Employer/Employee Benefits
Get a Quote »Hyers and Associates, Inc. is a leading provider of group insurance and employer sponsored benefits in Ohio. We offer group health insurance, health savings accounts, disability coverage, key employee plans, life insurance, dental, vision and long term care quotes to business groups.
Benefits can be offered to all employees in full, partially or on a voluntary basis. Our independent agency works with several highly rated carriers offering affordable group coverage.
Ohio Group Health Insurance Quotes And Coverage
Health insurance can be one of the largest outlays for a business or corporation. We quote several carriers to help our clients keep their premiums low now and in the future. Our providers include Aetna, Anthem Blue Cross Blue Shield, Assurant Health, Medical Mutual, Starmark, United Healthcare and several others.
We offer HSA, HRA and traditional medical coverage to companies of all sizes. Life, dental, and vision coverage can be added to any of our plans or offered as a voluntary benefits package. We will work diligently with the underwriters each year to reduce your premiums and yearly renewals.
It is a misconception that agents are compensated based on premiums collected with most group health insurance policies. Rather, we are compensated based on enrolled members. That is why we negotiate constantly with underwriters to reduce the group’s risk factor in order to maintain affordable premiums.
Thus, it is beneficial to work with a broker and agency that has established a good relationship through the years with the underwriters. That is the key to lower premiums when changing carriers or renewing existing coverage.
Health Care Reform – Employer Mandate Penalty
The Affordable Care Act will require all companies with 50 or more full-time employees (or full-time equivalents) to offer comprehensive health insurance coverage to their employees or face a tax penalty.
Group insurance plans must offer a so-called minimum value to the employee while also being deemed affordable. To meet these respective standards, the coverage must pay at least 60% of the cost of services and the employees cannot pay more than 9.5% of his or her household income for the insurance.
Failure to offer minimum value/affordable insurance will result in a $2000 per member tax penalty assessed by the I.R.S. The penalty does not apply to the first 30 employees of any group, but everyone over that threshold. Penalties can vary depending on whether two or more employees would qualify for subsidized coverage on the health exchanges.
An employee will be considered full-time if s/he works 30 or more hours per week or 120 hours a month. As of February 2012, the government is now keeping track or employer groups in order to know which ones are required to abide by the mandate.
Voluntary Insurance Benefits And Packages
To reduce costs, employers may prefer to offer life insurance, disability coverage, dental and vision plans as well as other group benefits on a voluntary basis.
We work with several providers to quote voluntary and can provide packages for employees to choose from.
In most cases a minimum amount of participation will be needed from full time employees. This is easier with larger groups, but with groups under 10, most carriers will require a predetermined participation quota.
Key Employee Life Insurance and Disability
Many businesses offer key employee insurance coverage in order to maintain business operations in the event of an untimely passing, injury or sickness.
Key employee life insurance plans can also assist in business succession planning by providing needed liquidity to maintain operations or to purchase an owner’s share of a corporation. Life insurance proceeds offer a quick and tax efficient way to generate and maintain capital needs when planning for business succession.
We quote key life and disability insurance with several carriers and can help design a plan around the needs of the owners and their beneficiaries. Working with your company, we can help recommend suitable levels of coverage.
Group Medicare Supplement Insurance In Ohio
Moving employees over the age of 65 to traditional Medicare and providing group Medicare supplement coverage is a cost efficient way to lower health costs. List billing can be setup to deduct all or a portion of the premium from the employee’s wages if the company does not wish to pay for the coverage in full.
A few Medicare supplement insurance providers are offering group rates as they understand the need for corporations to lower benefit expenditures. However, the majority of policies are still sold on an individual basis.
We work with several Medigap carriers and can help corporations transition their retired and over age 65 employees when group health benefits are no longer available due to benefit cutbacks.
Contact us today to discuss your business insurance needs.
