Although employers have a wide range of options to choose the most effective and cost-efficient health care programs for their employees, the number of choices can be confusing. Along with the existing HMO, PPO and traditional Indemnity plans, we now have Health Reimbursement Accounts (HRA) and Health Savings Accounts (HSA). Although it is undetermined whether these plans may be suitable to your company’s situation, the ability to combine them in dual or triple option plans allows you to customize your medical coverage for cost and the broadest range of employee appeal.

Self-Insured Benefits: Because plans designs are flexible, you can be proactive in designing benefits specific to your company’s demographics. Along with plan design issues, there are a variety of premium funding methods. While fully insured plans meet the majority of employer needs, Self- and Partial Self-Funded arrangements allow employers direct control of medical, dental and short-term disability costs while providing a wealth of information about their employees’ use of plans.

MIG consultants will help guide you in the decision to self-fund. Whether you decide to self-fund or if you currently self-fund, we can assist you with Claims Administration, Stop-Loss Contracts and Claims Analysis.

Pharmacy Benefit Management: Establishing a relationship with a Pharmacy Benefit Management company can make the use of prescription drugs safer and more affordable for your employees. MIG will assist you in integrating your pharmacy and medical benefits to ensure the best benefit for your employees.
 

Most employers recognize the value of including a comprehensive Dental plan to assist their employees in maintaining appropriate dental hygiene, and comprehensive Endodontic and Periodontic treatments. MIG offers a wide variety of plans, including Employer Paid, Voluntary, Dental Maintenance Organizations (DMO) and Preferred Provider Dental Networks (PDN).

While this is a popular benefit, Dental premium costs are not as volatile as medical insurance. Generally premiums can be maintained with annual cost increases in the single digits.
 

For many employees, company-provided Group Life insurance is the only death benefit protection available for themselves and their families. This is true of all employees, from higher-paid executives to support staff.

While most companies offer basic coverage ranging from a fixed amount to multiples of salary, this cost-effective benefit can include options for voluntary increases to cover the employee and family members for the time when it is needed most. Accidental Death and Dismemberment insurance also are options.
 

Long Term Group Disability: Among the most cost effective and appreciated benefits a company can offer is Long-Term Group Disability. These plans typically start on the 90th or 180th 90th day of disability and provide 60 to 70 percent of pre-disability earnings. Benefits are generally payable until participants reach age 65 or Normal Social Security Retirement Age (NSSRA), and can be payable for Total and Partial Disabilities.

Statistics show that the possibility of a disability due to sickness or accident, which prevents an employee from returning to work, is seven to 10 times more likely than an untimely death. Without the benefit of a formal Sick Pay Plan, employers run the risk of discrimination and violation of Internal Revenue regulations when they subsidize wages for employees who are unable to return to work within their allotted sick and vacation days.&

With improvements in medical care, many conditions that would have previously resulted in death, now allow for a continued quality of life that may or may not allow a return to work. For those who suffer permanent disabilities, the financial consequences can be devastating.

Short Term Group Disability: Many employers provide, or choose to offer on a voluntary basis, Short-Term Group Disability coverage. This coverage is designed to address the most frequent illnesses and accidents that result in short-term absences from work ranging from two weeks to six months. In conjunction with Employer-Sponsored LTD, these plans allow for comprehensive protection of an individual’s most important asset: his or her ability to earn an income.
 

As life expectancy continues to rise, the potential consequence of outliving one’s assets and being in need of care to accomplish the most basic of daily activities is very realistic. Many employees find themselves a member of the “Sandwich Generation:” raising their own children, yet having to provide care for parents and grandparents.

Long-Term Care insurance affords an opportunity to protect not only their own assets, but in most instances, provides the option of offering coverage to parents and other members of their extended family.
 

McCone Insurance Group has aligned itself with a number of strategic partners to provide comprehensive 401(k) service and investment options. Among these options are Investment Advisory services provided by our partners that allow individual employees to take advantage of professional asset management on an ongoing basis.