 Employee Benefits
As employee benefits specialists, Innovative Insurance
will assist you in creating an effective strategy in managing your group
insurance programs. Our goal is to enable you to react to marketplace
changes and to optimize funding and cost sharing strategies.
Overall employee benefits spending, for the average employer, represents
between 20% - 30% of payroll, or between $6,000 - $8,000 per employee per
year. For many employers, these programs represent their second largest
expense (after payroll). Now faced with fewer resources and increasing
complexities in the marketplace, many organizations are challenged to
manage their group insurance programs effectively.
For employees and their dependents, these benefits represent economic
security and access to important services - particularly medical care. A
benefit program can serve as a valuable tool to attract and retain key
employees and will be critical to the company's bottom line success if it
is:
- comprehensive
- communicated effectively
- serviced and managed properly
- cost effective
All employee benefit clients of Innovative Insurance are provided with our
custom designed HR Support Center Tool. This program provides customers’
employees with all their specific benefit plan information online 24 hours
a day, 7 days a week. As an employer, you are always looking for ways to
save time and money. Innovative Insurance has been doing exactly that for
clients with great reviews and results. Our HR Support Center directly
affects the time your human resources department or office manager spends
on a daily basis with employees regarding benefit issues. This program
makes it easy for your employees to answer the majority of their benefit
questions on their own. With a click of a mouse, employees have access to
their benefit information 24 hours a day, 7 days a week. Your password
protected HR Support Center has a menu of all your group's available
employee benefits with separate information screens for each plan.
Included are current medical and/or dental provider directories, benefit
summaries for each line of coverage as well as all pertaining forms.
VIEW DEMO
Innovative Insurance also provides clients and potential clients with our
online census form. This form can be completed online and emailed it to
info@innovativeinsurance.net or printed, filled out and faxed to
203-663-1315. Once this form has been received, you will be contacted
promptly by one of our representative to discuss your available options in
the group insurance marketplace.
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LIFE/AD&D
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MEDICAL
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DENTAL
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LONG TERM DISABILITY
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SHORT TERM DISABILITY
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SUPPLEMENTAL SHORT TERM DISABILITY
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VOLUNTARY PAYROLL DEDUCTION PLANS
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SECTION 125 PLANS INCLUDING MEDICAL AND DEPENDENT CARE SPENDING
ACCOUNTS
Some companies also offer Group Long Term Care Insurance, Employee Assistance
Programs, Group Travel/Accident Plans, Group Auto, Homeowners and even help for
Financial Planning, Group Legal Services or other Benefit enhancements.
Traditionally, many of these programs traditionally haven't been available to
companies of your size.
If you have any questions or would like to know more about how a company like
yours can get more value for your employee benefit dollars, please fill out our
Information Request Form and we will be in touch shortly with a response.
Group Term Life/AD&D is often the only life insurance many employees will carry.
It is an inexpensive way to enhance your group employee benefit program and
provides significant value for an employee's peace of mind. In today's
competitive environment, many employers offer not only employer paid based life
insurance but supplemental or voluntary group life insurance which allows
employees to purchase additional amounts of coverage at attractive group rates
through payroll deduction.
Medical and Prescription Drug Coverage is often the foundation for most employee
benefits plans provided today. Surveys have shown that it is often the most
asked-for benefit coverage by employees and prospective employees today. At the
same time, pressure on premium rates has been increasing in recent years and
employers are now regularly faced with double digit rate increases on their
group medical and prescription card programs. In order to better manage your
costs, creative benefit plan design is required. In some cases, employers are
choosing to offer multiple plans to their employees with varying contribution
schedules to support the program. Other employers have switched to a "defined
contribution" cafeteria plan approach, while still others have explored
self-funded and partially self-funded insurance
Dental Insurance is often requested by employees, however, many employers have
found it necessary to reduce or in some cases eliminate their dental plan due to
the premium increases they are facing for their medical plan. In order to make
your company stand out among the competition when recruiting new employees or to
retaining existing ones, consider adding dental to your program today. Depending
on the size of your company and the location(s) of your employees, plans can be
designed on an employer paid, employee paid or a combination employer/employee
paid basis.
Long Term Disability Coverage provides benefits for an employee who becomes
disabled and is no longer able to work. While most employees are covered by the
Social Security disability program, benefits can be hard to obtain and are
generally restricted to people who are considered "totally" disabled when their
disability has lasted at least 5 months. Most employees in New Jersey or New
York also have coverage through the state short-term disability plan. However,
this program only pays for a maximum of 26 weeks and cannot be extended.
Therefore, many large employers enhance this coverage by offering Group Long
Term Disability insurance which will help take care of an employee's income loss
in the event of a qualifying Long Term Disability event.
Under NY & NJ law (and in several other states) there is a state mandated Short
Term Disability Plan that employers must provide for their employees. In some
cases, it is possible, and may be more economical, to purchase this mandatory
coverage through a private disability insurance plan. Ask us for information
about whether this option will work for your company.
Some employers feel that the benefits offered under the NY & NJ State Short Term
Disability programs do not provide adequate short-term disability protection for
their employees. One way that employers address this problem is by offering a
company paid Supplemental Short Term Disability plan. Depending on the size of
your company, plans can also be designed to offer coverage on a voluntary or
employee paid basis.
Many employers are interested in providing additional Voluntary Coverages on a
payroll deduction basis as a way to enhance their benefits offerings. Popular
programs offered by some employers today can include vision, dental, additional
life insurance, supplemental disability insurance, and other programs.
Participation requirements vary and pricing is generally at affordable group
rates. We would be happy to provide you with additional information upon
request.
Some companies will also offer a Section 125 Cafeteria Plan that could include
pre-tax premium contributions, flexible spending accounts (FSA) for unreimbursed
medical expenses and FSA for dependent care. On occasion "waiver bonus" plans
are also included. A FSA program allows an employee to receive cash in lieu of
benefits as partial compensation for "waiving" the medical plan or other
employee benefit plans. There are numerous factors to consider in designing
these programs. Please consult our professional staff if you would like more
information.
CENSUS
FORM
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