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November 24, 2020
Should You Offer Employee Group Benefits?
December 21, 2020
Aren’t sure what types of employee benefits to offer your team? As a group insurance brokerage firm, we completely understand. Shopping for group benefits is a process that can’t be rushed.
To help you get started, here’s a look at the 10 most common types of employee benefits.
1. Health Insurance
Health insurance helps pay for any medical, surgical, prescription drug, and other related expenses covered by your plan.
In general, most policies cover 100% of your preventive care. For example, you most likely won’t have to pay anything out of pocket for your annual physical and vaccinations.
The three main types of health insurance are:
- (PPO)
- (HMO)
- (POS)
No matter what insurance you select, we recommend choosing in-network providers whenever possible.
HMO Plans
If you have an HMO plan, your insurance will only cover expenses from in-network providers. You’ll also need to designate a primary care physician who will refer you to specialists as needed.
PPO Plans
If you have a PPO plan, your insurance will still partially cover expenses from out-of-network providers. But your insurance will cover more of the cost if you choose an in-network provider.
With a PPO plan, you don’t have to designate a primary care physician. This also means that you can schedule an appointment with a specialist without needing a referral.
POS Plans
A POS plan is a hybrid of the HMO and PPO plans. You’ll pay less if you choose in-network providers. But you’ll need your primary care physician to refer you to any specialists.
2. Health Reimbursement Account
HRA stands for Health Reimbursement Account but it’s also known as a Health Reimbursement Arrangement. This is a group health plan that you own and fund to reimburse your employees for qualified medical expenses up to a yearly limit. These reimbursements are tax-free and can be rolled over.
3. Health Savings Account
A Health Savings Account (HSA) allows your employees to set aside pre-tax dollars to pay for deductibles, copayments, co-insurance, and other qualified medical expenses. In order for your employees to contribute to a HSA, they must have a high-deductible health plan.
4. Dental Insurance
Dental insurance plans help cover the full or partial cost of dental care. We offer both DPPO and DHMO plans.
With a DHMO, you’ll need your primary dentist to refer you to another dentist or specialist. You’ll also have to select an in-network provider in order for your policy to cover any of the cost.
With a DPPO, you can select any dentist and still get at least partial coverage for your dental care. But you’re better off choosing an in-network provider for the best coverage. A DPPO also allows you to see another dentist or specialist without a referral.
5. Vision Insurance
Vision insurance helps cover the cost of preventive eye exams, as well as prescription glasses and contact lenses.
6. Life Insurance
Life insurance pays a lump sum to the policyholder’s beneficiaries upon the insured’s death. To receive this benefit, your employees will need to pay a premium.
7. Disability Insurance
Disability insurance insures an employee’s earned income. That way, if the insured was unable to continue working due to a disability, their policy would cover a percentage of their lost wages. This allows your employees to continue paying their bills, buy groceries, and cover other living expenses.
8. Voluntary/Worksite Benefits
Voluntary benefits (also called worksite benefits) are paid by your employees to fill in any gaps from high deductibles or copayments. This helps decrease any burden your employees may have from out-of-pocket medical expenses.
9. Long-Term Care Insurance
As the name suggests, long-term care insurance is different from traditional health insurance. This is because it covers long-term health expenses associated with daily living assistance, such as eating or bathing.
10. Pet Insurance
For many people, pets are family. Pet insurance is essentially health insurance for your pet. But instead of your insurance company paying your vet directly, they’ll reimburse you for covered costs after you pay the vet.
Request a Quote With Us Today
Do you still have questions about the types of employee benefits we offer? If so, we’d be more than happy to help you shop for competitive benefits.
As a group insurance brokerage company, we’re proud to serve both small and mid-sized companies throughout Michigan. To request a quote for group insurance plans, call MI E-Benefits at (833) 921-2888.
