Employee Benefits Programs
These programs and techniques can help you enhance your benefits program:
Employee Benefits Assessment
We recommend organizations conduct a periodic independent due diligence review of their benefits plan to determine if they are getting the most out of their plan and document its current state. This due diligence review provides an overall assessment of the plan as well as plan compliance, communications and disclosures.
The due diligence review identifies areas within the plan that may need further attention and support or confirms effective management for the plan’s fiduciary file.Employee Benefits Assessment
Group Life Insurance
The AEPG Difference: Helping you give your employees peace of mind – at a surprisingly affordable cost.
As a small business owner, you know that employee satisfaction is very important to productivity and the success of your business. One way to give your employees some peace of mind is to provide them with a basic level of life insurance – a benefit that many employees go without, risking the financial security of their families in the event of an unexpected tragedy.
Our group benefits experts and life insurance specialists can help you understand the levels and costs of life insurance coverage available as part of our benefits planning services. Many of our clients find that a basic policy (e.g., $50,000 per employee) is sufficient, while others select an amount equivalent to some multiple of each employee’s annual salary.
We help you design the best and most cost-effective benefits package to meet your business needs and budget, including options for including accidental death and dismemberment (AD&D) insurance and deciding whether to cover your your employees’ premium payments (a surprisingly affordable alternative for many businesses).
Short-term Disability Insurance
An accident or illness that leads to disability can cause significant financial hardship. Short-term disability insurance can help you and your employees continue providing for your families if you are unable to work. Our employee benefits experts and insurance specialists can help you understand the regulations governing short-term disability insurance and your options for providing additional levels of coverage.
For example, if your business is located in NJ or NY, state law requires you to provide a certain amount of minimal coverage for the first 6 months the employee is unable to work. However, the established amount typically covers only a small percentage of the employee’s regular income, so you may choose to provide supplemental insurance (up to 60% of total salary). If your business is located outside NJ and NY, you may select a complete short-term disability plan for your employees.
Both options allow you to give your employees peace of mind, knowing that they can count on a meaningful level of income replacement in the event of an unexpected health problem.
Long-term Disability Insurance
Unfortunately, short-term disability coverage may run out before your employee is able to return to work. An employee who remains disabled after 6 months may be left without any source of income, unable to provide for his or her family and facing potential financial ruin.
A private long-term disability insurance policy can be the ideal solution for your business and your employees. Our benefits planning experts and insurance specialists can provide practical, independent advice on the many variations in long-term disability policies and custom-design a group plan that meets your specific needs.
Group Long-term Care
The AEPG Difference: Custom-designed long-term care insurance plans that meet your needs and provide the best value to your business and your employees.
The good news: Americans are living longer. The bad news? The cost for long-term elder care has soared – so high that it’s possible for long-term care costs to wipe out your entire life savings, leaving nothing for your family or future generations. Even younger people who experience a disabling health crisis can find themselves and their families in the same terrifying situation.
As a business owner, you can give your employees a sense of security by offering group long-term care insurance as part of your employee benefits package. Many policies provide generous levels of coverage before medical screening is required, so you and your employees can be confident that you will be protected.
We can custom-design a long-term care insurance plan that meets your needs and provides the best value to your business and your employees.
Health Savings and Health Reimbursement
The AEPG Difference: Helping you take advantage of innovative programs that benefit you and your employees.
HSAs and HRAs are relatively new developments in the healthcare landscape, but they have quickly become staples of many employee benefits packages. Our experienced employee benefits planning professionals provide independent, practical advice on how these innovative programs can benefit your business and your employees.
Health Savings Accounts (HSAs)
HSAs can help you reduce the cost of your employee health insurance benefits. In an HSA program, you provide a government-approved base health insurance policy with a high deductible for all medical procedures. Each employee then sets up a bank account to which he or she – and/or you, as the employer – can contribute money, which is used on a tax-favored basis to pay for approved unreimbursed medical expenses. Your employees keep whatever money is left over at the end of the year, giving them a strong incentive to spend money only on medically necessary procedures and treatments.
Health Reimbursement Arrangements (HRAs)
HRAs have become one of the most popular strategies for business owners to save money on employee health insurance. By enrolling in an HRA program, you can purchase a health insurance plan with a very high deductible, significantly reducing premium costs. The money saved can be allotted to your employees on an “as needed” basis to cover unreimbursed medical expenses. Some of your employees will not use up their allotment, and you can keep the remaining funds to reinvest in your business or pay toward other employee benefits costs. Thus, both you and your employees can benefit from an HRA.
Voluntary Group Insurance Products
The AEPG Difference: Giving you extra flexibility in your employee benefits plan.
As a business owner, you may want to give your employees a bigger and better benefits package – but you may not be able to afford it. Voluntary group insurance products provide you with extra flexibility in your employee benefits plan.
Our employee benefits planning experts and insurance specialists can provide you with many different options for insurance that your employees can access at affordable group rates via payroll deductions. Your employees can choose whether or not to elect each type of insurance based on their own specific needs and financial situation.
We can help you and your employees understand the details and advantages of a wide variety of voluntary group insurance products available to companies, including:
- Group term life insurance
- Group universal life insurance
- Long-term and short-term disability insurance
- Certain indemnity plans (e.g., cancer, accident, or hospital)