Whether you have 20 employees or 10,000, our goal as your employee benefit specialist is to provide exceptional service through ongoing employee communication and education, expertise in product design and administration, and maximization of value for the money you and your employees spend on benefits.
Our experienced benefit specialists will partner with you to maximize your health benefit dollars by taking advantage of innovative plan designs and alternative funding methods. We employ a vast array of insurance carriers, third party administrators and networks to maximize the value of your health plan. A properly implemented health plan includes bidding, enrollment, education, and ongoing administration. Depending on your needs, Ventris will assemble a team with diverse specialists. Put us to work for you.
Group life insurance is a low cost employee benefit that’s tax deductible up to $50,000 per employee. While all employees appreciate this benefit many can’t qualify on an individual basis. With guaranteed rates, group life insurance is helpful for employees with health problems.
You’re probably familiar with 401(k) plans that offer employees the option of contributing up to 15 percent of their salary as long as it doesn’t exceed a certain figure. Companies generally contribute a certain percentage for employees who participate in this plan. Although this may be what you’re employees are expecting, there are other options that may be better suited to your small business budget.
Many small business owners are opting for a less complicated solution: the Savings Incentive Match Plan for Employees plan (SIMPLE plan). Like, a 401(k) plan, the SIMPLE IRA removes the temptation to spend since reductions are made before employees ever receive their paychecks. Small business owners also contribute funds when using this plan.
Other options to consider are several simple employee pension (SEP) plans. Employers who use SEP plans take all the contributing power out of their workers hands and put it in their own. Employees cannot contribute any funds to SEPs. But although employers contribute all the money, the plans belong solely to the employees. One version of the SEP does allow for employee salary contributions, but a plan must already be in place to utilize this option.
Employees in today’s job market have a precarious future. They never know when someone’s going to release the sliding floor out from under them. Providing job candidates with some shelter from this ever-present financial danger will give you an edge over the competition.
Considered an attractive benefit by most employees, dental insurance operates in much the same way as health insurance. Some plans allow you to choose your own dentist. Others, in exchange for lower rates, limit your choice. Although the opportunity to choose a dentist is only one factor in the decision to choose a plan, it is a good idea to note the difference between the two alternatives:
Open Panel/Freedom of Choice: Allows covered patients to receive care from any dentist and allows any dentist to participate. Dentists may accept or refuse to treat patients enrolled in the plan. Coverage with this feature allows you to receive full benefits for treatment provided by any dentist of your choice.
Closed Panel: Allows covered patients to receive care only from dentists who have signed a contract of participation with the third party. The third party contracts with a certain percentage of dentists within a particular geographic area, who in turn offer lower rates to the patient.
Long-term disability is what most people think of as disability insurance. It protects for a long period of time, as long as the insured’s life. It usually covers 60% of the insured’s income or more. However, long-term disability can take a while to start paying. Short-term disability is for smaller, less serious, disabilities. It covers for a shorter period of time, usually only as much as 30 days. However, it starts paying sooner, sometimes as fast as immediately for accidents and only 7 days of waiting period for sickness.
Supplemental plans pay on top of regular group benefits, providing an extra source of funds during trying times. Several companies offer a suite of supplemental choices for employees that can be elected on a voluntary basis. Voluntary supplemental benefits help employees, without incurring the direct cost to the employer.
These are second most common form of a supplemental insurance policy. Accident plans pay set amounts for certain types of injuries and treatment. These plans are great for people who play sports or have small children that are constantly getting “bumps and bruises.”
(125 Plan) An easy-to-use, affordable employee benefit that helps lessen the strain of health and dependent care expenses for employees while providing tax savings to the company.
This is the most common form of a supplemental insurance policy. Cancer policies pay on an occurrence basis for the expenses related to cancer. Most notably, cancer policies pay amounts toward experimental treatments and travel expenses, often not covered in group medical plans.
An HRA is offered in conjunction with a high-deductible medical plan, and is funded by the employer for each participating employee. It pays for eligible health care expenses typically covered under the medical plan.
The Premium Only Plan, or POP, is an employee benefit service designed to help your business and your employees reduce the tax expense associated with paying premiums on group insurance benefits.
A Health Savings Account (HSA) is a tax-advantaged account participants can use to pay for qualified health expenses they incur while covered under a high deductible medical plan. While HSA dollars may also be used to pay for non-qualified health expenses, such use will be subject to taxation. HSA dollars, contributed by the employer, employee or a qualified family member, accumulate over time with interest or investment earnings, are tax-free, are portable after employment and can be used to pay for qualified health expenses tax-free, or for non-health expenses on a taxable basis.