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Home > Employee Benefits > Benefits Blueprint
Benefits Blueprint
At the Ganim Group, we know that your employee benefits package is a critical component to finding and keeping the best talent you can. At the same time, as healthcare costs rise – you need to provide value while also protecting your bottom line. Working with many of the industry's top healthcare providers and using the latest tools, Ganim can help you develop a plan that works for you and your employees.
Group Health Insurance: Health insurance provided to members of a group of employees. One master contract is written to cover the group. Ganim can assist you in evaluating different types of health insurance including HMOs, PPOs, HSAs, HRAs and self-funded programs.
Group Dental Insurance: Dental insurance provided to members of a group of employees. One master contract is written to cover the group.
Group Life Insurance: Life insurance provided for individuals affiliated through an employer.
Group Disability Insurance: Disability insurance, which provides payments in place of a person's salary when physical or mental disabilities prevent that person from working, provided for individuals affiliated through an employer. Specifically, short-term disability payments generally refer to payments covering a disability considered temporary, and where the person is expected to return to work within a given timeframe. Long-term disability covers a disability that's length is unknown.
Group Long-Term Care Insurance: Long Term Care Insurance pays for the care you may need due to illness or disability, if you are unable to care for yourself. This care can be given in a Nursing Home, an Assisted Living Facility or in your own home. There are many advantages for both the employer and the employee by offering Group Long-term Care Insurance through an Employer Sponsored Plan.
Voluntary Employee Benefits: Many employers voluntarily provide additional fringe benefits that are not required by law. These can range from paid time off for vacations, sick days and holidays, to free parking, to vision and dental insurance, to legal and homeowner protection, among others. Since employees typically pay premiums, the company's expense is limited to administrative costs – making them a low- or no-cost way to enhance the total compensation package.
Qualified Retirement Plans: Employer sponsored retirement plans are a critical factor in helping attract and retain quality employees. Qualified Retirement Plans specifically are congressionally approved retirement plans that offer significant tax benefits. There are generally two types of plans – defined benefit or defined contribution plans.
Cafeteria Plans & Administration: A flexible compensation program that allows an employer to set aside a predetermined amount of an employee's income to cover out-of-pocket expenses related to accident and health benefits (not including medical savings accounts or long-term care insurance), adoption assistance, dependent care and group term life insurance. Since employees pick and choose the services that meet their specific needs, the employer is essentially able to offer a more robust benefits package at little or no additional costs. With contributions made by the employee and/or the employer, any funds withdrawn to cover qualified expenses are considered non-taxable income.
Consumer Directed Plans: (CDHC), defined narrowly, refers to health plans in which employees have a personal Health Savings Account (HSA), or an employer Health Reimbursement Account (HRA) along with a high deductible health insurance policy. Payments can be made from the HSA or the HRA until the annual insurance deductible is satisfied.
Health Savings Accounts (HSAs): HSAs enable individuals to save for future qualified medical and health expenses on a tax-free basis. Eligible participants must be covered by a high-deductible health plan and all contributions made to the HSA belong to the individual. Any funds not used remain in the account for use in later years, and even can accrue interest on a tax-free basis, similar an IRA. Individuals and family members can make contributions, as can employers. Funds distributed from the HSA are not taxed when used to cover qualifying medical expenses. Those eligible for Medicare cannot participate in an HSA.
Health Reimbursement Accounts (HRAs): An account established by an employer for the specific purpose of reimbursing employees for qualified medical expenses not covered as a part of their traditional health insurance. In this case, employee contributions are not permitted. Unused funds can roll over to the next coverage period, or can be forfeited back to the employer.
Flexible Spending Accounts: There are essentially two types of spending accounts – a Flexible Spending Account (FSA) and a Dependent Care Spending Account (DCA) – that enable employees to set aside pre-tax income to cover qualified expenses. Funds set aside in an FSA can be used to pay for non-reimbursable medical, dental and vision expenses. Likewise, contributions made to a DCA can be used to pay for dependent child or adult care, including baby sitting, day camp and day care services. In both cases, any money not used is forfeited.
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