A Brief Background - Since the adoption of the workers' compensation, short term disability (dbl), unemployment, and Social Security laws, most states now impose at least the statutory or compulsory lines of coverage. These plans are often considered 'welfare plans' as they protect the welfare of the employee in the event of a loss. But for companies looking to attract and maintain quality employees, other benefit packages should be offered as part of total compensation package. We recommend plans that offer the greatest impact and affect the largest number of the employees in the group. Since every company and the need of it's employees are different, the plans offered should by tailored around the group.

Health insurance is probably the most sought after employee benefit and is most often the focal point of any package. This is because medical care costs are spiraling out of control and the expense of health care can financially ruin the savings of an individual if at least catastrophic health insurance is not secured. But the demand for more comprehensive health benefits are greater because of utilization. As people mature, the need for medical care increases. Prescription drugs and doctor visits become almost routine. A good health plan will allow the member to utilize the services of a health care provider without incurring a high cost of the visit. A small co-payment is designed to encourage visits to an internist to treat a patient early on before a condition can worsen. In theory this process can be preventative in nature as good health habits practiced early on can prevent disease and sickness later in life thus lowering the cost to the carriers and to the employers.

Ancillary coverages, such as dental, life, long term disability and care, vision, etc. are all designed to protect an employee from a loss. The financial impact of a claim can be as great or even greater than with medical, especially with regard to a death or disability. Group life and disability plans are designed to protect the employee and their families in the event of a tragedy. We recommend offering these coverages at least on a voluntary basis which empowers the employee to decide whether the protection is needed. Payment of premium can often be made by payroll deduction.

Dental insurance seems to be more popular than other ancillary products because of the frequency of utilization, but the financial impact of dental claims is generally not as great. Coverage for dental insurance can be comprehensive or designed to cover preventative and basic services. As with health insurance, the cost can vary substantially between plans based on the level of coverage, the network, and out of pocket expenses to the user.

Plans designed to enrich an employees welfare are pensions and savings accounts. These products are used to fund an employees retirement or enhance their savings. There are many types of retirement and savings accounts such as 401k's, ESOP's, stock options, tax deferred annuities, Keogh's, SEP's, defined benefit plans, Simple IRA's, etc. Many of these plans are considered 'qualified' by the IRS as the contributions are on a pre-tax basis and the earnings within the plan can grow tax deferred. Thus it is generally recommended to seek the advise of an accountant to discuss which type of program would offer the best situation to the company and the group members before implementing any one of these programs. These plans can be entirely funded by the employer or more often offer an employer an opportunity to match the contributions of the employee. The concept of matching affords the employer a vesting period. This creates a lock-in time frame whereby an employee wouldn't be entitled to the entire contributions of their employer until they satisfy a certain pre-established waiting period. This is often regarded as the golden handcuffs to the employer as they are able to hold the employee captive until the vesting period has expired.

At Group Coverage, Inc., members of our office and our affiliates are trained on tailoring these plans around the needs of the group. Our staff, along with our affiliates, typically examine a multitude of variables, aspects that enable us to conduct a comprehensive analysis of the employees’ needs. We then make recommendations for the plans that offer a great value to the group as a whole. Our goal is to provide the company with a benefit planning package that is both affordable to the organization and offers the greatest impact to it's members.

Group Benefit Plans should be designed to protect or enrich an organization’s most important asset–-it's employee. In this competitive business environment, it is essential for a company to carry at least some type of employee benefit to attract key personnel and talent. Therefore it’s crucial to choose a employee benefit agency that is capable of designing plans that accomplish these goals and an agency that can properly service the account.

Group Coverage, Inc. is considered by many in the insurance industry as the ‘Broker’s Broker’ assisting insurance professionals with the marketing and servicing of their own clients. Why do other insurance agents and brokers work with the staff of Group Coverage, Inc.? Many reasons:

20 Experience with Insurance Sales and Service
Certified Insurance Counselor as Principal
Customer Service Representatives are Licensed by NYS
Enrollments and Terminations Processing by Staff
Assistance with Compliance Evaluations with Outside Legal Council
COBRA Administration Services Available
Access to Dozens of National & Regional Markets
Custom Employee & HR Portals Available
Experience Enrollers to Assist with Employee Relations

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