Life and health are the most precious assets anyone will ever have – something money cannot buy. At Maki Insurance Group, we help our clients protect the things that matter most with comprehensive insurance that protects against devastating financial loss.
Group Health Insurance
For employees, choosing where to work is not always about the money. The benefits your company offers its workers can make a difference in your ability to attract and retain employees, as well as prevent frequent turnover. This not only reduces training and administrative costs for your business, but it can also help you improve employee morale and company loyalty. Offering group health insurance can also give you leverage over another business that is competing for the attention of your workers.
Understanding Group Coverage
A group health insurance policy is much different from an individual policy, as it allows an employer to select a single plan under which all workers can be covered. This allows the insurer to spread risk thinner, often affording much lower premiums than a worker could find for similar coverage in the private market. It is up to you as the employer to determine how much of the premium you will pay and how much the employee will pay. You can also elect coverage that extends to the employee’s immediate family.
Note that the Affordable Care Act requires that large businesses with more than 50 employees purchase health insurance for workers that meets minimum guidelines, although businesses with smaller payrolls can still qualify for group benefits.
Types of Group Health Insurance Policies
There are several different types of health insurance policies you can choose from for your group plan. Some businesses select just one plan, whereas others may offer two or more insurance plans that employees can opt into. Examples of common group coverage types include:
Health Maintenance Organization (HMO)
This type of insurance requires that insured individuals manage all of their health care (with certain exceptions) though a primary healthcare provider. Plan participants choose a physician and must obtain a referral to obtain care from a specialist. In addition, benefits are generally only available when plan participants seek care from in-network providers (with certain exceptions for emergencies).
Preferred Provider Organization (PPO)
A PPO affords the patient flexibility to choose any provider, although extra benefits are usually available for those who seek care from an in-network provider. In most cases, care does not have to be coordinated through a primary physician.
High-Deductible Health Plan (HDHP)
This type of insurance comes with a high out-of-pocket patient deductible that must be paid before the plan pays most benefits. However, the higher deductible usually translates to lower monthly premiums. In some cases, policy-holders can also use those savings to contribute to a tax-sheltered health savings account (HSA), which allows patients to pay for out-of-pocket medical expenses using pre-tax funds.
Medicare Supplements
Medicare is designed to provide basic medical benefits for seniors, but it often comes up short of meeting actual needs. While you may be able to depend on Medicare Part A and Part B to take care a majority of costs, the rest of the bills fall on you unless you have a Medicare supplement that can pick up the slack.
For that reason, many people opt to purchase a Medicare supplement from a private company that fills in the gaps Original Medicare coverage. Often referred to as Medi-Gap Plans, these supplements can help cover co-insurance costs, co-payments, deductibles, medical treatment when traveling outside the country, and other costs not covered by Medicare. Whether you need a plan that pays your Part A hospital deductible or a Medical Part D Plan that covers your prescription drug expenses, we can help provide independent quotes and connect you with Medicare supplement options that fit your needs and budget.
Life Insurance
You can’t take anything with you when you go, but you can take control of what you leave behind. Life insurance can provide financial security in the event of a loss, helping to prevent the burden of final expenses, debt, and income loss after the passing of a loved one.
There are various types of life insurance sold on the private market, but most are defined as either term or permanent. Term coverage provides a death benefit for a pre-determined number of years – often as much as 30 years or more. These policies are generally designed to provide income replacement for financial dependents, as they come with high benefits and correspondingly affordable premiums.
Permanent life insurance offers both living and death benefits, building cash value that the policy-holder can leverage or even ‘cash-out’ in the future. In addition, permanent life insurance never expires so long as the premiums are paid as agreed.
Whether you wish to leave a financial legacy for your heirs, desire greater peace of mind, or want to find new ways to diversify your financial assets, life insurance could provide the answers you need.
Group Health, Medical Supplement, and Life Insurance Quotes
Never put off shopping for the insurance you need, as you never know when it could be too late to purchase a plan. As an independent agency, we enjoy helping our clients save money on the quality coverage they need and deserve. Contact our office to discuss your coverage goals and request quotes from reputable insurers throughout our great state. We look forward to serving you soon.
