With the rising costs of corporate benefits, most companies provide their employees with basic coverage like medical, dental, and vision. However, companies who wish to provide additional benefits for their employees, have several options available. Most of those benefits can be made available on a voluntary participation basis and paid for by the employees.
Short Term Disability
Short Term Disability is a benefit plan that replaces a portion of income lost because of an injury or illness that prevents an employee from working. Benefits may continue for a certain length of time as specified by the particular plan. For example, 1 week, 13 weeks, 26 weeks, 52 weeks, or until Long Term Disability benefits become payable.
Long Term Disability
Long Term Disability is a benefit plan that replaces a portion of income lost because of an injury or illness that lasts for an extended period of time and prevents an employee from working. Benefits may be paid following an elimination or waiting period and may continue to the maximum length of time specified by the plan; for example, until the employee reaches a certain age.
Group Term Life
Life insurance protection is something you may need whether you’re working or not. It’s the way many people provide security and peace of mind for themselves and their families. The biggest advantage of group term insurance is guaranteed acceptance, even people with serious medical conditions will be insured. The disadvantages are higher cost and the fact that coverage will end as soon as employment ends, with that company. Healthy individuals are usually better off applying for their own policy. The rates will most likely be less and the policy stays in force even if you change jobs. Please contact us for a quick quote.
Group Long Term Care
Long Term Care provides a variety of services for people who are unable to care for themselves, and, is often referred to as custodial care. Medicare and private health insurance plans or disability coverage typically do not provide coverage for long term care needs. Group Long Term Care coverage is designed specifically to cover the costs associated with extended long term care. Long Term Care could be assistance in the home with day to day activities or special attention in a nursing home. Care received in adult day care, assisted living, home day care settings, and nursing homes are typically covered under Group Long Term Care plans. Group LTC benefits can, in some cases, be extended to employeebs extended families (parents, siblings etc). Please contact us for details.