More often than not, an insurance benefits package can be the focus of a struggle between employer and employee, one in which one side’s gain is the other side’s loss. Montgomery & Graham, Inc. believe in innovative health care options that will protect an employer’s bottom line while still giving employees the benefits they deserve. Read on to find out more about the different insurance products that M&G offer businesses in Oregon and Washington.
Health Savings Accounts
A health savings account or HSA is designed for those with a high-deductible insurance policy (the deductible must be a minimum of $1,250 for an individual or $2,500 for a family). With an HSA, employees are able to put aside funds for medical expenses and there are a whole array of benefits to this system. The HSA funds are not subject to federal income tax and funds can be deposited by both employer and employee. If all of the funds are not used up in a given year, they roll over to the next year, making them different from other savings account plans. They also offer perks like attentive customer service and debit cards to use for medical expenses. Also, when employees turn 65, they are able to withdraw money even for non-medical expenses, making HSAs also function as a sort of retirement account. All of these things make the HSAs extremely attractive.
Self-Funded Health Insurance Plans
Another innovation in healthcare which is gaining in popularity is the self-funded health insurance plan. Under this plan, employers pay their own claims and are able to save money by cutting out the middle-man. These plans also give employers the freedom to tailor their health care plans to better meet the needs of their employees. To protect the employer in the case of unexpected or larger-than-anticipated claims, a stop-loss insurance plan is available.
A workforce with many health risk factors (such as being overweight or smoking) can lead to increased absenteeism and higher compensation and disability expenses. M&G understand that a Workplace Wellness program, which offers incentives to employees for healthy lifestyles, can curb these expenses. It can also boost morale and be a talking point for recruitment. Workplace Wellness can include classes in healthy living, access to fitness facilities at a reduced charge, and policies which support and reward things like weight loss and smoking cessation.
MG Client Care
Montgomery and Graham understands that insurance is an ongoing concern. To help address whatever needs might arise, Montgomery & Graham, Inc. offer MG Client Care, a service which can provide timely answers to your insurance questions. This includes, but is not limited to, inquiries regarding claims, benefits, eligibility, COBRA benefits, ID cards and enrollment.
So when you are ready to find a solution to health care insurance that benefits both the employer and employee, check out MGBenefits.com. They can offer you plans which will protect your bottom line, take care of your workers and improve your company’s recruitment and retention.