Employee Benefits for your Business
Since starting business in 2004, Narrows Insurance has been a leader in the group health insurance market for businesses. Health insurance has been drastically changing and we are your local resource for the information you need to take care of your business and employees.
We are an advocate for employers to help create an employee benefits package for your employees to help attract and retain quality talent, as well as manage risk and cost. Our goal is to make your life easier by streamlining the process of selecting a package for your company, providing options, and listening to what is important to your business.
Employee Benefit Packages to make your employees happy and retain your talent.
What we offer:
1. Choice
- We find the best option for your business and needs
- We represent all major state insurance companies and association plans to give you a large number of options
- We provide plan comparisons to compare coverages, premiums, and plan networks
- We have creative plan funding options available such as Self-Funded plans, Health Reimbursement Accounts, and Health Savings Accounts
2. Personalized Service
- We want to understand what your business needs are and deliver solutions
- Annual review of benefits
- Employee Meetings
- Creative plan design/funding
- Education of plans and marketplace
- Employee Benefit Booklet Handbooks
- Online Enrollment Platform
Group Medical Insurance
Offering medical coverage to employees is key to retention as well as ensuring the wellness of your staff. Preventative health is important to keeping your employees healthy and working. Offering a group plan to employees can save employees a significant amount. A group plan can be much cheaper than if the employer were to find an individual policy.
To round out your benefit package, you should consider offering additional coverage to employees to guarantee full body health.
Group Dental Insurance
Dental care is key to maintaining overall health. Preventative dental treatments can detect non dental related disease that can be detrimental to an employee’s health.
Group Vision Insurance
Vision insurance helps reduce the costs associated with going to the eye doctor. With most plans you are able to go for annual eye exams and only have to pay a copay (which typically ranges from $10-$40 for most plans). Vision insurance plans usually help cover the costs of exams, glasses, contacts, or other vision-related expenses.
Healthy vision is extremely important for the overall wellness of an employee. Regular eye exams can uncover several heath conditions including diabetes, cancer, high cholesterol, and many more.
Group Life
Life insurance pays out monetary benefits to the beneficiaries of the insured. If an employee were to pass away, the life insurance policy would pay the family the death benefit of the policy. This creates financial protection for employees and their family in the event of death or unexpected medical expenses. To learn more about life insurance and the different types, click here.
Group Disability
If an employee becomes disabled and can no longer work, they will receive a portion of their income in they have Group Disability Insurance.
This income protection is an unbelievably valuable asset for employees due to the peace of mind it grants them; they know they will still have an income if they become disabled. While it doesn't replace their full income, they can still receive up to 60% of their regular income which can make a huge difference for someone who is no longer able to work. According to the Social Security Administration, 1 in 4 of today's 20 year-olds will be disabled and receiving Social Security benefits before age 67, making disability insurance a valuable asset for employees of all ages.
Flexible Spending Account (FSA)
A Flexible Spending Account is a type of account that money is put into for certain healthcare costs that you pay for out of pocket. An FSA allows you to add funds pre-tax, which lowers your taxable income and helps you save money.
People may want a FSA for several reasons. First off, they offer appealing tax advantages. Secondly, some people find it convenient to have a separate account that is specifically for healthcare expenses. Also, the full amount of the FSA is available as soon as the plan starts, even if payroll deductions have not yet fully funded the plan.
Health Savings Account (HSA)
A Health Savings Account is a type of account that allows you or your employer to deposit funds to use for healthcare expenses. Funds are deposited pre-tax, offering HSA users tax advantages.
Even though employers can contribute to the HSA, the account is owned by the employee. HSA's are portable, meaning the employee can keep the account even if they change jobs or move to a different insurance carriers.
An HSA can be used for many medical expenses. Generally speaking, expenses for things that promote the health of the employee can be paid for with an HSA. This includes but is not limited to surgeries, vaccinations, lab fees, hearing aids, dental and eye care.
Some things can't be paid for with an HSA, even if they seem like health or medical related costs. Some examples include but are not limited to gym memberships, cosmetic procedures, personal care/toiletry items (like soap, deodorant, etc.), or maternity clothes.
HSA plans are good options for individuals that have predictable healthcare expenses and want to take advantage of tax benefits. However, they are not the right plan for everyone. If you have chronic conditions that require you to go to the doctor frequently, an HSA probably is not the best type of healthcare plan for you. This is because HSA's are associated with high deductible plans and the upfront expenses may outweigh the benefits of an HSA. Other groups of people that an HSA may not be the best plan for are those who are enrolled in Medicare and those who are on tight budgets or have difficulty with financial planning.
Voluntary Insurance Plans
Voluntary insurance plans let employees choose if they would like to enroll in extra benefits or not and are usually paid for by the employee. Voluntary plans can fill the gaps in coverage at a low cost to you. These plans can play an important role in the benefit package you offer to your employees. Voluntary plans include:
- Short Term Disability (STD): provides income replacement for employees who are not able to work because of a qualifying injury, sickness, or other medical condition.
- Long Term Disability (LTD): provides some income replacement for employees who are unable to work for an extended period of time due to a sickness, injury, or medical condition. This coverage usually kicks in after STD or paid leave ends.
- Accident Coverage: helps cover expenses after an accident that causes injury or death.
- Dental Coverage: covers expenses related to dental care.
- Life Insurance: provides monetary benefits to the family of an employee who has passed away.
- Critical Illness/Cancer Coverage: provides monetary benefits (as lump sum or monthly payments) if you are diagnosed with a major illness.
- Long Term Care Coverage: provides a monetary benefit to help cover costs associated with long term care. This includes things like a nursing home or assisted facility, hospice, or home health services.
Why choose Narrows Insurance for your employee benefits?
All Businesses are unique so it is important to find business medical insurance that fits your needs. One of our insurance professionals can help assess what your needs are and help design a company health insurance plan that will provide quality medical care for your employees within your budget.
Informational statements regarding insurance coverage are for general description purposes only. These statements do not amend, modify or supplement any insurance policy. Consult the actual policy or your agent for details regarding terms, conditions, coverage, exclusions, products, services and programs which may be available to you. Your eligibility for particular products and services is subject to the final determination of underwriting qualifications and acceptance by the insurance underwriting company providing such products or services. This website does not make any representations that coverage does or does not exist for any particular claim or loss, or type of claim or loss, under any policy. Whether coverage exists or does not exist for any particular claim or loss under any policy depends on the facts and circumstances involved in the claim or loss and all applicable policy wording.