Some of the services we offer:
For both large and small businesses, we offer medical, dental, vision, life, disability, and long-term care, as well as retirement savings plans and flexible spending accounts.
A strong employee benefits package is often the key to attracting and retaining quality employees. In addition, we can help with discretionary executive benefits that can be used strategically to help employers retain and reward key employees.
Medical insurance is often considered by most employees as their most valuable group benefit. Today, many forms of medical insurance exist; from PPO Plans (Preferred Provider Organization) to HMO Plans (Health Maintenance Organization) to HSA Plans (Health Savings Accounts) to HRA (Health Reimbursement Accounts). At Benefaction we look at all the options and all the insurance carriers and we're creative in finding the best solution for you and your employees.
Dental is often the next benefit added to a benefit plan after health. Benefaction has a large range of dental options including traditional plans as well as Dental HMO plans. Dental options can include orthodontia care.
We represent the major vision carriers and have plans available that provide various levels of coverage for exams, frames, lenses, and contact lenses. In addition, optional benefits may include coverage for LASIK.
Premium only plans enable employers to deduct employee contributions to insurance costs from employees' paychecks on a pre-tax basis. POPs result in higher take-home pay for the employee and substantial savings to employers as well. Employers FICA and Workers Compensation contributions are also lowered since both are based on the employees adjusted payroll. This creates a win-win for both the employer and the employee.
Benefaction provides complementary POP plans to all clients with 15 or more enrolling employees.
The 401(k) plan is a type of employer-sponsored retirement plan. A 401(k) plan allows a worker to save for retirement while deferring income taxes on the saved money and earnings until withdrawal.
The employee elects to have a portion of his or her wage paid directly, or "deferred", into his or her 401(k) account. In participant-directed plans (the most common option), the employee can select from a number of investment options, usually an assortment of mutual funds that emphasizes stocks, bonds, money market investments, or a mix of the above.
Many companies' 401(k) plans also offer the option to purchase the company's stock. The employee can generally re-allocate money among these investment choices at any time.
In the less common trustee-directed 401(k) plans, the employer appoints trustees who decide how the plan's assets will be invested.
Group life insurance provides cost-effective group term life coverage to employees within a company. The group policy may be structured with a flat dollar benefit (such as $50,000), or may include a multiple of salary with a cap (such as 1.5 times annual salary up to a maximum of $300,000). The life coverage is guaranteed regardless of medical conditions.
In addition, group coverage may provide optional buy-up programs that enable employees to purchase term coverage in addition to the standard benefit provided by the company, purchase term coverage for a spouse, or purchase term coverage for a child.
LTC provides employees protection for the costs associated with qualified long-term care services. Employers have an opportunity to educate employees on long-term care options and provide optional long-term care insurance that will address employee needs not covered by Medicare or other forms of personal insurance.
Group disability insurance enables employees to provide protection that is almost as important as health protection salary and income protection. Group policies are typically less expensive than comparable individual policies and may include coverage for both short-term disability and long-term disability.
In addition to our group services, Benefaction provides consultation for individuals as well and full enrollment assistance for individual medical and life insurance.
Income replacement insurance is particularly important if you own a small business. In addition to standard disability policies, some policies have such special features as recovery benefits that pay after you return to work full-time, overhead expense coverage that pays for certain office expenses, or a disability buy-out policy disburses funds for one partner.
Each of the categories listed above includes other components too numerous to mention here. If you don't see the service for which you are looking, please