These benefits can meet the variety of needs your employees have in the areas of life insurance, short & long term disability insurance, long term care insurance, health insurance, and dental insurance at an affordable price.
Voluntary Employee Benefits are a way to offer your employees additional benefits with zero out-of-pocket costs for the employer -- the employees pay the entire cost of any voluntary benefits they opt for.
Voluntary Benefit Plans (Employee Paid) can include:
A life insurance plan is a policy that pays a specified sum to beneficiaries upon the death of the insured.
A Short Term Disability plan is coverage that provides income protection should you become disabled due to sickness or non-occupational injury
A Long Term Disability plan is financial coverage provided to an employee who is unable to work due to illness or injury (either occupational or non-occupational).
A Long Term Care Plan is medical care provided by a health care facility to a chronically-ill, aged, disabled or mentally challenged patient on a continuing and lengthy basis.
This term usually refers to institutional care, and is most frequently used to refer to nursing home care provided by nursing facilities and institutions caring for the mentally-ill and the mentally-retarded.
Long term care's goal is to help people with disabilities be as independent as possible; thus it is focused more on caring than on curing .
Long term care is needed by a person who requires help with the activities of daily living (ADLs) or who suffers from cognitive impairment.
A dental insurance plan helps pay the costs of normal dental care as well as damage to teeth from an accident.
Affordable alternative to traditional insurance. If you're not providing health coverage for your employees because of the high cost, consider a health-care savings program as an affordable alternative to traditional insurance.
The merits of a health care savings plan are evident. A key concern to employees is the cost of health care, which comes from their post-tax dollars if they are not covered under an employer's plan.
A health care savings plan has the advantages similar to 401a, 403b and 457 plans -- all employee contributions come from pre-tax dollars and earnings on the balance invested are not subject to income taxes.
The contributions can be invested in one or more funds chosen by the employee from a select group of investment options.
Withdrawals are not taxable. A health care savings plan has another very important advantage -- upon retirement or termination of an employee, withdrawals to pay for health insurance premiums and other appropriate health care costs are not considered to be taxable income.
Use stand alone or with traditional plans. Health-care savings programs can be used as a stand-alone benefit or in conjunction with traditional medical insurance in a way that can reduce overall employer premiums.
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