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Group Employee Benefit Programs
Attracting and retaining employees by enriching compensation packages is obviously essential in today’s marketplace. Finding and fine-tuning plans that provide the most benefit to personnel at reasonable costs to employers is a distinctive Loveman, Kornreich & Steers, Inc. goal.
Over 50 years, Loveman, Kornreich & Steers, Inc. has discovered and vetted numerous medical, dental, disability, life insurance programs, financial needs and estate planning.
For example, Loveman, Kornreich & Steers, Inc. does extensive research before a group medical insurance plan is recommended to a client. One of our key objectives is to match the doctors of choice to the majority of employees, with networks that include those doctors. This helps control the out-of-pocket expenses each employee is exposed to annually. We utilize strategic cost containment initiatives to fulfill our clients needs, goals and objectives.
Group Life Insurance provides a death benefit to each employee, which may include accidental death and dismemberment protection (double or triple indemnity). The protection is term insurance and is provided while in the employ of the employer.
The amount can vary from one, two or three times annual salary to a specified amount by class of employee. Each employee may choose their personal beneficiary.
Under a Group Employee Medical Plan benefits are provided to each employee/dependent in many different forms. Health Maintenance Organizations (HMO’s) provide coverage for doctors and hospitals that are in their networks only. Point of Service (POS’s) provides coverage both in network and out of network at different usual, customary and reasonable (UCR) levels. Preferred Provider Organizations (PPO’s) provide coverage both in network and out of network with no referrals needed in network. Exclusive Provider Organization (EPO) is essentially an HMO, however, members are not required to obtain a referral for ANY Specialist. EPO'S are one of the most comprehensive plans available, while still cost effective, there is no referral necessary. Additionally, most EPO'S have larger networks and higher Doctor/Specialist participation.
Health Savings Accounts (HSA’s), Health Reimbursement Arrangements (HRA’s), and Flexible Spending Accounts (FSA’s) are methods used to reduce medical premiums and have the employee share in the management of their health care. They may be administered by a third party administrator (TPA).
A key to a successful plan is making sure the employee’s annual out of pocket expense is kept at a reasonable level and that most of the doctors and hospitals currently used by employees are in the network chosen.
DISABILITY INCOME INSURANCE
Long Term Disability Insurance
In the event an employee becomes disabled as a result of an accident or a sickness, the employee may receive a percentage of his/her income based upon previous earned income. Policies usually have a waiting period of 3 or 6 months (deductible) and benefits are paid until age 65. Monthly benefits are usually a percentage of earned income i.e. 60% or 70% up to a specified monthly maximum.
Short Term Disability Insurance
In the event an employee becomes disabled as a result of an accident or a sickness, the employee may receive a percentage of his/her income based upon previous earned income. Policies usually have a waiting period (deductible) of 7 days before benefits begin and benefits are paid for 26 weeks (6 months).
In some states, mandated disability benefits give each employee a small benefit and then the employer is able to supplement the basic coverage.
Dental insurance coverage can be provided for employees/dependents for preventive, basic, and major services. Benefits can be structured for reimbursement of in network and out of network services. An employer can buy various maximum annual limits with different deductibles depending upon their budget. Coverage can be purchased and paid for by the employer or on an employee voluntary basis.
LONG TERM CARE INSURANCE
An employer may sponsor individual Long Term Care policies that may be purchased at a discount. Long Term Care means not only care in a nursing home, it can also mean nursing care in your own home to help with the daily activities of living such as dressing, eating, toileting, bathing, continence, and transferring.
Services provided would include institutional care i.e. nursing facilities and assisted living facilities. Non-institutional care would include home health care, personal care, adult day care, respite care and hospice care.
When implementing a policy, care should be given to the following: monthly benefit to be paid, the elimination period (deductible before claim payments begin), the benefit period (how long will the carrier pay a claim), and an inflation factor so the monthly benefit increases as costs for care increase. Decide what your budget is and let our advisor guide you so that your assets are preserved should you need care.
Employer sponsored retirement plans are one of the best ways to plan for the future. 401(k), profit sharing, defined benefit or defined contribution pensions, and annuities are all vehicles that should be maximized by an employee if possible. Savings on a pre-tax basis with non-taxable earnings in the plan help to compound the employee's account thereby giving the employee and his/her family a fund to help live on during retirement.
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