A proven, cost-containing approach to employee benefits.
Q.S.R. is an insurance agency with more than 25 years of experience in designing quality benefit packages for both small businesses and large corporations. Our expert guidance, unique partnership approach and value-add services helps employers enhance their benefit offering, while controlling costs and remaining compliant in today’s constantly changing regulatory landscape.
- We consult with you to understand your company and its culture, goals, and unique benefit needs which includes a review of your past benefit usage and claims, if available.
- We’ll leverage our long-term relationships with top-carriers, underwriters, and service providers to negotiate premiums, services and other advantages.
- We incorporate cost saving initiatives such as wellness and voluntary benefits to help reduce costs for both you and your employees, while increasing productivity.
- We provide value-add benefit enrollment technology and online HR compliance tools to help you manage your employees and stay one step ahead of deadlines and compliance requirements.
- We provide value-add compliance services and administration so you can focus on other important business matters. You won’t need to worry about the tedious tasks that go hand-in-hand with your benefit package, because we take care of them for you.
- We take a proactive approach to renewal to avoid premium increases and to assure your plan is meeting your needs.
Group Health Benefits
Click the toggles below for brief descriptions of the benefits we offer.
Traditional Group Health Plans
A Health Maintenance Organization (HMO)
An HMO group health plan requires group members to obtain their health care services from doctors and hospitals affiliated with the HMO. Thus, members are required to designate a primary care physician within the HMO. Then, the primary care physician treats and directs health care decisions. In addition, the primary care physician coordinates referrals to specialties within the HMO network. Accordingly, HMOs offer access to a comprehensive package of covered health care services in return for a prepaid monthly amount (or “premium”). However, most HMOs charge a small co-payment depending upon the type of service provided.
Preferred Provider Organization (PPO)
If you belong to a PPO group health plan, you will save the most money on healthcare if you use providers within the PPO network. Thus, if providers outside of the network are used, it is possible that those services may be covered only partially or not at all. Also, deductibles must be met on this plan before some services will be covered. PPOs require a co-pay for physician visits and some other healthcare services. However, the great thing about a PPO is it’s rich network of quality doctors and healthcare facilities, and the ability to utilize healthcare services outside of your deductible. For example, doctors visits.
Health Savings Account (HSA)
An HSA combines a high deductible, lower premium group health insurance plan (PPO) with a savings account. Accordingly, both employer and employee can contribute, tax-free, to the savings account. Then, the account is used to help fund the deductible and other qualified medical expenses. Once the deductible is met, the insurance starts paying.
Health Reimbursement Account (HRA)
An HRA combines high deductible, low premium health insurance plan with a tax favored savings account. Consequently, this plan requires that the employer contribute to the savings account. Then, the account can be used to fund co-pays and other qualified expenses submitted by the employee, prior to the deductible being met.
Single, Dual or Triple Option Plans offer eligible employees a choice between several different types of plans as described above.
Through our thorough analysis and plan design process, we can help you determine which traditional health plan is right for your company.
Self-Funded & Shared Funded Health Plans
Self-Funded Plans
When employers self-fund their own group health plan, they will benefit from a significant savings in the overall cost of their benefit programs. For example, savings may be in premiums, increased cash flow and certain tax advantages. Additionally, employers have more control over the benefits that the plan offers. Typically, self-funding was not available to small employers in the past. However, today self-insured group health plans are considered to be good options for both small and large employers.
The experienced benefit consultants at Q.S.R. Insurance Agency, Inc. specialize in helping employers set up and maintain self-funded health plans. Accordingly, we would be happy to give you a no cost analysis to determine if a self-funded health plan option is right for your company.
Shared Funded Plans
Shared Funding Plans allow small employers to take advantages of all the cost saving and benefit design features of a self-insured plan. Typically, these plans have been designed for larger groups. However, in today’s market, any small or large group could benefit greatly by the cost saving opportunities of a shared funding plan.
Here’s how it works.
An employer will select any of the fully insured plans that the carrier offers. Then rates will be determined by the group’s claim history. Next, stop-loss insurance is added to protect against catastrophic claims. Additionally, just like an insured plan, the carrier will handle the administration of the plan. This includes processing claims, in addition to offering members online access to their benefits.
Advantages of Shared Funding
The premiums for shared funding plans are generally much lower than fully insured plans. That is because the employer shares some of the risk. Additionally, an employer may save even more by implementing wellness programs into the benefit programs. Our thorough plan analysis will help you determine if shared-funding is right for your company.
Premium Only Plans (POPs)
A Premium-Only Plan allows employees to purchase their own individual insurance with pre-tax dollars. In other words, employees can potentially save thousands annually in taxes and premiums combined.
How does a POP work?
Employees elect a set amount of pre-tax dollars to be deducted from each payroll. Then, the employee purchases an individual health insurance policy from a carrier of their choice. Accordingly, the employee is responsible responsible for paying the monthly premiums directly to the carrier. Then, the employee is then reimbursed by the employer for the monthly premium with the pre-taxed dollars. After a thorough plan analysis, we can help you determine if a POP program would benefit you and your employees.
Flexible Savings Account (FSA)
A Flexible Spending Account is a cafeteria plan under Section 125 of the tax code. In other words, it is a tax favored savings account and is funded solely by the employee through regular pre-tax payroll deductions. Accordingly, the funds (account) can be withdrawn tax-free to pay for eligible medical, dental, vision, prescription and dependent daycare expenses. Additionally, employees elect how much they want withdrawn from each pay period, which can be changed annually or upon a qualifying event such as marriage or divorce. For example, the average working employee in America spends more than $1,000 annually on these types of benefits. By participating in a FSA, an employee’s taxable income is reduced, which increases the percentage of pay they take home.
Group Dental & Vision Plans
Employees always appreciate both dental & vision coverage as part of their Employee Benefits Package. Q.S.R. Insurance Agency, Inc. offers individual, group or voluntary Dental and Vision Plans through many of our major insurance carriers. Accordingly, you will find detailed information on the benefits of Dental and Vision plans.
Dental Plans
Studies have shown that regular dental exams help employees to stay healthier and more productive in the work place. Additionally, you can detect serious underlying conditions such as heart disease and diabetes, through regular dental exams. In fact, the National Association of Dental Plans and the Centers for Disease Control have performed studies that show that employees with dental insurance have better attitudes and are less likely to suffer from depression, a common condition in today’s fast-paced world.
Dental insurance offers a variety of diagnostic, preventative care and corrective services. This includes cleanings, exams, x-rays, fillings, root canals, orthodontia for children, and emergency care while traveling.
Vision Plans
Similar to dental policies, vision plans are inexpensive and save employees money on routine eye care. Examples of care include exams, eyeglass frames and lenses, contacts, and even discounts on procedures like LASIK. Also, monitoring your eye health with regular exams helps to prevent serious eye diseases like glaucoma and cataracts. In addition, regular eye exams help to detect early stages of diabetes, high blood pressure, and high cholesterol.
Group Life Insurance
Employees are more productive when they feel secure that their loved ones will be taken care of, in the event of illness or an untimely death. Thus, you should consider life insurance a key part of the benefit package for your employees. And, also a valuable tool in attracting top talent.
Whether employer paid or voluntary, a good life insurance policy provides for an employee’s final expenses, taxes, and mortgage. Additionally, it may even pay for their children’s education.
Accordingly, Q.S.R. Insurance Agency, Inc. can help employers protect their employees and their employees’ families with a variety of different life insurance products.
Permanent Life Insurance
This type of life insurance builds cash value which is sometimes used as collateral for loans, if needed. However, most employers only offer basic term life insurance (see below), but also offer permanent life insurance on a voluntary basis. Even so, employees appreciate the opportunity to widen their safety net.
Term Policy
This type of life insurance does not build cash value. However, it will pay a set amount to the named beneficiary upon the death of insured within the stated term. Additionally, some policies may also make payments upon terminal or critical illness.
Group Disability Insurance
National surveys have shown that Short Term Disability and Long Term Disability remain of high importance for most employees. Thus, savvy employers attract and retain top talent by offering both STD and LTD insurance as part of the employer paid benefit package or as a voluntary (worksite) benefit.
Here’s how Disability plans typically work.
Short Term Disability
During the time an employee is unable to work due to a qualifying disability (illness or injury), STD generally allows for income payments to the employee to begin after about a two-week waiting period and will continue to pay the employee until he/she recovers or maxes out the benefits–usually anywhere between one month to two years, depending on the policy.
Long Term Disability
During the time an employee is unable to work due to a qualifying disability (illness or injury), LTD generally allows for income payments to the employee to begin after about a 90-day waiting period. However, it could be much longer depending on the policy. The policy will pay the employee far longer than STD–for a few years, up to age 65, or even for life.
Group Long-Term Care
The prospect of long-term care is one of the most important issues your employees may have to face. However, the cost of long-term care is expensive and generally isn’t covered by other employee benefits, disability or even Medicare. If someone requires long-term care, it is not just an emotional strain but a financial one as well. It could also impact an employee’s retirement savings and overall financial position. Accordingly, Group Long-Term Care plans are becoming an increasingly common voluntary benefit offered by employers today.
Savvy employers know that access to additional resources can increase employee productivity when confronted with managing long-term care situations. Long-Term Care plans demonstrate to your current and prospective employees that your company cares about them. Thus, you also increase your ability to attract and retain the very best talent.
LTC plans provide benefits for care through nursing homes, assisted living centers, home health care and adult day care.
Employers can provide a base benefit while giving the employees the opportunity to buy up the policy. Thus, they can obtain the level of coverage that they need for their families.