GROUP, EMPLOYER SPONSORED, AND VOLUNTARY PLANS
There are many types of group and employer sponsored plans available for a variety of different purposes. If you have as few as one employee plus yourself you may be eligible for a group plan. If you have ten (10) or more employees you may also be eligible to provide voluntary employer sponsored plans in addition to regular group plans.
What can be covered with a group plan? A group plan can include any of the following benefits: health, dental, disability, life, accidental death and dismemberment, long term care, etc. Employers who have group plans can also use IRS Section 125 so that the portion of premiums that employees are required to pay, if any, can be deducted from their paycheck on a pre-tax basis. If your group is large enough you may also offer a cafeteria plan.
How much does a group plan cost? The cost for group insurance depends on several factors. Some of the factors are: location, number of employees, industry, health history, and demographics. Each insurance carrier has their own formula for determining premium rates. Find out how much a plan might cost for your company by requesting a group insurance quote.
Does an employer have to pay all of the premium? No. For health insurance an employer must contribute to the cost. Some employers only contribute to the employee cost and others contribute to the cost of the employee and their dependents. This is a choice made by the employer. With voluntary plans the employee pays the entire cost of the plan. The employer just makes it easy for the employees by deducting the premiums from their paycheck.
How can you find out how much a group plan would cost? We will need a census of your employees that includes: age or date of birth, gender, coverage (single, with spouse only, with child/ren only, or full family), and home zip code. When preparing your census be sure to indicate which employees are waiving coverage. This is important and can affect your rates. You can also request a quote online.
What if you already have a group plan but are not happy? You are not locked into any period that you must keep your current plan. You are free to have us check with other companies at any time. Return to Top
What insurance companies will you receive rates from? We use many different insurance carriers. We ask for rates from several carriers, then review them for the best premiums and benefits for your needs. We will show you all the companies that we received rates from but will provide detailed information on the best two or three plans. Some of the carriers that we use are: BCBS, GHP, UHC, Mercy, AMS, Unum, Met Life, Humana, Standard, Hartford, and others.
What kind of plans can be offered to employees on a voluntary basis? Medical, dental, disability, life, accident only, cancer, legal, identity protection, and hospital confinement policies are just some of the types of programs that can be offered. Some of the carriers that we use for voluntary products are: Aflac, United American, Hartford, Unum, Met Life, Dental Source, American Fidelity, Colonial, and Pre-Paid Legal. These companies offer many types of limited benefit and specified benefit plans.
How can you get more information? Call our office at (314) 438-0222, send an email, or request a quote online for help with your particular situation. We have many carriers that we deal with and all information is treated as confidential.
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