Employee Benefits >>

Employee Benefits


Madison Avenue Brokerage is responsible for coordinating closely with your benefits staff in the areas of marketing, product/plan design, eligibility, ID cards, claims, provider match, enrollment meetings and more.

Group:
  • • Health Insurance
  • • HMO, EPO, EPO COST SHARE, POS
  • • PEO
  • • Dental Insurance
  • • Life Insurance
  • • Disability Insurance
  • • Group Life / Disability / Dental
Employers know that employees of a business will effectively determine whether the venture will be a success or not. Committed employees who are satisfied with their jobs, and the rewards their jobs bring, are a significant asset of any business.

That is one of the reasons employers seek out ways to reward employees for their hard work and loyalty. It is also key recruiting tool when trying to attract employees that are qualified to excel at the position being offered. Some of the ways a business can accomplish these goals is by offering an ancillary benefit package that includes the following:

Group Term Life:
Group Term Life Insurance is a program of affordable renewable Term Life Insurance that covers the lives of a group of individuals, such as the employees of a business. An employer can use a formula that may be based on age, years of service, compensation or position when determining how much insurance coverage will be provided.

Group Term Life is popular with employees for a number of reasons:
  • • Employees receive the Insurance at no or little cost depending on whether
       the plan is contributory
  • • Employees can secure coverage, in most cases without a physical exam.
  • • The cost of the first $50,000 of life insurance coverage provided to an
       employee is not as income for tax purposes.
  • • Coverage may be converted to individual policies upon termination
       of employment
  • • High levels of insurance protection can be bought at a reasonable cost.
Group-term life insurance programs are relatively easy and economical to administer, further easing the burden for employers.

Group Disability:
Long Term
This benefit covers employees who can't work because of an illness or injury that happens whether they are at work or not. This type of insurance will offer incentives that help employees return to work. LTD pays employees an amount equal to a portion of the employee's wages when they are out of work. Employers can choose the benefit payment how long they will be paid and various other options. This coverage will replace part of an employee’s income for an extended period of time, typically 5 Years of till Age 65.

Short Term Disability:
This benefit covers employees who can’t work because of an illness or injury that happens whether they are at work or not. Short Term Disability will pay an amount equal to a portion of the employee’s wages when they are not at work but will typically be for a shorter duration. This type of protection can supplement any State Disability Proceeds in the first six months and can last as long as two years.

Group Dental
Can cover employees and their dependents for preventative, restorative and major services performed at a Dentist's office depending on the provider and the type of coverage being offered. It is important to recognize the difference in most Dental plans before making a decision on which type of coverage best fit you and your family.

DMO Plans - Requires that an employee select a primary care dentist to coordinate their care from the available managed dental network. Each family member may choose a different primary care dentist and can usually switch dentists at any time. If specialty care is needed, a member's primary care dentist will refer them to a participating specialty dentist. These plans are usually not subject to annual maximums or deductibles however the employee will have to follow a schedule dictating the co-pay for a specific service. It is important to note that an employee must stay within the provider network for services to be covered.

PPO Plans - These plans give their member a choice to use a dentist who participates in the network or choose a licensed dentist of their own that does not participate. Although these plans give a member the freedom to choose any dentist they want, most plans are subject to waiting periods, deductibles and annual maximums. Typically the benefits received while seeing a non-participating dentist is less then if you see one that does participate in the carrier’s network.

Cost Sharing Plans - Many carriers offer plans with substantially lower premiums which have higher deductibles for services you utilize least, such as Inpatient Hospitalization. These plans give you the best of the traditional HMO/PPO plans combined with Major Medical Plans.

Madison Avenue Brokerage will serve as your advocate in dealing with the various carriers and their representatives.
 

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