Health Plans may be fully-insured by a health insurance carriers such as Texas Blue Cross and Blue Shield, which are state-regulated, or partially self-funded by the employer where certain Affordable Care Act mandates do not apply. Carriers offer group plans with varying options for deductibles, co-pays, annual limits, eligibility and provider networks. Employers and employees may share costs, with group health insurance generally tax deductible to the business and through cafeteria section 125 plans, generally paid in pre tax dollars by the employee. Other types of group plans include dental, disability and life insurance. 

Primary Care through employer sponsored health clinics provide employees and dependents local care generally without a co-pay, deductible or appointment. For a flat monthly rate, the employer often money on the group health plan because employees are seen by nurse practitioners or physician assistants overseen by local physicians when the need arises rather than wait for an appointment with a doctor. It’s easy, immediate and inexpensive.

Flexible Spending Accounts allow an employee to put aside a limited portion of earnings pre tax for medical and dependent care expenses. They may be offered with a traditional group health insurance plan to pay for out-of-pocket expenses the plan does not cover. FSA money can be accessed with a debit card, or the employee is reimbursed after filing a claim. Unused money at the end of the plan year does not roll over.

Health Savings Accounts are tax-advantaged savings accounts for employees used with a high deductible health plan to pay for qualified medical expenses. Unused funds accumulate because the account is owned by the employee.  HSAs can be funded by the employee, the employer or both, and there are an individual and family annual limits.

Voluntary Benefits help employers to reduce costs, supplement group plans and keep benefits packages competitive. We use major voluntary benefits organizations such as Coloniallife.com who for 75 years have provided voluntary insurance plans throughout the US. Offenhauser and Colonial work closely with your HR department to provide on line or face to face counseling with employees, including promotion of existing group benefits. They also provide professional, personal claims service.

Disability Insurance helps replace a portion of income if the employee becomes disabled from a covered accident or sickness.

Accident Insurance helps offset unexpected medical expenses, such as emergency room fees, deductibles and co payments from an accidental injury.

Life Insurance tailor made to the employee’s need to provide financial security to family members with limited underwriting.

Cancer helps offset the out of pocket medical and indirect expenses related to cancer that most plans don’t cover. It also provides a benefit for certain cancer screening tests.

Critical Illness supplements major medical coverage with a lump sum that may be used to pay the direct or indirect costs from a critical illness.

Hospital Confinement Indemnity provides a lump sum for an hospital confinement or covered outpatient surgery.

Dental provides benefits for any dentist you choose for a variety of procedures such as cleanings, crowns and root canals and savings are available if a network dentist is selected.

Many group benefit plans don’t give key executives the means for a retirement that suits their standard of living or provide adequate life and disability insurance. Offenhauser works with your  Corporate CFO, CPA firm, legal counsel and or TPA to develop salary continuation plans, deferred compensation plans, etc. that help the company recruit, maintain and motivate talented people.              

Deferred Compensation Plans allows employees to defer a portion of their income. Future compensation becomes a contractual obligation of the company and the income is not taxed until the money is paid under the non-qualified plans in section 409A of the tax code.

Supplemental Executive Retirement Plans funded by the employer to provide additional retirement income to an employee if pre-determined conditions are met. The plan is often funded by life insurance taken on the employee to future benefits defined in the agreement. 

Executive Benefit Plans tax deductible bonuses for retirement savings for execs. The company pays and deducts the premiums for employee owned life insurance. The exec may pay taxes on the bonus via withdrawals from the cash value of the policy.

Other examples include executive disability and long term care, that may be provided in addition to other group benefits.