Offering thoughtfully considered benefits is a benchmark of a quality workplace. Benefits provide real value to your employees, and reflect your investment in their welfare. In addition to offering tax deductions, a good benefits package is important for recruitment and retention of top-quality employees. At Owens Group, regardless of your company size, we offer brokerage and consulting services for all employee benefits.
Quality Health insurance is the best place to start when implementing an employee benefits package. In today’s environment, this can be a challenge. Owens Group can assist in designing the best possible plans for your employees while being sensitive to the cost for your firm. Changes are continually taking place, including to Affordable Care Act provisions. We can help you navigate these changes in the Group marketplace.
One of the most important coverages you can offer as part of a benefits package is Disability insurance. These policies are designed to replace part of your employees’ income in the event that they cannot earn a paycheck due to an accident or illness. Short-Term Disability (STD) pays a portion of your income for a short period of time after you run out of sick leave. Long-Term Disability (LTD) pays a portion of your income after you run out of both sick leave and STD.
When purchased at group rates, both types of coverage are relatively inexpensive. To get the greatest tax advantage, we usually recommend that employees pay the premium themselves so that they will receive the benefits tax-free. This coverage provides both you and your employees peace of mind.
This flexible and low-cost coverage provides Accidental Death and Dismemberment (AD&D) benefits to your employees if they are involved in an accident while traveling for company business. It is also available on a business and personal basis — which provides coverage 24 hours a day, 365 days a year, whether at home, at work, or on vacation. Benefit amounts and types of coverage can be varied among groups of employees.
Employer-sponsored Long-Term Care (LTC) insurance is an essential part of a comprehensive benefits package.
Long-Term Care refers to a variety of services designed to help you perform the functions of day-to-day living and remain independent wherever you may need assistance. To take optimum advantage of this offering, it is important that employees plan ahead, during their working years, when LTC coverage is affordable and while they are still insurable.
Group Health insurance does not provide for a Long-Term Care event. As such, many firms are now offering Long-Term Care insurance to their employees on a voluntary basis, employer-funded basis, or a combination of the two. In addition to discounted rates, there are also tax advantages to both the employer and employee.
Most employers provide Group Life insurance for their employees as an employer-paid benefit. It is a minimal expense to the employer and a valuable benefit to an employee’s family in the event of a premature death. The coverage is usually offered as a flat dollar amount or a percentage of the employee’s salary. Accidental Death and Dismemberment (AD&D) is often also included as an added benefit. Voluntary Buy-up Life plans may also be made available to employees and their dependents.
Employers often consider Group Dental insurance as part of their benefit package. It is popular with employees and can include coverage options for their dependents. This can be offered on either a voluntary or employer-funded basis.
Group Vision benefits are often available as a rider on a Group Health insurance plan or on a stand-alone basis. This coverage is relatively low-cost and usually 100% funded by the employer.
In the litigious world that we live in, dealing with legal or financial events – both planned and unplanned — can be very expensive and stressful to your employees. Offering a Group Legal Plan on a voluntary- or employer-paid basis can be affordable and provide professional services to help employees choose an informed path to legal protection. This valuable benefit can make you stand out from the rest, letting employees know that you care about them and their families.
Pet insurance continues to be one of the voluntary employee plans that garners a great deal of interest. Coverage can include routine care for wellness visits, dental care and annual vaccinations.
We work with our clients to develop benefit packages that reflect their specific goals, budgets and philosophies. As costs continue to rise, the experienced team at Owens Group works to help clients offer competitive benefits packages, while containing expenses. In addition, our expertise lends itself to performing due diligence reviews and evaluations of Employee Benefit packages for those clients in the process of acquiring a new company.
Life, Health & Employee Benefits Manager