Group Health Insurance
We understand the challenges that businesses face in attracting and retaining top employees. As a business owner, you know the importance of employee benefits and their contribution to your business success. We will work with you to develop a program tailored to your individual circumstances.
Our group insurance products include:
Group Health Insurance
A group health insurance plan helps you and your employees pay for health care expenses. Businesses with 1 or more employees are eligible to purchase group health insurance. ALP Insurance offers options for businesses of all sizes
Group health insurance plans are designed to be more cost-effective for businesses. Employee premiums are typically less expensive than those for an individual health plan. Premiums are paid with pretax dollars, which help employees pay less in annual taxes. Employers pay lower payroll taxes and can deduct their annual contributions when calculating income taxes..
Group Disability Insurance
Long-Term Disability (LTD)
Disabilities that affect someone’s ability to work can be a serious issue for businesses of all sizes.
In the event that an accident or illness prevents an employee from working for an extended period of time, the financial impact can be severe for the employee and employers. Long term disability (LTD) insurance is designed to help cover the employee’s expenses while their regular income is interrupted. Flexible plan design options and benefit alternatives are available to meet specific needs. This valuable protection is available with low-cost, tax-deductible premiums.
Short-Term Disability (STD)
Short term disability (STD) insurance is designed to replace a portion of the wages lost when a short-term disability occurs.
A steady income is essential for most people. If an accident or illness interrupts that income, it affects both the employee and employer. flexible short-term insurance plan can provide needed benefits to both the employer and employee.
Group Life Insurance
Group life insurance shows employees you value what matters most to them—their loved ones.
Many employers offering employee benefits consider group term life insurance an essential part of their benefits package. Why? It provides employees with a basic level of protection. Plus, adding voluntary term life insurance to your benefits package allows employees to purchase additional coverage for themselves and coverage for their dependents.
Employers have a wide variety of optional plan designs to customize a group life insurance plan. Optional coverages include voluntary life insurance, supplemental life coverage, accidental death and dismemberment policies, and dependent life insurance. The premium paid for group life insurance is generally a business deduction, and this stand-alone contract is usually less expensive than the life coverage provided with medical/health insurance.
Group Dental Insurance
Group dental insurance is one of the benefits most requested by employees.
Many employees consider group dental insurance an essential part of their benefits package. As one of the most used group benefits, dental insurance can be a worthwhile investment for helping to attract and retain great talent. Access to dental insurance also helps employees manage their out-of-pocket costs—and being covered makes it more likely they’ll visit the dentist regularly. That routine, preventive care helps employees avoid dental issues down the road
This is a voluntary benefit, which means that each employee gets the coverage he needs for himself and his family.
Group Long-Term Care (LTC) Insurance
- The popularity of group LTC insurance makes a more competitive benefits package. This can help you keep important employees.
- Tax Deductible –Group LTC insurance premiums can be 100% Tax Deductible for C-Corporations. It can also be partially deductible for other types of corporations. The employer can also buy coverage for key employees.
- Protect Family Members –Coverage is also available to the employee’s spouse and family members. This allows them to take part in thediscountedgroup long term care insurance (Multi-Life) rates. Simplified underwriting can also benefit family members in obtaining long term care protection
Long-term care is the type of care received either at home or in a facility, when someone needs assistance with activities of daily living, such as bathing and dressing due to an accident, an illness or advancing age.
Most long-term care expenses are not covered by Social Security or Medicare, Medicare Supplement (“Medigap”), or private health insurance. Medicaid pays for nearly half of all nursing home care, but you must meet federal poverty guidelines and may have to spend down most of your assets on health care.
Group Vision Insurance
Regular eye exam can help diagnose more serious health problems. We’ll help you find a vision plan that works for you and your team.
A group vision insurance plan is especially attractive for employees because it is inexpensive, it’s another employee favorite. This is a separate plan that provides coverage for eye exams and/or for frames, lenses and contact lenses.
Many times the basic health insurance plan may provide for routine eye examinations; however, it will usually not provide any benefit for frames, lenses or contact lenses. This is where a separate group vision benefit would be used.
Flexible Spending Accounts (FSA)
Create Tax-Saving Opportunities for You and Your Employees
Flexible spending accounts allow your employees to set aside a portion of their paychecks for health care and dependent day care expenses before taxes are calculated. The more they take advantage of this benefit, the less you’ll pay for payroll taxes, including Social Security and Medicare. Depending on your state, a flexible spending account program may also reduce the cost of your workers’ compensation insurance.
Under the terms of the Affordable Care Act, a plan may permit an employee to carry over up to $500 into the following year without losing the funds.
Health Savings Accounts (HSA)
One of the primary benefits of HSAs is that they have three tax advantages. HSA contributions are either pre-tax (if through an employer) or tax-deductible (if you opened your own), you don’t pay taxes on the account’s growth, and if you make withdrawals for eligible expenses, you don’t pay tax on those withdrawals either.
Because HSA contributions,don’t count toward your tax burden, you will be taxed as though you make less money. Say, for example, you make $40,000 per year. If you put $3,000 in your HSA, you will be taxed as though you make $37,000, thus lowering your tax burden.
health savings accounts are designed to help you manage medical expenses and reduce the continuing rising cost of healthcare
Equally as important, the money you save remains part of your retirement account, even if you leave your present employer. You can also save the money in your account and grow your account through investment earnings..
Account funds are used to cover medical expenses before the plan deductible has been met. Unspent account balances accumulate and accrue interest from year-to-year.
401(K) plans are tax-deferred retirement savings plans for employees. Our mission is to assist you in your quest for a plan that achieves your company’s goals. Whether your primary objective is to reward key employee performance or provide a comprehensive benefit for all employees, we are available to review various design and administration alternatives. We provide responsible plan fiduciaries with access to reports to assist them in evaluating whether their chosen investment options meet the plan’s investment policy
The money is invested by the plan administrator (on your behalf) in mutual funds, bonds, money market accounts, etc. You decide the mix of investments. They usually have a list of investment vehicles you can choose from as well as some guidelines for the level of risk you are willing to take. Since the plan is an incentive for retirement savings, there is one condition: if you withdraw the money before you are 59½ years old, you will have to pay tax as well as a 10% penalty.