Employee Benefits

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.

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 Employees elect how much they want withdrawn from each pay period, which can be changed annually or upon a qualifying event such as marriage or divorce. Throughout the plan year, funds can be withdrawn from the account (tax-free) to pay for eligible medical, dental, vision, prescription and dependent daycare expenses.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.

DENTAL 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.

VISION PLANS
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.

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.