Group Health Insurance
Making decisions about health insurance probably isn’t at the top of your list of favorite things to do. However, health insurance is an important part of your finances and medical care, so you want to make an educated choice about which plan to enroll. Group health insurance plans are employer-based plans that offer coverage to a pool of employees. In contrast, an individual plan is purchased to cover only one person or family. The difference between how group and individual plans are designed affects your costs.
At Praesidium we walk our clients through multiple plan structures and money saving strategies such as health reimbursement accounts, flexible savings accounts, and health savings compatible plans to ensure that our clients’ needs are met at the lowest cost.
Contact the Group Health Insurance professionals at the Praesidium Agency to create a plan that works best for your company.
Group Dental Insurance
Aside from protecting your smile, dental care ensures good oral and overall health. Several studies suggest that oral diseases, such as periodontitis (gum disease), can affect other areas of your body—including your heart. Understanding and choosing dental coverage will help protect you and your family from the high cost of dental disease and surgery.
Dental coverage is similar to regular medical insurance and is one of the voluntary benefit options commonly offered through employers.
Group Vision Insurance
Driving to work, reading a news article and watching television are likely activities you perform every day. Your ability to do all of these, however, depends on your vision and eye health. Routine eye exams will help maintain your vision as well as detect various eye problems and concerns about your overall health. Obtaining vision insurance is a way to make sure you can continue enjoying good health as well as the sights around you.
Vision coverage is similar to regular medical insurance and is one of the voluntary benefit options commonly offered through employers.
Group Life Insurance
Life insurance isn’t a fun thing to think about, and it may seem like an unnecessary expense. But if you have people who depend on you for financial support, then life insurance is really about protecting them in case something happens to you – your designated beneficiary would collect a financial benefit upon your death.
The Basics – Term life insurance is coverage that employers offer to employees only. Coverage may be employer- or employee-paid. Often, employers offer a specified benefit (flat fee or percentage of salary) that is cost-free for employees, then offer the option for employees to purchase additional coverage. Because spouses and dependents are not covered under this type of plan, some employers also offer a separate voluntary plan to cover these individuals if employees choose.
Advantages – This coverage is generally very affordable for employers, because the group plan spreads the risk over many people so premiums tend to be low. Plus, if you take the time to educate employees about the importance of life insurance, offering this coverage can increase employees’ appreciation of their benefits package. Group-term life insurance is also advantageous for employees. Employees get coverage that is either employer-paid or at least cheaper than a policy purchased in the individual coverage market. Another big advantage for employees is that most group term plans do not require health assessments. Employees purchasing individual coverage often face premiums contingent on the results of a medical exam—or may even be denied coverage on that basis
Group Disability Insurance
Disability insurance protects workers and their families against financial catastrophe by helping them meet daily expenses— bills, mortgages and other expenses—and maintain their standard of living. Disability insurance replaces a percentage of predisability income if an employee is unable to work due to illness or injury for a specified period of time.
Employers may offer short-term disability coverage, long-term disability coverage, or integrate both short- and long-term disability coverage.
Short-term Disability (STD) coverage provides disabled employees with a specified percentage of pre-disability income – typically 60% – once their sick leave has been exhausted. The duration of STD coverage varies, but is typically not more than six months. Conditions that may trigger payment of STD benefits include pregnancies, strains, sprains and minor surgeries. These conditions typically resolve quickly and employees usually are able to return to work before the benefits are exhausted.
Long-term disability (LTD) insurance provides income to workers whose earnings are interrupted by lengthy periods of disability. Long-term disability benefits usually begin when sick leave and short-term disability benefits are exhausted, and typically replace about 60% of pay. LTD benefits can continue for anywhere from five years to the remainder of an individual’s life. LTD is generally considered protection from the effects of a catastrophic illness or injury, but claims are often a result of common ongoing medical conditions that worsen over time (e.g., heart disease, hypertension and diabetes).
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