Insurance agent meets with group of clients

In Red Bank and throughout Monmouth County, business owners depend on Blue Lion Insurance Advisors, LLC to provide them with reliable, affordable Group Benefits plans. An important part of grooming a company for success, Group Benefits help employers attract and retain quality employees. Our team is known to be responsive as well as efficient, focused on meeting the particular needs of each of our clients. Our goal is to pay such close attention to your requirements that are integral to your company’s smooth functioning.

Advantages of Group Insurance Benefits

Under the Affordable Care Act, large companies (those with 50 or more full-time employees) must provide Healthcare Coverage to their staff or pay a penalty. Many mid-sized companies and small businesses provide such benefits as well.

For employers, healthcare benefits are a recruiting tool and a perk so valuable that in some industries new employees may be willing to accept a lower salary in exchange for them. In addition, the regular medical checkups, inoculations, preventive exams, and early interventions group medical benefits go a long way towards keeping your workforce healthy and productive.

For many, or even most, employees, group healthcare benefits are the only medical coverage they have for themselves and their families. More than that, since their employer is able to negotiate a lower group rate than any individual employee could, and since the company they work for is paying a portion of the bill, their Medical Insurance is considerably cheaper than it would otherwise be.

Of course, group benefits vary widely from one company to another. That’s why it’s so important to have Blue Lion Insurance Advisors, LLC in your corner. We have the in-depth knowledge and well-honed skills to help find you the very best coverage for your business at the very best price.

What Makes Blue Lion Insurance Advisors, LLC Exceptional For Group Insurance

Our team can help you formulate a benefits strategy that meets your budget to help your company maintain competitiveness in your industry. Our services do not end with enrollment; we are available year-round to answer questions pertaining to coverage and to help navigate the sometimes bumpy path to getting proper reimbursements. Whatever the size of your business, you can count on Blue Lion Insurance Advisors, LLC to look out for your employees and their families, as well as your company’s reputation.

Variables Among Group Benefit Plans

Obtaining Group Benefits for your employees is not as simple as it may seem and, at times, the types of policies and the differences between them may be confusing. Blue Lion Insurance Advisors, LLC are well-prepared to clarify your options and help you make the most practical and profitable decision.

Fully Insured Plans

Fully insured plans are basic and traditional. In these, the insurance company assumes the healthcare risks and charges your firm an annual business premium. The cost is split between you (the employer) and your employees, each of whom will pay a portion of the cost.

Premiums the insurer charges can vary among companies according to:

  • Number of employees
  • Overall health of the group as assessed by the insurer
  • Average age of the staff members
  • Employer’s claims history
  • Type of occupation
  • Level of coverage and add-on benefits

In other words, the typical forces pertaining to risk factors come into play. The insurer can charge higher premiums for a workforce that is elderly, performing high-risk tasks (like construction), or to an employer who has a history of high-price claims.

Self-Funded Plans with Stop-Loss Insurance

Some large companies may find it cost-effective to bankroll their own healthcare plan by setting up a trust fund to offset routine healthcare costs of their employees. Though such a plan may appear to be much more affordable, the danger to the business owner is that an employee may suffer a catastrophic accident or a devastating long-term illness, emptying the trust fund and perhaps bankrupting the business itself.

For this reason, employers who self-fund almost always purchase Stop-Loss Insurance.
Stop-loss Insurance pays for healthcare once it reaches a specific amount. The amount at which stop-loss coverage kicks in can depend on the finances of the employer and policy cost can vary accordingly. Employers may also choose to aggregate stop-loss which can kick in, not only if an individual’s claim reaches a catastrophic height, but if a number of employee claims put the cost over the agreed-upon amount.

Level-Funded Plans

Level-funded plans, unlike fully-funded plans, are based on a monthly payment rate. The insurer estimates what the Group Policy can cost for the year and divides it by the number of full-time employees. Then the cost is split between employer and employee. Level-funded plans also include stop-loss or aggregate stop-loss clauses. What makes level-funded health plans different from fully funded ones is that if the claims are lower than the estimated, the insurance company can refund part (or sometimes, all) of the unused funds back to the employer.

Which kind of Group Benefit plan is best for your company?

The types of Group Benefits explained above are only the tip of the iceberg. As an employer looking to purchase a healthcare package for your employees, you will also have to determine which of the following best suits your needs:

  • Health Maintenance Organization (HMO)
    Paid for by monthly premiums, an HMO provides access to a network of healthcare providers, though employees only have access to medical professionals within the network. If they seek services outside the network, they are personally charged.
  • Preferred Provider Organization (PPO)
    PPOs also have a network of healthcare providers, but offer policyholders the option of seeking healthcare outside the network for higher co-pays and additional service costs. In other words, employees are penalized for going out of network but have more flexibility than with an HMO.
  • High-Deductible Health Plan (HDHP)
    HDHPs offer employees lower premiums in exchange for higher deductibles. Such plans are advantageous for group members who have low medical expenses. Also, HDHP plans are sometimes paired with tax-free savings account options that may roll over into retirement plans.

Group Benefits for Term Life Insurance

Many firms offer Group Benefit Life Insurance as well as healthcare coverage to their employees. Because Group Life Insurance is so much less expensive that Individual Life Insurance, the majority of employees are eager to participate. The term on such policies is typically limited to the period of employment. It should be noted that Group Benefit Life Insurance plans are only offered to the employees themselves, not to family members.

Contact Our Experienced New Jersey Group Benefit Providers

Consulting with our expert insurance advisors can help transform your business into a workplace that attracts the best and brightest employees. Offering affordable group benefits can help enhance your reputation and give you an edge over your competitors.

The next step is easy!

Call us today at (732) 860-2751 to learn how our advisors could get you the right coverage, at the right price, and superior service. You can also Request A FREE Insurance Quote on our site or Contact an advisor for more information on insurance for wealthy clients.