Our healthcare industry has changed tremendously in recent years, and there’s no doubt that it will continue on an unpredictable path. We know that running a business takes time, effort & innovative management skills. Jersey Insurance Solutions is here to help you understand these changes and adapt with minimal disruption to your business. We’re here to help you design, implement and manage an Employee Benefits Package suitable for you, your employees, and their families. Here are the types of employee benefits:
- COBRA Administration
- Group Health Insurance
- Group Dental Insurance
- Group Vision Insurance
- Group Life Insurance
- Group Long-Term Disability
- Voluntary Benefits
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We recommend a Third Party Administrator to handle your COBRA needs. Once an employee is terminated, the Third Party Administrator will reach out to the employee regarding the continuation of coverage. The Administrator, not you, generate all election forms. They will also confirm that the employee is enrolled in their chosen plan with the appropriate carriers and collect due monthly fees—less aggravation for you.
Group Health Insurance
We understand the needs of your business when it comes to implementing quality benefits for employees at an affordable cost. The experienced staff at Jersey Insurance Solutions will guide you through the regulations and obligations your company might face due to the Affordable Care Act (ACA). There are many health insurance benefit plan designs to choose from. We’re here to explain the difference between the EPO (Exclusive Provider Organization) and PPO (Preferred Provider Organization). Would you like a Consumer Driven Health Plan with an HSA (Health Savings Account), or maybe you would like to hear about an HRA (Health Reimbursement Account) or a Self-Funded Plan? Our Benefits Team is also here to answer questions regarding claims, billing, enrollments, terminations, and whatever else you can think of. We’re here to give you the answers you’re looking for, hoping your workday will end efficiently instead of frantically.
Fully Insured vs. Self-Insured Plans
A good employer knows the importance of having a competitive benefits package with health insurance. However, as health insurance costs continue to rise, many businesses are rethinking their options. Here at Jersey Insurance Solutions, we can explain the differences between Fully Insured and Self Insured Plans. Both plans have pros and cons—understanding how these plans work can help you make an informed decision and save your company money.
Health Savings and Health Reimbursement Accounts
Health Savings Accounts, or HSAs, allow employees to save for future medical and health expenses and are tax-free. A high-deductible health plan covers eligible participants, and all contributions made to this account belong to the participant forever. Any funds that are not used can accrue interest without being subject to taxes. Employees and Employers can make contributions to the account. However, there are contribution limits that are subject to change annually.
The Health Reimbursement Account or HRA is an account established by the Employer to reimburse an employee for qualified medical expenses. Employee contributions are not allowed, and the employee, like the HSA, does not own this account. If unused funds are in the report, they can be rolled over into the next benefit period or surrendered to the Employer, depending on the circumstances.
Have Questions About Health Insurance?
Please contact us if you have any additional questions about Health Insurance.
Flexible Spending Accounts
Medical and Dependent Care Spending Accounts are a tax-advantaged way to pay for out-of-pocket healthcare expenses and work-related daycare expenses. This benefit allows you to reimburse yourself for eligible expenses with “pre-tax” dollars. Authorized by the IRS, these accounts let you set aside money from your salary before taxes are withheld. As you incur health care or daycare expenses throughout the year, you can submit a claim for those expenses and are reimbursed with tax-free dollars from your account.
Any leftover dollars in your account are forfeited at the end of the year. It would help if you only contributed what you know you will spend on predictable expenses. There is a run-off period (typically three months) following the plan year’s end for employees to submit the costs incurred in the previous year.
Group Dental Insurance
Oral health is an essential part of overall wellness. Unfortunately, too many people neglect their oral health due to high costs. A low-cost plan can ensure that you, your employees, and their families maintain optimum oral health at a surprisingly manageable monthly premium. Different types of Dental Plans range from Discounts to Preferred Provider Plans (PPO). Some plans will even cover Orthodontic Care. Voluntary Dental procedures should also be taken into consideration when making your decision. “Voluntary” means there is very little or no cost to the Employer. We’re here to explain how each plan works, and you can choose what works best for you.
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Group Vision Insurance
You can choose from various Vision Options to supplement your Benefits Package. This benefit is available to employees and their dependents, offering coverage that includes annual exams, prescription lenses for eyeglasses, frames & contact lenses. The cost is highly affordable! Jersey Insurance Solutions will help you choose the best plan for you and your group.
Group Life Insurance
The staff at Jersey Insurance Solutions can help you choose a Group Life policy, which you, your employees, and your named beneficiaries will benefit from. Offering this coverage will once again enhance and possibly complete the Benefits Package you create for yourself & valuable employees. We work with multiple healthcare providers, assuring that you’re getting the best policy & price for your company.
Group Long-Term Disability
You never expect a severe accident or illness to happen, but when it does, it can interrupt your ability to work for months and even years. This benefit provides steady income protection to help cover essential expenses. Suppose an employee is physically or mentally ill or is recovering from a disabling accident. In that case, this benefit is used for necessary expenses such as food, clothing, utility bills, and mortgage, to name a few. No one wants to be in this position, but it’s nice to know there’s extra income if something happens to you or your employees.
These Supplementary Benefits are also offered through Jersey Insurance Solutions. Voluntary Health benefits plans include Accident, Critical Illness, Cancer & Hospital Indemnity, to name a few. These products are provided by the Employer but are paid partially or solely by the employees through payroll deductions. They are vital for employees who want to fill the voids of traditional coverage based on their needs due to varying life circumstances.