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Workplace Benefit Plans
 Enhance your company’s employee benefits program
by offering individual insurance at work. GBS has licensed
professional enrollers visit with your employees as
a group or one on one.
Benefiting both employers and employees with potential tax
savings, Section 125 of the Internal Revenue Code allows employees
to designate pretax dollars toward insurance premiums, medical care
and dependent care expenses. These funds are not subject to Social
Security, Federal and most state taxes, thus lowering an employee’s
tax liability. In turn, lower payrolls can potentially reduce
employers’ payroll tax costs and, in turn, reduce Federal and/or
state unemployment tax contributions and workers’ compensation
premiums.
Worksite Overview for Business Owners
A
reflection of the changing economy of the last decade can be found
in the evolved attitudes many people have toward insurance. Today,
even people who are young, unmarried, or childless seem to have an
increased interest in securing financial protection in the event of
death. Yet, while the interest is often there, the time and energy
to follow through may not be. There always seems to be something
else that comes first: Namely, bills, day-to-day activities and
expenses.
There is a convenient way to obtain insurance coverage that has
gained enormous popularity. More and more business owners have been
making insurance products available to their employees through
Voluntary Payroll Deduction (VPD) programs. With a VPD program, an
agent from a reputable insurer comes to the employer's
place-of-business to offer employees the opportunity to purchase
individual life plans. This can be invaluable to employees who have
not yet purchased the financial protection they (or their families)
need. .Two primary types of life insurance are term life and
whole (or permanent) life.
Employee's Whole Life employee's Whole Life is a
life insurance policy you purchase through your employer. You pay
premiums for this coverage through voluntary payroll deduction which
means premium payments are deducted directly from your paycheck
(after you sign a Payroll Deduction Authorization form). There are
no checks to write or payments to mail.
Term life insurance
an original insurance form, offers protection for a
specified period of time and builds no cash value. If the insured
dies during the specified term, policy benefits are paid to
beneficiary/ies. Products offer varying durations and benefit
amounts and often include embedded benefits for terminal illness and
AD&D. Coverage durations can be annual renewable or “level” for
periods such as 10, 15, 20 and 30 years, during which the premiums
remain unchanged. Coverage may be portable and riders for items such
as critical illness/total disability, quality of life, increasing
death benefits, AD&D and families are often available.
Accident
Offering protection beyond basic health coverage, voluntary
accident insurance provides supplemental on- or off-the-job coverage
and may cover deductibles and other services standard health care
coverage may not provide. Some voluntary accident insurance products
can be both a reimbursement and an indemnity insurance policy –
expense reimbursements paid are for actual charges or up to the
maximum amount stipulated per selection.
Embedded benefits of accident insurance may include:
- Accident medical expense
- Ambulance benefit
- Hospital confinement
- AD&D
- Optional benefits/riders such as accident total disability,
hospital intensive care, bone fracture and dislocation, and
coverage for spouse and children
Specified
Disease/Cancer
When an individual is first diagnosed with cancer, heart attack
or stroke, his or her life is interrupted in many ways: physically,
emotionally and economically. Employers demonstrate their concern
for their employees who face such challenges by offering voluntary
specified disease (including cancer) insurance. Such plans help an
individual’s ability to maintain adequate earnings for everyday
living expenses.
Benefits for voluntary specified disease insurance
including cancer expense policies may be paid either through a lump sum or an annually restorable policy.
Premiums for lump sum policies do not increase
with age and are typically payable until the policy is paid up at a
specified age (or predetermined number of years), or until a claim
is incurred. Often, specified disease lump-sum policies offer a
return of premium rider, which allows premiums to be refunded if the
policy remains continuously in force and no claim is paid during the
term of the policy.
Lump sum cash payments typically allow benefits to
be used for any purpose, including:
- To help offset the loss of income
- Deductibles, copayments and scheduled benefit limitations
- Treatments considered experimental
- Transportation expenses to and from doctors and treatment
facilities
- Normal living expenses (mortgages, car payments, utility
bills, child care, groceries, credit card bills, etc.)
Annually restorable policies help offset expenses incurred for
treatment of covered diseases. Payments typically are more focused
toward inpatient or outpatient services as well as supplies and
treatments such as hospital room and board; drugs and medicines;
laboratory services; and medical or surgical services.
Features of such plans may include:
- Annually restorable benefits
- Travel and wellness benefits
- Payment in addition to other coverage
- No deductibles
- Portable coverage
- Issue ages (often ranging from late teens to early 70s)
- Family coverage
- Guaranteed renewable for life
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Policy over views are for information
purposes only. This is not a solicitation for insurance. GBS
provides administrative services for government
contractors. |
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Worksite Life
- Designed for worksites from 1 to 2500 employees
- Term or Universal Coverage is available for the whole family
- Employees enjoy the convenience of payroll deduction and
flexible benefits
- All administration is handled by Government Benefit Service
- Life insurance with a death benefit guaranteed for life with
Premiums paid up at age 65
- Accelerated benefit gives policyholders early access to up to
100% of a discounted death benefit*, if needed, with no
additional premium or underwriting requirements
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