DEFINITIONS

Benefit Concepts offers a full­range of services that cater to individuals and companies of all sizes.

Medical/Health Plans
Our agency actively participates in the group and individual medical insurance marketplace. Whether you are investigating medical insurance for an individual or group plan, our agency is adept, proficient, and prepared to support you. We can help you evaluate your needs, survey the marketplace, prepare side­by­side plan comparisons for your review, and then assist you in implementing the plan or program that best meet your budget, goals, and needs.

Health Savings Accounts (HSA)

Our employer clients are enthusiastic about helping their employees making accountable health choices and saving monies for their future. In turn, Benefit Concepts is a champion for implementing Health Savings Accounts, which are Consumer Directed Healthcare (CDH) accounts that allows pre­tax monies to be set aside and cover future health claims and expenses that might not be covered under traditional health plans. The employee owns the HSA, which is similar to a 401(k) account, except its use is for future medical expenses that can be incurred long after you are employed. Combined with an HSA­compatible health plan, HSA's gives you more control over your financial healthcare future, and offer a more affordable approach to healthcare. The health plans typically provide lower premiums. HSA provides tax benefits when plan contributions are made, as the employee invests its money, the funds you save and continue to grow can be used to pay for qualified medical expenses. In addition, employer contributions plus employee contributions equates to a greater chance to build your Health Savings Account. Lower insurance premiums combined with using tax­free money can lead to significant savings.

Health Reimbursement Accounts (HRA)
BCI provides our clients with Health Reimbursement Accounts. HRA's are employer­funded plans that reimburse employees for medical expenses that are not included in the company's standard insurance plan such as deductibles or coinsurance. Because the employer owns and funds the plan, any distributions are considered tax deductible (to the employer). Reimbursement dollars collected by the employee are often tax free. Like Health Savings Accounts, HRA plans may offer a debit card linked to your account to pay for your qualified medical care expenses and supplies.

Dental Plans
Benefit Concepts partners with top­rated carriers within the dental insurance marketplace. Whether you are considering dental insurance for an individual, small business, or a large group quote, Team BCI is prepared to assist you. We can help you appraise your needs, evaluate the market, compare plans and costs for your review, and then help you execute the benefit plan or program that you determine most accurately meet your requirements.

Vision Plans
Potentially high costs of regular eye examinations and prescription eyewear can be of real concern, especially for large businesses, individuals with special vision needs or their families. Being able to offset a portion of these costs by providing vision insurance for yourself or business is a great investment. Vision insurance is a wellness benefit designed to provide routine, preventive eye care such as eye exams, eyewear, and other services at a reduced cost. Benefit Concepts knows that each of our clients is one of a kind, and protecting their sight is an important matter. That's why we offer a wide range of vision care plans to fit your business and personal needs.

Life and Accidental Death & Dismemberment Insurance
Benefit Concepts is very active in the group and individual Life insurance marketplace. Whether you are researching Life insurance for an individual, a group plan, or a 1000+ employee corporate plan, our agency is available to assist you. We can help you evaluate your needs, survey the marketplace, prepare side­by­side plans with cost comparisons, and then help you implement the best benefit plan or program to meet your objectives.

Short­ Term Disability
Uninsured employees who suffer a short­term injury face real concerns about surviving without a steady paycheck. According to the National Safety Council's report for 2008, nearly 70% of disabling injuries occur off the job. Under these circumstances, Worker's Compensation will not cover any lost wages, medical, or hospital costs. And research shows, on average, employees who rely on personal savings are unable to sustain out­of­work expenses beyond the first month. Having the right benefit plan can replace up to 60% of income lost due to injury or sickness. Our agency focuses on Short­Term Disability as the first step to gaining control of overall disability costs. A well­managed STD plan can help an employer identify, track and handle claims professionally and consistently. Active claim management through a fully­insured plan can help shorten the duration of disabilities through rehabilitation and return­to­work efforts, reducing your costs and preventing short term disabilities from becoming a long term issue.

Short­ Term Disability ­ Frequently Asked Questions (FAQs)


Q: Will our Worker's Compensation cover short term claims?
A: 70% of disabilities occur off the job and are not covered by Worker's Comp.

Q: Doesn't State Disability pay for short term disabilities?
A: Yes, but SDI only pays 55% of income up to $334 per week. An STD plan will pay on top of SDI and can be designed with higher percentages and maximums to replace a larger amount of income.

Q: Does an insured STD plan cover pregnancies?
A: Yes, pregnancies are covered as any other disability.

Q: How often do short term disabilities occur?
A: The average occurrence of STD claims is 65 per 1,000 insured lives each year.

Long­ Term Disability
When faced with an employee who has developed a long term disability, employers who elect not to offer disability insurance are confronted with several crucial decisions. Choices must be made whether to continue to pay all or part of a salary, offer unpaid leave, or even to terminate employment. The outcome can be unfortunate for both the employee and the entire company. Long­Term Disability allows an employer to outsource these difficult decisions surrounding a disabled employee to disability experts. An insured LTD plan will replace nearly 67% of an employee's income, till the age of 67, in situations where catastrophic illness or injury exists. Along with income protection, most disability plans offer rehabilitation and return­to­work services that are essential to the recovery of disabled employees. The goal of Long­Term Disability insurance is to financially protect and return disabled employees to a healthy and productive life.

Long­ Term Disability ­ Frequently Asked Questions (FAQs)

Q: How many people really use their LTD plan?
A: There is a 1 in 5 risk that a 35 year old will be disabled for 90 days or more before age 65. You are more likely to become disabled than to die during your working years. (SITE THE SOURCE)

Q: How much will LTD cost the company?
A: The general rule is that a fully insured LTD plan may cost a company about one half of one percent of the company's monthly payroll.

Q: Will an LTD plan pay a disabled employee who returns to work on a part- time basis?
A: Yes, most LTD plans will pay an employee who is limited from performing all of their job functions, and has suffered a 20% or more loss of income as a result.

Q: What are the most common income replacement percentages?
A: Most companies implement a plan that replaces from 60% to the highest percentage available, 66 2/3%, of an employee's income in the event of a disability.

Medicare
Our agency assists individuals, age 65 and older, to improve his or her current coverage, or reduce out­of­pocket costs. To ensure our clients’ overall health and wellness needs are met, we conduct an extensive evaluation on their current status, provide education on the various options and then prepare a customized program that achieves our clients’ healthcare goals and financial requirements. Whether it is a Managed Care Plan or a Traditional Supplement, our primary concentration is to help our clients better understand their Medicare benefit options. We also assist in Part D coverage. To find the Medicare plan that is right for you, contact us today.
● Traditional, Advantage & Supplement Plans
● Plan Designs for Individuals & Couples
● Instant Quote
● Simplified Application

Voluntary Benefits
When an employee and/or its dependents incur an unexpected life change, the treatment, recovery period, and financial matters can consume the thoughts and energy of your employees. Without insurance protection and financial security, the life change can lower company productivity and transfer more requirements and responsibilities to additional coworkers, including your Human Resource Management. Voluntary Worksite plans are elective insurance products offered to the employees at no cost to the employer. These benefits allow employees to satisfy gaps of coverage outside of the core benefits plan, as well as manage their benefits portfolio based on individual need. Benefit Concepts has a fundamental role with employers to provide access to voluntary and worksite benefits that offer a cushion of financial protection. To an employee, the workplace has become the central point of access to receive voluntary coverage an employee can afford on an ongoing basis.

● Accident
● Personal Accident coverage is supplemental insurance used to reimburse a portion of actual expenses paid. Benefits vary and may include the loss of life, accidental dismemberment, loss of speech, hearing, or sight, loss due to coma, or loss due to complete disability.
● Critical Illness/Cancer
● Critical Illness coverage is a medical insurance plan that provides a lump- sum benefit designed to help alleviate the financial burden following diagnosis of a critical illness or condition as defined in the policy. Cancer plan benefits can be utilized for medical and non­medical expenses, which may include, but are not limited to; loss of income, transportation, lodging, child care, and increased living expenses as defined by the policy.
● Disability
● Disability is an insurance product designed to replace a percentage of your gross income, on a tax­free basis, in the event that an illness or disability prevents the employee from earning an income. Benefits are paid directly to the insured in either weekly or monthly instalments dependant on policy terms.

COBRA Administration
"COBRA" stands for Consolidated Omnibus Budget Reconciliation Act of 1985. COBRA is the federal health care continuation law that requires if an employee or other "qualified beneficiary" loses employer­provided health coverage due to termination of employment or another specified "triggering event," the group health plan must offer continued health care coverage to the qualified beneficiary. The qualified beneficiary may be (and typically is) required to pay the full cost for the coverage. COBRA coverage has limited duration. In most cases, the maximum COBRA period is 18 or 36 months from the date of the qualifying event. COBRA effects employers with 20 OR MORE EMPLOYEES. Employee count includes all full and part time employees on the payroll. ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

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