Group Benefit Plans

Posted on: May 25th, 2020

Group Benefit Plans have come a long way, pushed forward by employees and employee benefits consultants. In other words, computer power has not exactly been stuck in time.  Increasingly, both employers and employees are seeking flexibility and personalization within their plans.

So, what’s new?  Flex plans were designed to allow individuals or families to decide how they want to allocate their allotted money. Employees can customize benefits to maximize their dollars spent, and employers can have clarity on set costs. The exciting recent development is the ability to offer these plans to companies with as few as three employees; there is no longer the need for 300-400 employees to justify these plans.

Health Care Spending accounts add flexibility to plans, but also commonly reduce the fees charged by insurers and your advisor by 30%-40%. 
Claims themselves are now much easier for employees to submit and receive compensation. We are now able to send in claims via a photo from your phone – no more paperwork and no need to keep receipts for the end of the year!

Disability programs used to require total disability for 120 consecutive days in order to be eligible for a claim, although that still all too common, they do not need to be that way.  Now you can purchase products that recognize total and partial disabilities from day one to age 65. This is to better align with our changing workplaces and abilities of modern medicine.

There are now Health Care plans that take you out of line ups and give access to literally any hospital or clinic on the planet for any medically necessary procedure.  No waiting, and the cost is looked after by your coverage instead of savings when you are dealing with health concerns.

If you think your plan is getting old, reach out to your group benefits advisor about getting your plan up to date and maximizing the value in your plan for you and your employees. The possibilities are endless.

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