Alternate Benefits & Funding
Alternate Benefits
Employee Benefits can go well beyond a good medical plan with the addition of Ancillary Benefits. Traditionally ancillary benefits include Dental, Vision, Disability and Life Insurance, which are all great benefits to help recruit and retain employees, but sometimes the traditional employee benefits package may need more to bring the benefit back into employee benefits. As an advisor, we work with you to determine your specific benefits needs, prioritize your goals, and provide you with technology tools that will streamline costs and improve your overall benefits package. Some examples of these added "ancillary benefits" include:
- Long Term Care
- Concierge Services
- Accident Insurance
- Hospital Insurance
- Pet Insurance
- Travel Assist Services
- Employee Assistance Programs
- Commuter Benefits
- 401K
Alternate Funding Information
An important, but often overlooked aspect of you benefits program, is the funding of your program. I’ve heard my clients say so many times that they feel that they’re paying all this money for premiums and getting nothing in return, or nobody uses their program so money is being wasted. One of the best ways to make sure you are getting benefits for the premiums you pay is through self-funding. This is where most of the premiums are set aside to pay claims so low utilization creates savings directly to the employer, which results in savings or the ability to improve plan designs. Some examples of self-funding include:
- Fully Insured Self-funding with Aggregate and Specific Stop Loss
- Partial Self-funding though Level Funding
- Partial Self-funding through Health Reimbursement Arrangements (HRA)
- Individual Coverage Health Reimbursement Arrangements (ICHRA)*
*Utilizing individual plans
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