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Health insurance is coverage for medical expenses and hospitalization. In it's simplest form , the insured is able to pay a monthly premium for coverage in the event of sickness or injury requiring medical attention. At the time of need, the majority of the bill for the services will be paid by the insurance company, depending on the type of plan, rather than coming from the insureds bank account. With medical costs consistently rising, insurance companies can keep the costs in check by contracts with doctors stating the costs allowable for procedures. Most health plans also carry prescription plans which enable the insured to pay a small amount for the prescription while the insurance company picks up the remainder of the cost.
There are several types of health insurance plans, each has it's advantages.
You should speak with an agent as to which plan design best suits your
needs. Each set up has upgrades that can be chosen to tailor plant to suit
you.
LONG TERM CARE
Long term care is coverage for in home or in facility nursing care.
This can be either custodial, intermediate or skilled care performed by
licensed practitioners. A monthly premium is paid to an insurance company
to ensure that in the event that the insured needs care, a pool of money
is set aside to draw from by the insurance company. Most people can not
afford the expenses of long term care. The average stay in a facility is
over 2 years, and for alzheimer patients it's over 12 years at at cost
of $30,000 to $50,000 per year. This insurance allows you to pay a small
amount each month in exchange for a daily benefit from the insurance company
to be used towards in home nursing, group homes, senior day care, nursing
facilities, and assistance with daily living.
DISABILITY INCOME INSURANCE
Disability income insurance covers your ability to earn an income in
the event of accident or illness. The coverage is based on your occupation,
salary, age, and health. Benefits are calculated on a percentage of salary
and are received income tax free. The coverage varies from company to company,
some offer an own occupation definition of disability, meaning that if
you cannot perform the material and substantial duties of your exact occupation
you will receive benefits regardless of your ability to work elsewhere.
Others offer a loss of earnings contract which requires you to work if
physically able to but, will pay you the difference in salary from what
you were making prior to the disability occurring. This program is dependent
on your needs, make sure you understand exactly what the plan entails.
EMPLOYEE BENEFITS
Aside from health insurance, there are a number of benefits an employer
can offer its employees. These can be voluntary or employer paid. They
include:
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Vision coverage Group life Group disability Retirement plans Optional savings plans Section 125 Medical savings plans Assistance with earned income credit |
Each plan has its place, talk with Brad as to which may suit your business.
A NOTE ON EARNED INCOME CREDIT...IT IS LAW THAT YOU MAKE THIS AVAILABLE TO THE EMPLOYEES THAT QUALIFY.