disability insurance—This provides financial protection for disabilities that may last for years, taking into effect after your short-term insurance ends.
- Dental Insurance: Dental insurance plans cover dental visits, dental care, and other components. Dental plans are funded in a few ways:
- In full by an employer
- A combination of employer and employee contributions
- In full by the employee
- The following are typical plan coverages:
- 100% of routine preventive and diagnostic care such as cleanings and exams
- 80% of basic procedures such as fillings, root canals and tooth extractions
- 50% of primary services such as crowns, bridges and implants
- Life Insurance: Life insurance provides a cash benefit to an appointed beneficiary upon the insured employee’s death. An employee pays a monthly premium in exchange for a guaranteed payment by the insurer upon the insured’s death. There are two types of life insurance:
- Voluntary whole life insurance—This protects the entire life of the insured.
- Voluntary term life insurance—This protects for a limited period such as five, 10 or 20 years.
- Vision Insurance: Vision insurance is one of the most sought voluntary benefits. Vision care and benefits can help you stay healthy by scheduling regular eye exams. Eye exams can detect early problems such as:
- Diabetes
- Heart disease
- High cholesterol
- High blood pressure
- Glaucoma
- Cataracts
How to Get Voluntary Benefits
Voluntary benefits through an employer can help employees save on premium costs as well as help keep a workforce committed to an employer. Contact Knapp-Miller-Brown Insurance Services today if you’re considering voluntary benefits or are looking for more information.