Our experience and connections allow us to provide our clients access to benefits plans that best reflect their employee population, budgetary requirements and long-term business goals.
Individual and Family Plans
MHG knows everyone is different, so it is important to select a plan that best fit you and your family’s needs. Give us a call and speak with one of our licensed Agents who can help summarize all of your options for you.
Group Health Plan
The McDaniel Hazley Group tailors group insurance products to every size business, from two employees to several thousands in multiple locations. We make it extremely easy to do business with us. Our team will provide you choices in plan designs, services, and funding options.
Some options for employers to consider:
- Preferred Provider Organization (PPO) – A PPO is a Health Care delivery system where providers contract for reimbursement levels. It is a combination of traditional fee-for-service and an HMO. Like an HMO, there are a limited number of doctors and hospitals to choose from. Usually there is a small co-payment for visits; however, there may be a deductible and the need for coinsurance. PPOs typically cover preventive care, such as visits to the doctor, well-baby care, immunizations, and mammograms. In a PPO, employees can use doctors who are not part of the plan and still receive some coverage. At these times, the employee pays a larger portion of the bill.
- Consumer Driven Health Care Plans Health Reimbursement Accounts (HRA) – a program that allows an employer to set aside funds to reimburse medical expenses paid by participating employees. This plan allows a tax advantage to offset health care costs for both employee and employer.
Health Savings Accounts (HSA) – a tax-advantaged medical savings account available to taxpayers who are enrolled in a High Deductible Health Plan (HDHP). Funds roll over from year to year if not spent and are used to pay for qualified medical expenses. Unlike an HRA that is owned by the Employer, the HSA’s are owned by the individual.
High Deductible Health Plan (HDHP) – participating in a qualified HDHP is a requirement for participation in tax advantaged programs such as the Health Savings Accounts (HSA). The plans have a minimum deductible and a maximum out-of-pocket limit.
Americans are living longer and it is more likely that older adults will be responsible for their own for long-term care. Long-term care insurance provides coverage for someone who can no longer perform “activities of daily living,” such as eating, bathing, or getting dressed. It also includes the kind of care needed if someone is diagnosed and living with a severe cognitive impairment like Alzheimer’s disease. Care can be received in a variety of settings, including in the home, assisted living facilities, adult day care or hospice facilities.
Most plans let an individual choose the amount of coverage he/she wants, as well as how and where he/she wants to use the benefits. A comprehensive plan includes benefits for all levels of care, custodial or skilled.
Vision care is an employee benefit that serves the employer as well as the employee. Employees with healthy vision are more productive and perform better. Most health insurance plans provide coverage for medical care related to eye injury or diseases, but do not cover routine examinations or corrective lenses.
Vision Care is the becoming the preeminent benefit, because…
- Employer-sponsored, comprehensive vision plan is affordable — usually less than 3% of an employer’s total benefits budget
- A recent study revealed that 69% of the Americans surveyed believed their health plans should cover an annual eye examination
- Two-thirds of employees would trade a vacation day for vision care benefits.
- Regular and thorough eye exams sometimes detect serious illness, and may curb healthcare costs
Disability coverage is purchased to protect employees against the loss of income due to a disability, typically covers 60% of base salary to a maximum of $5,000 a month.
Disability coverage is thought to be as important for a wage earner to purchase than life insurance. Statistics show that 8 out of 10 people between the ages of 25 and 65 will become disabled for 90 days or more sometime during their lives. If you have employees over 50 years of age, there is a one and four chance that your employee may become disabled for 6 months or more before they retire.
Typically, employers offer both short-term disability and long-term disability coverage. Short-term disability covers employees who can’t work because of non-work-related disabling illness or accidental injuries, while long-term disability covers employees who can’t work because of long-term disabling illness or accidental injuries that happen on or off the job. Most long-term coverage emphasizes programs that help people return to work
Disability income coverage can be the solution to a number of business problems and it can be used as a versatile business tool. For example:
- Disability income coverage can help meet the need of competitive employee benefits for everyone on your payroll. This is an attractive win-win benefit that can protect employees, boost morale, and relieve the company of its ethical (if not contractual) responsibility to keep disabled employees on salary.
- Disability income coverage can help meet the need for deferred compensation funding for you and other key employees.
- Disability income coverage can help meet the needs for funds to execute a buy-sell agreement. Most buy-sell agreements address a change in ownership at either the owner’s retirement or death.
Life Insurance and AD&D Coverage
Life insurance is probably one of the wisest investments an employee can make, however, it is one of the most unpopular subjects for discussion. In its most basic form, life insurance offers financial security to the families of an employee in the event of death by providing the funds necessary to settle obligations to cover the loss of income.
Life insurance provides policyholders with extraordinary leverage and the ability to create liquidity when it’s most needed. Many policies have an investment feature in which funds accumulate and can be used to pay future investments.
The types of life insurance are categorized as term or permanent insurance. Both offer basic coverage, but for different time periods.
Accidental Death & Dismemberment Coverage
This protection is especially important when you consider that accidents are the number one cause of death among people under the age of 39, the fourth leading cause of death for people of all ages; and 11 accidental deaths and 2300 disabling injuries occur every hour in the U.S.
AD&D can be offered to your employees, their spouses, and dependent children. Competitive maximum benefits are available, and death benefits are paid in addition to any life insurance benefits.
For injuries, AD&D typically pays benefits for accidental loss of limbs, thumb and index finger, speech, hearing and sight. Additional options let employers select more features and coverage for more types of injuries.
The McDaniel Hazley Group can help your organization choose a plan design, coverage amounts, and other details.
A cafeteria plan or flexible benefits plan, allows an employee to have some choice in designing his/her own benefit package by selecting different types and levels of benefits that are funded with nontaxable employer dollars.
A cafeteria plan removes the “take-it-or-leave-it” proposition from your benefit offerings and can empower your employees. Employers sometimes favor cafeteria plans because not only does the plan better meet individual needs of their employees, but also these plans typically reduce employer benefit costs. A cafeteria plan also allows for a small business to offer benefits, which would otherwise be unaffordable.
If you are considering a cafeteria plan, perhaps the most important first step is to determine whether such a plan is feasible for your organization, based on your organization’s goals.
Dental insurance is becoming increasingly important to employers and their employees’ well being. Most dental ailments are preventable and organizations are realizing that an investment in a dental program is an investment in their employees overall health.
Preventive care is the key to maintaining oral health, and this is key for preventing loss of time and productivity. While dental insurance has been considered a fringe benefit in the past, employees have now come to expect and appreciate employers providing this type of coverage. More than 48 percent of all Americans, 113 million are covered by dental insurance.
The McDaniel Hazley Group will help you determine what type of plan fits your employees’ needs, determine the right level of coverage and make sure that your organization is getting the most out of your dental plan.