Group Insurance Benefits – Get Expert Advice to Avoid the Traps
Group Insurance Benefits – Get Expert Advice to Avoid the Traps
The best thing you can do if you are in the market for the right coverage for you and your employees, is to consult an insurance broker who specializes in group insurance. An experienced broker will interview you to determine your needs and then present you with plan options that best fit those needs at the lowest possible cost.
For your own peace of mind, get an idea of the types of coverage you may want to offer your employees. Conducting an employee survey to find out what benefit plans and issues interest them the most can be very helpful.
For instance, ask them to rank the following benefits in order of importance.
Medical Care – HMO
Medical Care – HSA
Medical Care – PPO
Dental Care
Chiropractic Care
Life Insurance
Long Term Disability Income Replacement
Retirement/401K
Section 125 Cafeteria Plans
Vision Care
Try to get an idea of how frequently they and/or their dependents would use each of these benefits.
Some employees may be interested in additional coverage. So, ask them if you were to offer them voluntary/employee paid benefits at low cost and group rates through payroll deduction, which of the following benefits would they be interested in?
Accident Coverage
Life Insurance
Critical Illness
Long Term Care
Cancer Coverage
Long Term Disability
Hospital Income
Group Legal Plan
After reviewing the answers to these questions, you should have a better concept of the types of benefits you want to offer. Now, it is time to consult the expert.
Not all brokers have the same experience or style. Ask other business owners for referrals if they have found a good broker. You want a broker that asks you the right questions to get an accurate group health profile so they can design the right [plans for your group.
Information they ask should include:
Has anyone been advised to have surgery in the last six months, or anticipate hospitalization for any other reason?
Has anyone been treated for a serious illness, been hospitalized or had surgery in the past 5 years (e.g. AIDS, Cancer, Cardiovascular Disease, Juvenile Diabetes, Mental Illness, Renal Disease, Substance Abuse)?
Are any employees or their dependents pregnant?
Has anyone had a medical expense of $5,000 or more in the past 12 months?
Has any employee missed 10 or more consecutive days of work in the past 12 months due to illness or injury?
Are there any employees who are not actively at work performing his or her duties full time due to illness or injury?
Are all covered employees listed on the employer's DE6 (quarterly state tax report)?
Are there any current or former employees or dependents currently on medical continuation (COBRA, State Continuation, and Extended Benefits)?
Is anyone apt to have a continuing expense from an existing mental or physical disorder?
All of the information the broker gathers will be used to design a personalized plan that best suits the needs of you and your employees. Having all of this information influences the design of your perfect plan.
Consulting an expert will save you time and money and will help you to offer the best group insurance benefits to your employees.
Group Insurance Benefits Get Expert Advice to Avoid the Traps - To learn more about this author, visit Corinne Mitchell's Website.
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Lots of people we talk to have searched for group insurance benefits on the Internet. While it is fine to do research on the Internet, buying insurance on line can end up costing you more in time, money and bad coverage.
The best thing you can do if you are in the market for the right coverage for you and your employees, is to consult an insurance broker who specializes in group insurance. An experienced broker will interview you to determine your needs and then present you with plan options that best fit those needs at the lowest possible cost.
For your own peace of mind, get an idea of the types of coverage you may want to offer your employees. Conducting an employee survey to find out what benefit plans and issues interest them the most can be very helpful.
For instance, ask them to rank the following benefits in order of importance.
Medical Care – HMO
Medical Care – HSA
Medical Care – PPO
Dental Care
Chiropractic Care
Life Insurance
Long Term Disability Income Replacement
Retirement/401K
Section 125 Cafeteria Plans
Vision Care
Try to get an idea of how frequently they and/or their dependents would use each of these benefits.
Some employees may be interested in additional coverage. So, ask them if you were to offer them voluntary/employee paid benefits at low cost and group rates through payroll deduction, which of the following benefits would they be interested in?
Accident Coverage
Life Insurance
Critical Illness
Long Term Care
Cancer Coverage
Long Term Disability
Hospital Income
Group Legal Plan
After reviewing the answers to these questions, you should have a better concept of the types of benefits you want to offer. Now, it is time to consult the expert.
Not all brokers have the same experience or style. Ask other business owners for referrals if they have found a good broker. You want a broker that asks you the right questions to get an accurate group health profile so they can design the right [plans for your group.
Information they ask should include:
Has anyone been advised to have surgery in the last six months, or anticipate hospitalization for any other reason?
Has anyone been treated for a serious illness, been hospitalized or had surgery in the past 5 years (e.g. AIDS, Cancer, Cardiovascular Disease, Juvenile Diabetes, Mental Illness, Renal Disease, Substance Abuse)?
Are any employees or their dependents pregnant?
Has anyone had a medical expense of $5,000 or more in the past 12 months?
Has any employee missed 10 or more consecutive days of work in the past 12 months due to illness or injury?
Are there any employees who are not actively at work performing his or her duties full time due to illness or injury?
Are all covered employees listed on the employer's DE6 (quarterly state tax report)?
Are there any current or former employees or dependents currently on medical continuation (COBRA, State Continuation, and Extended Benefits)?
Is anyone apt to have a continuing expense from an existing mental or physical disorder?
All of the information the broker gathers will be used to design a personalized plan that best suits the needs of you and your employees. Having all of this information influences the design of your perfect plan.
Consulting an expert will save you time and money and will help you to offer the best group insurance benefits to your employees.
Group Insurance Benefits Get Expert Advice to Avoid the Traps - To learn more about this author, visit Corinne Mitchell's Website.
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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Dave KurlanDave Kurlan is the founder and CEO of Objective Management Group, Inc., the industry leader in sales assessments and sales force evaluations, and the CEO of David Kurlan & Associates, Inc., a consulting firm specializing in sales force development. Dave has been a top rated speaker at Inc. Magazine's Conference on Growing the Company, the Sales & Marketing Management Conference and the Gazelles Sales & Marketing Summit. He has been featured on radio and TV, including World Business Review with General Norman Schwarzkopf, in Inc. Magazine, Selling Power Magazine, Sales & Marketing Management Magazine and Incentive Magazine. He is the author of Mindless Selling and Baseline Selling – How to Become a Sales Superstar by Using What You Already Know about the Game of Baseball. He created and wrote STAR, a proprietary recruiting process for hiring great salespeople, and he writes Understanding the Sales Force, a popular business Blog and is a contributing author to The Death of 20th Century Selling and 101 Great Ways to Improve Your Life, Volume 2. - Visit Dave Kurlan's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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