At GBP, we understand that Employee Benefits are a key element in the overall success of your company. However, while they can be an instrumental tool in recruiting and retaining talented employees for your business, they can also be costly and have compliance requirements. That’s why our services are designed in every way to maximize employee awareness and satisfaction, all while minimizing the costs, time and stress you relate to employee benefits.
GBP also realizes that each business has unique challenges surrounding their employee benefit offerings. We work to uncover these challenges and ensure that your benefits package is aligned with your company’s specific organizational goals.
Whether your company is looking for affordable benefit options or needs assistance with compliance and/or your most critical HR issues, or you’d like a smart way for your employees to manage their benefits on-line, Group Benefit Partners is your solution!
Group Insurance Products
GBP has a broad range of group insurance products available from some of the most financially sound carriers in the nation. We have solutions that fit the small business owner to the large fortune 500 company.
Learn more about the different types of benefit plans available and how they work by visiting the tabs to the right.
To request a quote, please fill out the form below or give us a call today at 866-496-3102.
GBP offers plans through all major insurance carriers such as Blue Cross Blue Shield, Humana, United Healthcare, Cigna and more. Starting with plans that offer the Minimum Essential Coverage (MEC) as required by the Affordable Care Act (ACA) to full customized packages that offer a rich variety of benefits, we’ll work to find and design the best benefit package for your company’s unique goals, circumstances and needs.
When employers self-fund their own health plan, they will benefit from a significant savings in premiums, increased cash flow, tax advantages in addition to having more control over the benefits that the plan offers. Although not always a popular choice for small employers, today self-insured plans are considered to be good options for both small and large employers. GBP specializes in helping employers set up and maintain self-funded health plans and would be happy to give you a no cost analysis to determine if a self-funded health plan option is right for your company. Below you will find a little more information on exactly how self funding works.
A self-funded health plan requires the employer to become the insurer. Most often, employers will partner with a PPO to provide services for the plan. A third party (a TPA) is engaged to handle claims and processing. Because self-insured employers run the risk of large catastrophic claims, they will purchase stop-loss insurance to protect them in such an event. Even with the additional expense of stop-loss insurance, employers can enjoy saving thousands in premiums and other advantages.
In a Partially Self-Funded Health Plan, an employer purchases a traditional health plan with a deductible that is actually higher than what is ultimately desired. The premium saved by purchasing the higher deductible plan is then partially used to pay for a richer benefit, by reimbursing employees for the claims incurred between the higher deductible plan and the plan delivered by the employer. GBP maintains strong relationships with a number of high-performing Third Party Administrators that are very experienced in assisting with these complex arrangements. GBP a proprietary program to help pair the correct traditional health plan from one of the major insurance carriers we represent, with the high-quality plan offered to your employees.
A Flexible Spending Account (FSA) is a cafeteria plan under Section 125 of the tax code and allows for benefits to be paid with pre-tax dollars which results in tax savings to both the employee and the employer.
The average working employee in America spends thousands of dollars annually on certain types of medical benefits, daycare expenses and transportation services. By participating in an FSA, an employee’s taxable income is reduced, which increases the percentage of pay they take home and allows them to pay for these benefits and services with the pre-taxed dollars, in essence giving them a discount on these services. Here’s how they work.
This tax-favored savings account is funded solely by the employee through regular pre-tax payroll deductions. 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. Throughout the plan year, funds can be withdrawn from the account (tax-free) to pay for eligible medical, dental, vision, prescription and dependent daycare expenses. Some FSAs included work-related parking and transit costs. The administrator of the FSA account can issue a debit card that is tied to the FSA making it easy to use the account when needed.
The benefits of selecting a Defined Contribution Plan are many for both the employer and employee. An employee is more involved in their own healthcare choices and can choose a plan that is tailored around his/her needs, which reduces risk on employers. Also, both employer and employee save a significant amount of money on premiums and taxes, while retaining health benefits that are just as good, if not better than a traditional group plan.
Different than the “one size fits all” model, the idea of a defined contribution health plan allows employees to choose a health insurance plan of their choice with funds (a fixed dollar amount – a “defined contribution”) given to them (set aside) by the employer.
Along with Health Insurance, Life Insurance is considered to be a key part of the benefit package for employees. Besides being a valuable tool in attracting top talent, employees are happier and more productive feeling secure that their loved ones will be taken care of in the event of illness or an untimely death.
Whether employer paid or voluntary, a good life insurance policy provides for an employee’s final expenses, taxes, mortgage and even their children’s education as well as offering additional added benefits. GBP can help employers protect their employees and their employees’ families with a variety of different life insurance products. Please read below for some brief information on the various types of life insurance available and then call us today for more information on our life insurance products.
CASH VALUE LIFE INSURANCE
Life insurance that ties premiums to various types of investment accounts (stocks, bonds, money market, etc.) in which the savings can be tax deferred and/or borrowed against, if needed. These policies are known as whole life, universal life and variable life insurance.
TERM LIFE POLICY
Life insurance that 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. Some policies may also make payments upon terminal or critical illness.
GBP offers Dental and Vision Plans through many of our major insurance carriers. These plans are offered on a stand-alone (voluntary) basis or incorporated into the group health plan offering. Whether as voluntary or paid benefit, employees appreciate both dental & vision coverage as part of their Employee Benefits Package. Below you will find detailed information on the benefits of Dental and Vision plans.
Regular dental exams help employees stay healthier and more productive in the work place. In fact simple routine visits to the dentist, which are usually covered 100% by insurers, help to detect serious underlying conditions such as heart disease and diabetes. The National Association of Dental Plans and the Centers for Disease Control have performed studies that show that employees with Dental Insurance plans have better attitudes and are less likely to suffer from depression, a common condition these days.
Dental Plans offer a variety of diagnostic, preventative care and corrective services including cleanings, exams, x-rays, fillings, root canals, orthodontia for children, and emergency care while traveling.
Similar to dental policies, vision plans are inexpensive and save money on routine exams, eyeglass frames and lenses, contacts, and even discounts on procedures like LASIK. Monitoring your eye health with regular exams also helps to prevent serious eye diseases like glaucoma and cataracts and also helps to detect early stages of diabetes, high blood pressure, and high cholesterol.
National surveys have shown that Short Term Disability and Long Term Disability remains of high importance for most employees. 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) benefits. Following is some additional detailed information on our Disability products.
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, although it could be much longer depending on the policy, but will continue to pay the employee far longer than STD–for a few years, up to age 65, or even for life.
Group Long-Term Care plans are becoming an increasingly common voluntary benefit offered by employers today. The prospect of long-term care is one of the most important issues your employees may have to face. The cost of long-term care is expensive and generally not 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, impacting retirement savings and overall financial position.
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–increasing the ability to attract and retain the very best talent.
Most LTC plans are designed to 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” and obtain the level of coverage that they need for their families.
Request a Group Quote
For an accurate quote, we suggest you also complete the Census form below which will give us some additional information about your company and it’s employees. We request this information in three easy steps:
Fill out form directly to the left and submit.
After submitting online request form, and for faster service, access our Census Form by clicking below.
Once you have completed the Census Form, please save and or print the form, and then email or fax to the following:
Fax: (888) 519-6533