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When it comes to employers offering competitive benefits programs to their employees, MFG Benefits provides solutions. The following is a brief description of the types of insurance coverage we can provide for business owners in our area.
Major Medical
Major Medical insurance is one of the most crucial benefits that an employer can offer their employees. Not only does it allow your company to remain competitive in the eyes of the workforce, but also it projects the care you have about the health and wellbeing of your employees. The insurance industry is ever-changing. With its almost limitless plan design possibilities, ongoing legislative changes, and the like, it is nearly impossible for a business owner or a plan administrator to maintain their business’s Major Medical insurance without the expertise of a broker.
Group Dental insurance is a great ancillary benefit for employers to offer to their employees. This is particularly beneficial to employees’ with one or more children. Dental insurance can be fully-funded by the employer, fully-funded by the employees, or somewhere in-between. Although Dental insurance is known to be less complex than Major Medical, there are still multiple levels of benefits that can be offered. Consequently, a broker’s ability to analyze and determine the benefits that best match your company is a must.
Group Vision insurance is another valuable ancillary benefit to offer to your employees. Being that not all people need Vision coverage, it can be offered on voluntary basis. This means that employees have the choice of whether electing this coverage makes the most sense for them. Moreover, those that do elect the coverage are responsible for fully-funding their benefits. Vision insurance coverage can also be fully-funded by the employer.
Life & Accidental Death & Dismemberment
Life & Accidental Death and Dismemberment (Or AD&D) is a type of insurance that pays benefits to the beneficiary of a person who dies from an accident.
Long-Term Disability & Short-Term Disability
Short Term Disability is a type of insurance that pays part of your salary if you are temporarily disabled (not able to work due to sickness or off-the-job injury). Long Term Disability is a type of insurance that picks up when short-term disability expires and can cover part of your salary from 2-5 years (depending on your policy).
Section 125
A Section 125 (or cafeteria plan) allows an employer to set up benefit plans that are paid for by an employee’s pre-tax dollars. This gives employees an opportunity to have additions to their health insurance while saving them money.
Voluntary Programs
Voluntary benefits allow employees to purchase additional insurance products through their company at rates that are lower than if they bought them on their own. Premiums are paid from pre-tax dollars and deducted from the employee’s paycheck, making payment simple and convenient.Voluntary benefits are also a way for employers to offer an added incentive to employees without having to pay extra. Everybody wins when voluntary benefits are a part of a company’s employee benefits package. A few examples of voluntary benefits are dental, vision, life, disability, supplemental health and cancer insurance.
Flexible Spending Accounts
A Flexible Spending Account is set up through a cafeteria plan by an employer that allows an employee to set aside a portion of their salary to pay for medical expenses. Since the money is taken out in pre-tax dollars it offers an employee payroll tax savings.
Accidental Insurance Plans
Personal accident insurance covers your expenses from an accident with a lump sum payment, a daily or monthly amount or a payment for loss of life from an accident. Several types of policies supplement an insurance program. Often, accidental death and dismemberment is an inexpensive form of personal accident insurance. Other forms are similar to disability income, but they pay a cash sum when you have an injury due to an accident. There are several ways to buy personal accident insurance. Some policies only pay for specific types of accident.
Critical Illness
Critical Illness insurance is an insurance product that allows an individual to receive a lump sum cash payment if they are diagnosed with one of the illnesses listed on the policy.
Heart/Stroke Insurance
Heart and Stroke insurance is a type of insurance that allows an individual to receive benefits (in addition to existing coverage) to cover costs associated with heart and stroke conditions.
Cancer Insurance
Cancer insurance is an insurance that is additional from major medical and helps reduce the cost of cancer treatment should the policy holder get diagnosed with cancer.
Hospital Indemnity
Hospital indemnity insurance gives the policy holder cash benefits while they are hospitalized for injury or illness. This is in addition to major medical insurance and there are many plan designs to choose from.
A Mini-Med plan is a limited benefit health insurance plan that is considered supplemental coverage for the insured.
Long Term Care
Long Term Care insurance is a product in addition to health insurance, Medicare or Medicaid that helps provide the insured with money to cover costs of long-term care. Long-term care is for individuals who cannot perform the basic activities of daily living.