Insurance Sevices
Employee Benefits Program
Consulting and coverage that benefits your employees and your business
Reid Agency understands the business decisions that go into choosing the best employee benefits program solution. Not only does that program need to be cost-effective, it also needs to help attract and retain the best talent. We partner with our clients to help them navigate that process and convert their benefits program into a strategic advantage.
In addition to consultation and services supporting group health insurance, flexible and cafeteria plans, health savings accounts, COBRA and termination benefits, and employer life and disability insurance, Reid Agency protects our clients’ bottom line by offering:
- Advisement on industry trends and innovations
- Evaluation of and negotiation of premium rates
- Review and examination of alternative insurance company products
- Claims analysis
- Rate projection assessment in preparation for renewals
- Year-end insurance company financial accounting reconciliation
- Employee contribution schedules review
- Alternate funding analysis and recommendations
To safeguard your business and its employees, Reid Agency offers a variety of medical, dental, and vision plans.
Employers who offer employee benefit plans – or are searching for new or better packages –must weigh complex variables: cost, a contribution strategy that aligns with their business size, and compliance with government regulations, among others. The choice of provider is equally critical.
Reid Agency specializes in services for businesses that need a competitive employee benefits package that includes medical, dental, and vision coverage. We can create a strategic plan to manage your goals, challenges, and budget. We also keep you up-to-date and compliant with employee retirement income security, the Department of Labor, and evolving healthcare reform laws.
As your advocate for human resources’ medical, dental, and vision benefit plans, and claims concerns, Reid Agency is an informed, proactive partner focused on your long-term success.
Group Health Insurance
Group health insurance coverage is a policy purchased by an employer and offered to eligible company employees (and often to the employee’s family members) as a benefit of working for that company. A group health insurance plan is a major part of many employee benefits packages employers provide.
Health Insurance Plans
Health Maintenance Organizations (HMOs) and Exclusive Provider Organizations (EPOs
HMOs and EPOs may limit coverage to providers inside their networks. A network is a list of doctors, hospitals, and other healthcare providers that provide medical care to members of a specific health plan. If you use a doctor or facility not in the HMO’s network, you may have to pay the full cost of the services provided. HMO members usually have a primary care doctor and must get referrals to see specialists. This is generally not true for EPOs.
Preferred Provider Organizations (PPOs) and Point-of-Service plans (POS)
These insurance plans give you a choice of getting care within or outside a provider network. You may use out-of-network providers and facilities with PPO or POS plans, but you’ll have to pay more than in-network ones. If you have a PPO plan, you can visit any doctor without a referral. If you have a POS plan, you can visit any in-network provider without a referral, but you’ll need one to visit a provider out-of-network.
High Deductible Health Plan (HDHP)
High Deductible Health Plans typically feature lower premiums and higher deductibles than traditional insurance plans. If you have an HDHP, you can use a health savings account or a health reimbursement arrangement to pay for qualified out-of-pocket medical costs. This can lower the amount of federal tax you owe.
Catastrophic Health Insurance Plan
A catastrophic health insurance plan covers essential health benefits but has a very high deductible. This means it provides a kind of “safety net” coverage in case you have an accident or serious illness. Catastrophic plans usually do not provide coverage for services like prescription drugs or shots. Premiums for catastrophic plans may be lower than traditional health insurance plans, but deductibles are usually much higher.
Dental Insurance Plans
Dental insurance is designed to pay a portion of the costs associated with dental care. Generally, dental offices have a fee schedule or a list of prices for the dental services or procedures they offer.
Typical Types of Dental Insurance
Indemnity Dental Insurance Plan
This plan may be helpful when you want to stay with your dentist, and he/she does not participate in a dental network. However, by the very nature of this plan, the insurance company generally pays the dentist a percentage of your services according to the policy you purchased. In addition, you will want to review the co-payment requirements, waiting periods, stated deductible, annual limitations, and graduated percentage scales based on the type of procedure and/or length of time you have owned the policy prior to starting your dental work.
Dental Health Managed Organization (DHMO)
When a dentist signs a contract with a dental insurance company, that provider agrees to accept an insurance fee schedule and give their customers a reduced cost for services as an In-Network Provider. Many DHMO insurance plans have little or no waiting periods and no annual maximum benefit limitations while covering major dental work near the start of the policy period. This plan is sometimes purchased to help defray the high cost of dental procedures. Some dental insurance plans offer free semi-annual preventative treatment. Fillings, crowns, implants, and dentures may have various limitations.
Participating Provider Network (PPO)
Depending on your specific plan, the PPO works similar to a DHMO using an In-Network facility. However, it allows you to use an Out-of-Network or Non-Participating Provider. Any difference in fees will become the financial responsibility of the patient unless otherwise specified in your dental policy. As noted, some dental insurance plans may have an annual maximum benefit limit. Thus, once the annual maximum benefit is exhausted, additional treatments may become the patient’s responsibility. Each year that annual maximum is reissued. The reissued date may vary as a calendar year, company fiscal year, or date of enrollment based on your specific plan.
Vision Insurance Plans
Vision insurance is a form of insurance that provides coverage for the services rendered by eye care professionals such as ophthalmologists and optometrists.
The typical vision insurance plan provides yearly coverage for eye examinations and partial or full coverage for eyeglasses, sunglasses, and contact lenses, with or without copays, depending on the plan chosen.
If you see the big picture, you know how important eye health is to overall well-being. However, a little attention to those baby blues, browns, greens, or hazels can make all the difference.
We can help you obtain affordable vision coverage, including an annual routine eye exam for a low copayment. Plus, you get coverage for contact lenses or eyeglass lenses and frames – including designer names.
Flexible and Cafeteria Plan
Every employee has different financial and healthcare needs. One size does not fit all. Employers who offer a flexible benefits plan or cafeteria plan maintain the tax advantages of group coverage while providing employees with more choice and control over their healthcare dollars.
Reid Agency has a robust insurance portfolio with a selection of flexible benefit plans, including cafeteria plans and pre-tax flexible spending accounts, that can help employers save money, maintain more financial control over their benefits plan, and attract and retain quality employees.
Health Savings Accounts
Employees today have come to expect a choice in their healthcare benefit options. Health savings accounts (HSAs), health reimbursement arrangements (HRAs), flexible spending accounts (FSAs), and medical savings accounts (MSAs) are competitive value-added options that provide more flexibility and control for both employers and employees.
Understanding the specific tax and government code regulations associated with each type of account is complex. Likewise, Reid Agency recognizes that few employers have the time or resources to oversee this important facet of their business.
Through strategic insight founded on years of experience, up-to-date insurance industry knowledge, and awareness of trending developments, Reid Agency applies strategic insight to help our clients make well-informed decisions about selecting and implementing the best savings, reimbursement, and flex accounts for their business.
COBRA and Termination Benefits
Closing the gap in health and termination benefits
In both good and bad economic times, employers may find it necessary to terminate relationships with employees – and adhere to applicable employment law requirements. Employers who have 20 or more employees and who offer healthcare benefits are required to comply with COBRA – the Consolidated Omnibus Budget Reconciliation Act of 1985. Under this act, beneficiaries who lose health benefits due to a qualifying event have the right to continue participation in group health benefits.
Employers may choose to provide additional termination benefits beyond those legally required, such as severance packages that include additional payments, stock options, and access to employment search services.
Reid Agency qualified insurance professionals provide consulting for employers to understand the eligibility requirements, impact, and administration of COBRA and termination benefits.
As experts in this area of employee benefits, we identify the most current regulatory concerns, provide information about taxation credits, and explain changes in reimbursement rules for our clients. Our holistic approach provides a roadmap for employers to appropriately manage their obligation to former employees, in tandem with hiring, firing, and taxation requirements that accompany termination.
Life Insurance and Disability Insurance
Protect your employees’ paychecks and your bottom line
Life insurance and disability insurance as employee benefits serve two purposes: they safeguard employees and their beneficiaries in the event of an untimely death or accident that compromises financial security, and it helps the employer attract and retain quality employees.
Reid Agency offers a broad selection of life insurance and disability insurance products for employers that can be tailored to fit specific needs. From permanent and low-cost term life insurance packages to short- and long-term disability coverage, executive disability packages, and paid leave coverage, our insurance solutions are designed to provide peace of mind and mitigate risks for employees and employers.
For more information, please fill out the form below or call us at 516-407-9510.
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