Flexible Spending Accounts (FSA)

Create Tax-Saving Opportunities for You and Your Employees

Flexible Spending Accounts or FSAs will allow employers and employees to expand the tax-saving benefits of a premium only plan. They also enable companies to provide superior health care benefits, increasing employee satisfaction, and retention.

Flexible Spending Accounts allow your employees to set aside a portion of their paychecks for healthcare and dependent day care expenses before taxes are calculated. The more they take advantage of this benefit, the less you’ll pay for payroll taxes, including Social Security and Medicare. Depending on your state, a Flexible Spending Account program may also reduce the cost of your workers’ compensation insurance.

Group Dental Insurance

Group Dental Insurance is one of the benefits most requested by employees. Many employers provide dental insurance for their employees, but a growing number of employers are offering this as a voluntary benefit that is paid 100% by the employee through payroll deductions. Most dental plans provide full coverage with a 100% benefit for preventive exams & cleanings, an 80% benefit for basic services such as fillings and root canals, and 50% benefit for major services and prosthodontics such as dentures, crowns, etc.

Some dental insurance companies provide a dental buy-up plan which allows the employer to purchase a base plan, while employees purchase additional benefits as needed. Another newer option for dental insurance is a dual option plan that allows each employee to choose a basic plan or a more comprehensive plan based on his needs. This is a voluntary benefit, which means that each employee gets the coverage he needs for himself and his family.

Group Disability Insurance

Long-Term Disability (LTD)

In the event that an accident or illness prevents an employee from working for an extended period of time, the financial impact can be severe for the employee and employers. Long Term Disability (LTD) insurance is designed to help cover the employee’s expenses while their regular income is interrupted. Flexible plan design options and benefit alternatives are available to meet specific needs. This valuable protection is available with low-cost, tax-deductible premiums.

Short-Term Disability (STD)

A steady income is essential for most people. If an accident or illness interrupts that income, it affects both the employee and employer. Short Term Disability (STD) insurance is designed to replace a portion of the wages lost when a short term disability occurs. An affordable, flexible short-term insurance plan can provide needed benefits to both the employer and employee.

Group Health Insurance 

In today’s environment, offering the right health insurance benefits can be a challenge. You want to provide the best possible plan for your employees yet it must to be cost efficient for your business.

Insurance Planning Alternatives is committed to health insurance for both our commercial customers, who need group coverage for their employees, as well as the individual or family that needs coverage.

With the changing face of health insurance in today’s market, we are staying abreast of the latest developments that will affect the coverage you expect as well as the cost impact upon you.

We have the wide array of health insurance options available in our area, and we will always present to our customers the best options at the best price available.

Group Life Insurance

Group life insurance is an integral part of most employee benefits packages. When provided by an employer, employees appreciate the value of life coverage and the additional security it provides to their families.

Employers have a wide variety of optional plan designs to customize a Group Life Insurance plan. Optional coverages include Voluntary Life insurance, Supplemental Life coverage, Accidental Death and Dismemberment policies, and Dependent Life insurance. The premium paid for Group Life Insurance is generally a business deduction, and this stand-alone contract is usually less expensive than the life coverage provided with medical / health insurance.

Group Vision Insurance

A Group Vision Insurance plan is especially attractive for employers because it is inexpensive to offer, yet it’s another employee favorite. This is a separate plan that provides coverage for eye exams and/or for frames, lenses and contact lenses.

Many times the basic health insurance plan may provide for routine eye examinations; however, it will usually not provide any benefit for frames, lenses or contact lenses; this is where a separate group vision benefit would be used.

Health Reimbursement Arrangement

A Health Reimbursement Arrangement (HRA) is a tax-advantaged benefit that allows both employees and employers to save on the cost of healthcare.

HRA plans are employer-funded medical reimbursement plans. The employer sets aside a specific amount of pre-tax dollars for employees to pay for health care expenses on an annual basis. Based on the plan design, HRAs can generate significant savings in overall health benefits.

The primary requirements for an HRA are that (1) the plan must be funded solely by the employer and cannot be funded by salary reduction, and (2) the plan may only provide benefits for substantiated medical expenses.

HRAs may be designed in many fashions to suit the specific needs of the employer and employees. It is one of the most flexible types of employee benefit plans making it very attractive to most employers.

Health Savings Accounts (HSA)

A Health Savings Account (HSA) helps you save money on health care. By making you a part of the medical services decision process, Health Savings Accounts are designed to help you manage medical expenses and reduce the continuing raising of health care expenses.

Equally as important, the money you save remains part of your retirement account, even if you leave your present employer. You can also save the money in your account and grow your account through investment earnings. Funds in the account can grow tax-free through investment earnings, just like an IRA. In short, if you don’t use all the money in your HSA for medical expenses, it can accumulate as tax-free savings for your retirement. One final benefit, HSAs can pay for many more procedures than were ever allowed before by government sponsored programs. Health Savings Accounts help you save money on unavoidable expenses and build investment savings for your retirement.

Account funds are used to cover medical expenses before the plan deductible has been met. Unspent account balances accumulate and accrue interest from year-to-year. Unlike amounts in Flexible Spending Accounts that are forfeited if not used by the end of the year, unused funds remain available for use in later years. Once the health plan’s annual deductible has been met, coverage resembles conventional insurance, typically in the form of a preferred provider organization (PPO) with little-to-no cost sharing for in-network services, and limits on total out-of-pocket costs.