Saving Money on employee benefits is a must in today’s economy. The cost of providing benefits is rising significantly, while employees consistently seek more and more from their benefits packages. Many employers struggle to balance employee needs with their own capabilities and bottom lines.
Helping you meet these divergent objectives is our specialty.
For years, Insurors of Texas has been providing insurance and employee benefits consulting services to the business community. Built upon a tradition of integrity, industry leadership, and excellence, we are committed to delivering tailored benefit solutions with thoughtful strategic planning, valuable professional services, and technology-based solutions.
Our staff of experienced benefits professionals can develop benefits programs that make sense for your company and your employees. We have specialists in all lines of employee benefits, with the experience and know-how to keep your programs running smoothly and your employees happy.
Insurors of Texas specializes in a wide variety of plans and lines of coverage, including:
Group Health Insurance – Insurors of Texas will assist in finding the health insurance plans with the best comprehensive coverage for you. Working with a wide variety of plans and utilizing leading national and regional carriers, we will work to provide employers and their employee’s customized healthcare plans tailored to your company needs.
Self Insured – Under an insured health benefit plan, an insurance company assumes the financial and legal risk of loss in exchange for a fixed premium paid to the carrier by the employer. Employers with self-funded (or self-insured) plans retain the risk of paying for their employees’ health care themselves, either from a trust or directly from corporate funds.
Mini Med – Mini-medical plans (a.k.a. limited benefit plans) have emerged in the past several years as an alternative for employers struggling to afford major medical plans, or as a form of coverage for workers without access to major medical plans. Though these plans provide coverage, it is usually limited to routine medical visits and prescription drugs. In the event that the employee needs coverage for a major medical event, this would most likely not be covered. However, a majority of employees do not use anywhere near the full amount of their health benefits in a year, so a mini-medical plan may be ideal for certain individuals (barring an unexpected medical incident).
Dental – Though going to the dentist may not be your favorite thing to do, it can save your life! This is because, in part, 90 percent of all illnesses start in your mouth. This means that your oral health can cause seemingly unrelated illnesses and diseases, some of which are life-threatening. Those with dental benefits have a brighter view of their health and well-being in general. Dental benefits may seem like just another expense, but the dental plans can be voluntary or employer paid. Though rising benefit costs may be squeezing your dollars, your employees (and potential future hires) likely see the benefit in dental coverage. Moreover, a quality dental care package can actually help reduce medical coverage costs by preventing future illness and disease.
Vision – Vision insurance plans are designed to provide routine preventive care, such as eye exams, eyewear and other vision services at a reduced rate. Routine eye exams can uncover serious health concerns, many of which are costly to manage and detrimental to one’s health. But many employees are reluctant to undergo routine vision checkups simply due to the cost. To encourage your employees to have regular eye exams, consider offering vision insurance as part of your benefits package
Life – Group-term life insurance is coverage that employers offer to employees only. Coverage may be employer and/or employee paid. Often, employers offer a specified benefit (flat fee or percentage of salary) that is cost-free for employees, and then offer the option for employees to purchase additional coverage. Because spouses and dependents are not covered under this type of plan, some employers also offer a separate voluntary plan to cover these individuals if employees choose.
Disability – Disability insurance has become an increasingly valuable part of a comprehensive employee benefits package. Not only does disability insurance fill the gaps in financial protection offered by other programs like Social Security, it is also a highly sought-after component of a competitive benefits package for employers who need to attract and retain talented employees. And while employees appreciate the peace of mind they receive as their income replacement benefits are being paid, employers can use the resources offered by insurers to manage time and productivity losses and find the most effective ways to return employees to work.
Long Term Care – Long-term care insurance is a growing trend in the employee benefits arena, being used to help attract and retain top performers. A recent survey revealed that 45 percent of companies now offer long-term care insurance to their employees as a voluntary benefit. To combat the high costs of long-term care, LTC insurance protects individuals against incurring large out-of-pocket expenses in the future by paying affordable monthly premiums now. There are two different types of long-term care insurance policies available:
- Individual long-term care insurance
- Group long-term care insurance
Individual policies are generally purchased by people whose employers do not offer a group policy or those who feel that they need to supplement their employer’s policy to obtain the most coverage possible in the event they need long-term care assistance. If employers and associations offer long-term care insurance to employees in the form of a group long-term care insurance policy, the policy may not offer the same level of protection afforded by individual long-term care insurance policies. Prior to purchasing a group policy, it is wise to compare the level of protection offered and the level of protection guaranteed in comparable individual policies. Long-term care insurance policies should also clearly state whether they are individual or group policies.
Many employers are facing a real dilemma when it comes to employee benefits. Health care costs continue to rise, and maintaining a comprehensive and competitive employee benefits program is becoming increasingly difficult. Offering supplemental benefits can be a way to control costs and still meet employee’s needs.
Accident – Though most people do not like to think about it, accidents can happen – and they can be devastating. They occur without warning, and most individuals are not financially or emotionally prepared for them. However, offering a Group Accident Insurance plan as part of your benefits package can help your employees in the event of an accident.
Cancer – Being diagnosed with cancer can have a devastating impact on the lives of the sick individual as well as on family and friends. On top of this, treating cancer is extremely expensive, and survival without the proper treatment is often not a viable option. To provide supplemental coverage for cancer treatment and costs, many employers offer voluntary cancer insurance to their employees. These policies go beyond traditional health plans, since many do not provide sufficient coverage for the costs surrounding the disease.
Critical Illness – A critical illness can have devastating effects on your employees, both to their health and their pocketbook. Offering critical illness benefits to your employees can help alleviate some of the financial burdens of suffering a major illness or accident. Benefits of Critical Illness Insurance to the Employer and Employee includes-
• Complements high-deductible health plans (HDHPs) by eliminating the worry of having to pay for high deductible in the middle of suffering a major illness.
• Serves as an affordable way to fill a gap in coverage.
• Employees reduce their financial risks in the event that serious illness occurs.
• Employers can offer the benefit as a recruiting tool or as a way to compensate for changes in core medical plans.
• Employers can offer a wellness benefit option under a critical illness plan that reimburses an employee each year for having certain tests and routine exams done.
Hospital Indemnity – Hospital indemnity insurance is a type of plan that provides out of pocket expenses when you’re hospitalized for an injury or illness. Benefits are predetermined, paid regardless of any other insurance and have several plan designs. This can be a standalone policy or combined with critical illness plan.
Employee Assistance – An employee assistance program is an employer-sponsored program that offers services to help you deal with personal problems. EAPs can help reduce your health care and disability claims, increase your productivity and morale and lower absenteeism.