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Group Life & Accidental
Death and Dismemberment
In order to retain hard-working, top-notch
employees, it is important to offer a variety of
benefits to help sweeten the pot and entice them
to stay at your business. That is why
offering group life insurance to your business
is such a good idea.
Group life insurance is term insurance covering
a group of people, usually employees of a
company or members of a union or association.
Individual proof of insurability is not normally
a consideration in the underwriting.
Rather, the underwriter considers the size and
turnover of the group, and the financial
strength of the group. Contract provisions
will attempt to exclude the possibility of
adverse selection. Group life insurance
often has a provision that a member exiting the
group has the right to buy individual insurance
coverage.
Joyce Insurance Group offers group life
insurance to businesses with two or more
employees.
Those business owners who require individual
insurance, please click
here. Group life insurance is usually offered on a
guaranteed basis, meaning that no medical
questions are asked. It’s not only a good
supplement to existing individual life
insurance, but also a cost-effective and
inexpensive employee benefit that can be added
easily.
If you are interested in obtaining a quote,
please click
here.
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Group Disability
No one plans to be disabled. But accidents
and illnesses do happen, both on and off the
job. You may be confined to bed for
weeks…or longer. Our disability insurance
plans help replace income so employees can focus
on what’s more important- getting better.
These policies offer payments to employees who
are unable to work because of any injury or
illness, even if it is not job-related. Coverage
tends to last anywhere from as short as 90 days
to age 65. These plans are essentially just
open-market plans with the advantage of a
negotiated group rate. That is, they are similar
to what an individual would buy, but they are
purchased with a volume discount. Individual
proof of insurability is not normally a
consideration in the underwriting. Rather, the
underwriter considers the size and turnover of
the group, and the financial strength of the
group.
When offering a group disability benefit plan,
employers know they are offering a competitive
benefit package that not only protects employees
and their families, but also helps attract and
retain excellent employees.
Joyce Insurance Group offers both Short Term
Disability and Long Term Disability benefit payments
that can begin as soon as the first day of
injury, and go beyond age 65.
If you are interested in obtaining a quote,
please click
here.
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Group
Business Travel Accident Insurance
Another relatively inexpensive way you can
insure your employees and give them peace of
mind when on any type of business trip is by
purchasing a Group Travel Accident Plan.
Business Travel Accident Insurance is a form of
"blanket insurance" that provides benefits for
accidental death and dismemberment that may
occur while traveling on company business. It
provides employers with a customized,
cost-effective benefit solution to help
safeguard their employees - including 24-hour
coverage for a broad array of incidents when
traveling domestically or internationally.
Joyce
Insurance Group offers employers the flexibility
to customize their plan designs and benefit
amounts to meet their unique business travel
needs.
If you
are interested in obtaining a quote, please
click
here.
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Group Health
Insurance
Offering group health insurance to your
employees is often the core benefit when it
comes to your business. Unfortunately, it
is often the most expensive.
Group Health Insurance offers coverage based
on a collection of people, whether assembled by
an organization or a business. The cost is
spread out among the members of the group.
Under federal guidelines (HIPAA), a “large
employer” is one with 51 or more employees and a
“small employer” averages 2 to 50 employees in a
calendar year. Generally, employees and their
dependents are free from medical underwriting
and are covered for all conditions regardless
whether it was pre-existing or not.
Coverage plans have varying deductibles, copays,
and coinsurances.
We, at Joyce Insurance Group, truly understand the
hardship many businesses face today by the
rising costs of health care. By working
with a variety of plans from the area’s leading
carriers, we will design a
plan that satisfies both your employees and you,
the business owner.
Our plans include:
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Traditional Medical
Traditional health insurance is
generally the most flexible type of
health plan. It allows you to choose
any doctor you want to and see
specialists without getting approval
from a "primary care physician" or
"gatekeeper" first. With
traditional health insurance, you
will usually have to spend a certain
amount on medical bills each year
before your insurance starts to pay.
This is called a deductible. After
that, you will have to pay a
percentage of each charge, called a
co-payment. T he insurance company
will pay the rest of the charge
based on what it considers
reasonable. Many insurance
plans protect you from large medical
expenses by limiting your total
expenses in any given year, called
your out-of-pocket expenses. There
may also be a cap on total
benefits--a maximum amount the
insurance company will pay in your
lifetime.
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HMOs (Health Maintenance
Organization Plan)
A type of coverage that provides
comprehensive health services to
members in return for a monthly
premium and copayment. In an HMO
plan, members may choose a primary
care physician (PCP) who coordinates
each assigned member’s care. The PCP
refers patients to specialists and
provider services as needed.
Although many HMOs require their
members go to the doctors and other
providers in the HMO provider
network, some HMO plans offer the
option to go out-of-network (for
example in a POS plan). HMO plans
often require members receive a
referral from their PCP before
seeing a specialist. (See primary
care physician and point of service
plan.)
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POS (Point of Service Plan)
A type of managed care coverage that allows members to choose to receive
services either from participating
HMO providers or from providers
outside the HMO’s network. Members
pay less for in-network care. For
out-of-network care, members usually
pay a deductible and coinsurance.
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PPOs (Preferred Provider
Organization):
A type of managed care coverage
based on a network of doctors and
hospitals that provides care to an
enrolled population at a prearranged
discounted rate. PPO members usually
pay more when they receive care
outside the PPO network.
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HSA (Health Savings Account)
A Health Savings Account allows
individuals to pay for current
health expenses and save for future
qualified medical and retiree health
expenses on a tax free basis. To be
eligible for a Health Savings
Account, an individual must be
covered by a High Deductible Health
Plan (HDHP), must not be covered by
other health insurance, is not
eligible for Medicare, and can't be
claimed as a dependent on someone
else's tax return.
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HRA (Health Reimbursement
Accounts or Health Reimbursement
Arrangements)
HRAs are IRS-sanctioned arrangements
that allow an employer, as agreed to
in the HRA plan document, to
reimburse for medical expenses paid
by participating employees. HRAs
reimburse only those items (copays,
coinsurance, deductibles and
services) agreed to by the employer
which are not covered by the
company's selected standard
insurance plan (any health insurance
plan, not only high-deductible
plans).
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FSA (Flexible spending
arrangement or Flexible Spending
Account)
FSAs are one of a number of
tax-advantaged financial accounts
that can be set up through a
cafeteria plan of an employer in the
United States. An FSA allows
an employee to set aside a portion
of his or her earnings to pay for
qualified expenses as established in
the cafeteria plan, most commonly
for medical expenses but often for
dependent care or other expenses.
Money deducted from an employee's
pay into an FSA is not subject to
payroll taxes, resulting in a
substantial payroll tax savings.
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Dental
Dental insurance designed to pay the
costs associated with dental care.
Dental insurance pays a portion of
the bills from dentists, and other
providers of dental services. By
doing so, dental insurance protects
people from financial hardship
caused by unexpected dental
expenses.
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Vision
Vision insurance is a form of
insurance that provides coverage for
the services rendered by eye care
professionals such as
ophthalmologists and optometrists.
There are many vision insurance
companies. The typical vision
insurance plan provides yearly
coverage for eye examinations and
partial or full coverage eyeglasses,
sunglasses, and contact lenses, with
or without copays, depending on the
plan chosen.
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If you are interested in obtaining a quote,
please click
here.
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Group Long
Term Care Insurance
Now
more than ever, employers are offering Group
Long Term Care Insurance in the workplace. One
reason many people balk at buying Long Term Care
Insurance is because they think it is nursing
home insurance, which is a very uncomfortable
topic for most people. However, Long Term Care
Insurance covers much more than skilled nursing
home care. Group LTC plans are very similar to
individual LTC plans, in that they help provide
for the cost of long-term care beyond a
predetermined period. Long Term Care Insurance
covers care generally not covered by health
insurance, Medicare or Medicaid.
However, employees in a group setting often have
the advantage of simplified underwriting and
group rates, which are often far less than what
one would pay on a stand alone basis. The team
of advisors at Joyce Insurance Group feel it is
an invaluable employee benefit that one should
add to their benefits package.
If you
are interested in obtaining a quote, please
click
here.
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Group
Retirement Plans
Most retirement savings plans are funded by employee contributions and (sometimes)
matching contributions from the employer. The
major attraction of these plans is that the
contributions are taken from pre-tax salary, and
the funds grow tax-free until withdrawn. Both
for-profit and many types of tax-exempt
organizations can establish these plans for
their employees.
Joyce Insurance Group has a team of experts that
are here to help you design the right retirement
plan for your company or organization.
If you are interested in requesting information
or speaking with a registered securities
representative,
please click
here.
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Voluntary Benefits
According to a recent survey, 6 out of every 10
companies now offer at least one voluntary, or
supplemental, benefit. Employees buy such
products— most often some form of life, health,
disability, or dental insurance— directly from
vendors, usually through a payroll deduction.
It's easy to see the appeal of voluntary
benefits: they cost employers nothing,
yet boost employee morale.
Joyce Insurance Group offers a full range of
worksite services and payroll-deducted insurance
policies offered on a voluntary basis.
Benefits for you the
employer…..
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Expand your benefits program without adding
costs
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Achieve possible FICA savings and reduction
in workers’ compensation costs.
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Free employee benefits compensation
statement
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Help improve employee moral and retention
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Help meet more employees’ economic needs at
the workplace.
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Help contribute to employees health through
various wellness programs.
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Reduce the amount of employee sick time
taken.
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Reduce administrative involvement.
Benefits
for your employees….
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Obtain an opportunity to apply for polices
at payroll rates.
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Have benefits paid directly to the insured,
unless directed otherwise.
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Apply for policies that may be pre-tax
eligible, and are portable and
guaranteed-renewable.
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Apply for policies that may help with
expenses not covered by core company plans.
If you are interested in obtaining a quote,
please click
here.
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