Welcome to the MFG Benefits Difference!

our approach 

Our approach to your benefits and insurance is comprehensive

 

MFG Benefits looks at more than financial and medical compensation, we focus on improving the financial, physical, personal, health & well being of your employees and their families. We strive to help you be the employer of choice in your industry by providing comprehensive benefits to you and your team. 

  • Benefits Cost Management

Analysis makes the most of your benefits dollar based on YOUR needs.

 

  • Cutting-edge Technology for Benefits Renewal

Advanced quoting and renewal platform delivers the most accurate rates possible and securely stores employee data to streamline future renewals.

  • Local Full Time Benefits Advisor

Can meet with every employee/new hire one-on-one to explain benefits and save you time.

  • Save Company and Employees’ Time on Insurance Claims

We are the single point of contact for insurance claims inquiries and questions. Our renewal technology streamlines the process for current and future benefit enrollments.

 

  • Increase Your Bottom Line with Insurance and Benefits Plans

Our plan design capabilities include fully integrated benefit products to save you money.

MFG Benefits designs group insurance and benefit packages that fit your needs at a price that fits your budget. These packages, whether they are medical insurance, group health or employee benefits hold value for your employees and the long range goals of your business, in turn giving you an edge over your competition and retaining long term employees while reducing your costs.

 

"They take an educational approach to managing our plan and offer exceptional customer service at competitive rates. Their personalized support for our employees has created value we would not be able to find elsewhere."
--Julie Williams, HR Coordinator RSVA

products

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.

Dental

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.

Vision

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.

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.

  • Accidental Insurance Plans

  • Critical Illness

  • Heart/Stroke Insurance

  • Cancer Insurance

  • Hospital Indemnity

  • Limited Medical Plans

Flexible Spending Accounts (FSA)

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.

Health Savings Account (HSA)

A health savings account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan (HDHP). The funds contributed to an account are not subject to federal income tax at the time of deposit.

 

glossary

Click the + to expand the definition

Alternate Care Benefit


Payment for a special arrangement of services specifically designed to allow the person to reside in a setting other than a nursing facility (i.e. services to provide assistance, capital improvements such as a ramp, and/or durable medical support.




Annual Benefit Cap


Payment for a special arrangement of services specifically designed to allow the person to reside in a setting other than a nursing facility (i.e. services to provide assistance, capital improvements such as a ramp, and/or durable medical support.




Assignment of Benefits


Payment for a special arrangement of services specifically designed to allow the person to reside in a setting other than a nursing facility (i.e. services to provide assistance, capital improvements such as a ramp, and/or durable medical support.




Beneficiary


Payment for a special arrangement of services specifically designed to allow the person to reside in a setting other than a nursing facility (i.e. services to provide assistance, capital improvements such as a ramp, and/or durable medical support.




Benefit Increase Options


Also known as automatic benefit increase option, automatic increase benefit, and cost of living adjustment benefit. These are optional benefits that provide for annual increases in the benefit amount to offset the effects of inflation. Benefit increase options are paid for at the time of issue and either increases the daily policy benefits by a 5% compounded or simple interest factor. A key element to remember is that the increases begin at the second policy anniversary and continue for the duration of the policy, except where the insurance carrier "caps" the increase at some predetermined amount. These increase options are not to be mistaken with future insurability options.




Benefit Period


A benefit period is a way of measuring a beneficiary's use of hospital and skilled nursing facility services covered by Medicare. A benefit period begins the day the beneficiary is hospitalized. It ends after the beneficiary has been out of the hospital or other facility that primarily provides skilled nursing for rehabilitation services (or, if in the latter type of facility, has not received skilled care there) for 60 days in a row. If the beneficiary is hospitalized after 60 days, a new benefit begins period begins, most Medicare Part A benefits are renewed, and the beneficiary must pay a new impatient hospital deductible. There is no limit to the number of benefit periods a beneficiary can have.




Cafeteria Plan


A plan which offers a choice between two or more benefits, or a choice between cash and one or more qualified benefits, and which complies with Section 125 of the Internal Revenue Code. (Also known as flexible benefit plans or "flex" plans).




Claim


Demand to the insurer by an insured person for the payment of benefits under a policy.




COBRA (Consolidated Omnibus Budget Reconciliation Act of 1985)


A federal law that requires most employers to allow eligible employees and their beneficiaries to continue to self-pay for their coverage after it normally terminates for up to 18, 24, 29 or 36 months.




Co-insurance


An agreement between the insured and the insurance company where payment is shared for all claims by the policy. A typical arrangement is 80%/20% up to $5,000. The insurance company pays 80% of the first $5,000 and the insured pays 20%. Usually after 80% of $5,000, the insurance company then pays 100% of covered expenses during the remainder of the calendar year up to any limits of the policy. This is also referred to as co-payment.




Coordination of Benefits (COB)


A contractual provision to prevent an insured from receiving benefits under more than one health insurance plan so that the insured's benefits from all sources do not exceed allowable medical expenses or eliminate appropriate patient incentives to contain cost.




Co-payment


A small charge paid at the time a medical service is received. It does not accumulate towards a plan's deductible or out-of-pocket maximum and is designed to discharge utilization. (See Co-insurance)




Coverage


The different types of options selected and the benefits paid under a plan or insurance contract.




Deductible


The amount of covered expenses that the insured must pay before a plan or insurance contract starts to reimburse for eligible expenses.




Enrollee


Health plan participant, member, or eligible individual in a managed Care program.




Evidence of Insurability


A procedure used to review factors concerning a person's physical condition and medical history. From this information, the plan or insurance company evaluates whether the risk of the individual will be accepted and if they will offer coverage.




Experience-Rated


Determination of premium or capitation rates for a group risk based wholly or partly on that group's previous cost and utilization experience.




Explanation of Benefits (EOB)


A document sent to an insured when the plan or insurance company handles a claim. The document explains how reimbursement was made, or why the claim was not paid, and if any additional information is needed. The appeals procedure should be outlined to advise the insured of his/her rights if there is dissatisfaction with the decision.




Fiduciary


Under ERISA, any person who exercises discretionary authority or control over a plan or plan assets.




Flexible Spending Accounts


Special accounts typically funded by an employee's salary reduction to help pay certain expenses not covered by the employer's plan or insurance contract. The advantage of these accounts is that after-tax dollars are converted to before-tax dollars, thereby reducing the actual cost of expenses.




Formulary


List of preferred pharmaceutical products to be used by a managed care plan's network physicians. Formularies are based on evaluations of the efficacy, safety, and cost effectiveness.




Grace Period


Time period that follows the premium due date when the coverage and policy remain in force.




Guaranteed Issue Underwriting


The applicant is guaranteed coverage up to an agreed amount or level without evidence of insurability (see Evidence of Insurability).




Health Maintenance Organization (HMO)


An organization that provides a wide range of comprehensive health care services for a specified group of enrollees for a fixed, pre-paid premium. There are several models of HMOs: Group Model, Individual Practice Association (IPA), Staff Model and Network Model.




Hospital Indemnity Insurance


Hospital indemnity coverage is insurance that pays a fixed cash amount for each day you are hospitalized up to a designated number of days. Some coverage may have added benefits such as surgical benefits or skilled nursing home confinement benefits. Some policies have a maximum number of days or a maximum payment amount.




Indemnity Insurance


Health care insurance plan providing benefits in a predetermined amount for covered services. Traditionally, the insurer pays on a fee-for-service basis with no involvement in the actual delivery of health care services.




Insurability


The health status of an insurance applicant, which makes him/her acceptable to an insurance company, i.e. health, financial condition, occupation.




Long-term Care (LTC)


Continuum of maintenance, custodial, and health services to the chronically ill, disabled, or mentally impaired over a lengthy period of time. Services may be provided in long-term care or on an outpatient basis (subacute care, rehabilitation facility, nursing home, mental hospital, outpatient, or at-home basis).




Managed Care


Term used to describe the coordination of financing and provision of health care to produce high-quality health care for the lowest possible cost. A system that imposes control on the utilization of medical services and on the providers who renders the care. Managed care is provided through managed indemnity plans; Preferred Provider Organizations (PPOs), Exclusive Provider Organizations (EPOs), Health Maintenance Organizations (HMOs), or any other cost management environment.




Medicaid


State programs with federal matching funds for public health assistance to persons, regardless of age, whose income and resources are insufficient to pay for health care.




Medicare


Federally sponsored program under the Social Security Act that provides hospital benefits, supplementary medical care, and catastrophic coverage to persons 65 years of age and older and to some younger persons who are covered under Social Security benefits.




Network Providers


Limited grouping or panels of providers in a managed care arrangement with several delivery points. Enrollees may be required to use only network providers or may have financing liability for using non-network providers for medical services.




Non-Network Providers


Non-contracted or unapproved health providers who are outside a managed care arrangement.




Out-of-Network Care


Medical services obtained by managed care plan members from unaffiliated or non-contracted health care providers. In many plans, such care will not be reimbursed unless previous authorization is obtained.




Out-of-Pocket Expenses


Those health care costs that must be borne by the insured.




Out-of-Pocket Maximum


The maximum amount that an insured is required to pay under a plan or insurance contract.




Participating Provider


A provider who has agreed to contract with a managed care program to provide eligible services to covered persons.




Portability


Provides access to continuous health insurance coverage so the insured does not lose coverage due to any change in health or personal status (such as employment, marriage, or divorce).




Pre-existing Condition


A condition or diagnosis which existed (or for which treatment was received) before coverage began under a current plan or insurance contract, and for which benefits are not available or are limited.




Preferred Provider Organization (PPO)


Managed care arrangement consisting of a group of hospitals, physicians, and other providers who have contracts with an insurer, employer, third-party administrator, or other sponsoring group to provide health care services to covered persons in exchange for prompt payment and increased patient volume.




Premiums


Periodic payment to keep an insurance policy in force.




Self-Funding


An arrangement under which all or some of the risk associated with providing coverage is not covered by an insurance contract.




Stop-Loss Insurance


Protection purchased by self-insured and some managed care arrangements against the risk of large losses or severe adverse claim experience.




Supplementary Coverage


Insurance to help cover those parts of Medicare Part B that are non-reimbursable.




Third-Party Administrator (TPA)


Method by which an outside person or firm, not a party to a contract, provides specific administrative duties (including premium accounting, claims review and payment, arranges for utilization review and stop-loss coverage) for a self- funded plan. Entity may also handle payment of claims.




Underwriters


Insurance professionals who determine if and on what basis an insurer will accept an application for insurance.




Utilization


Patterns of usage for single medical service or type of service (hospital care, prescription drugs, physician visits). Measurement of utilization of all medical services in combination usually is done in terms of dollar expenditures. Use is expressed in rates per unit of population at risk for a given period, such as number of annual admissions to a hospital per 1,000 persons over age 65.




Waiting Period


Date of hire and the employees eligibility to qualify for a plan of insurance or if already insured that time period before one is eligible for benefits (i.e. elimination period).




Waivers


Term usually associated with the Medicare or Medicaid programs by which the government waives certain regulations or rules for a managed care or insurance program to operate in a certain geographic area. Can also relate to exclusions in life and disability insurance (reference "Rider").





 

helpful links

National Association of Health Underwriters (NAHU)

Represents more than 100,000 licensed health insurance professional who service the health insurance needs of large and small employers as well as people seeking individual health insurance coverage.

National Association of Insurance & Financial Advisors (NAIFA)

Represents the interest of insurance professionals from every Congressional district in the U.S. It’s members assist consumers by focusing their practices on one or more of the following: life insurance and annuities, health insurance and employee benefits, multiline, and financial advising and investments.

Nevada Division of Insurance

Charged with protecting the rights of the consumer and the public’s interest in dealing with the insurance industry and is responsible for regulating the insurance industry for the state of Nevada.

California Department of Insurance

The mission of this organization is to ensure vibrant markets where insurers keep their promises and the health and economic security of individuals, families, and businesses are protected for the state of California.

Nevada Drug Card

A FREE statewide prescription assistance program available to all Nevada residents.

Foundation for Health Coverage Education

Organization whose mission is the simplify public and private health insurance eligibility information in order to help more people access coverage.

Society for Human Resource Management (SHRM)

The Society for Human Resource Management (SHRM) is the world’s largest HR professional society, representing 285,000 members in more than 165 countries. For nearly seven decades, the Society has been the leading provider of resources serving the needs of HR professionals and advancing the practice of human resource management. 

 

MFG Benefits COVID-19 Resource Center

1329 Airmotive Way, Suite 390

Reno, Nevada 89502

Tel: 775-329-3041

Fax: 1775-329-3093

admin@mfgbenefits.com

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