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LIFE, ACCIDENT
& HEALTH INSURANCE LINKS:
• LIFE
INSURANCE
• LIFE INSURANCE F.A.Q.
• HEALTH INSURANCE
• HEALTH INSURANCE F.A.Q.
• DENTAL
• DISABILITY
• VISION
• LONG
TERM CARE
• AFLAC |
LIFE, ACCIDENT & HEALTH INSURANCE:
HEALTH INSURANCE F.A.Q.
How do I know if my group is appropriate
for self-funding?
Are there benefits that I can offer my employees that won't
cost me anything?
Can I insure the multiple locations of my business under
one group insurance plan?
Can I offer insurance to only part
of my group or do I have to offer it to everyone?
How do I know if my group is appropriate for self-funding?
Typically groups begin to consider self-funding when they have around
one hundred insured employees. Self-funding is designed to help the employer
save premium dollars. This results from the fact that the employer keeps
the "reserves" that would normally be paid to the insurance
company. If the anticipated claims do not occur, the employer keeps the
reserves. Self-funding also allows the employer greater flexibility in
the plan design and administration.
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Are there benefits I can offer my employees
that won't cost me anything?
Yes. Voluntary benefits are available which can be payroll-deducted from
the employee's paycheck. The employee gets the benefit at a group rate
rather than buying it on their own. Benefits such as AFLAC, life, disability,
long-term care, and dental can be offered as a voluntary benefit to employee's.
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Can I insure multiple locations of
my business under one group insurance plan?
The guiding factor here is the Federal Tax ID Number. If the multiple
locations do not fall under one Federal Tax ID Number, it is possible
that they may need to be insured separately. It is best to consult your
agent on your business's tax situation, and the regulations of the insurance
carrier you are working with.
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Can I offer insurance to only part
of my group or do I have to offer it to everyone?
As long as you do not discriminate, you can offer insurance to whomever
you like, as long as they are full-time employees of your company. For
instance, you may only choose to offer benefits to your executive staff,
which is allowed as long as all executive staff are made the offer.
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