Group health insurance is now more complex than ever before. While we are optimistic that many of the negative implications of the Affordable Care Act will be reversed, the underlying problem has not been resolved and rising healthcare costs are still inevitable. The true issue with our healthcare system is a lack of transparency. It’s the only industry in the country where consumers have no idea what they will pay prior to receiving their bill. For this reason, it’s more important than ever before to employ a broker who provides creative cost containment solutions accompanied by the latest technology in order to assist your organization in navigating the nuances of the healthcare system.
David Rine Insurance is committed to assisting your organization navigate the healthcare landscape. We have assessed the market extensively and have launched technology solutions to engage your employees, educating them on how to become smarter consumers of healthcare.
Our firm specializes in helping large and mid-sized employers find strategic funding solutions for controlling and containing their health costs long-term.
Partially Self-funded Plans
While traditional stop-loss plans make sense for our largest clients, group captives and level funding plans are now more popular than ever and are growing exponentially. We have found that most brokers/consultants are not offering these solutions to their clients. Group health insurance captives are a wonderful means of collaborating with other employers to control group health costs long-term. This gives employers with 50-1,000 employees on their benefits plan an avenue into the self-funded arena, while simultaneously removing a substantial portion of the volatility through a “pooled risk” approach. We have the ability to save qualifying employers $1,000,000 or more over a 5-year period by utilizing this concept. Level funding plans are also effective for smaller employers who would like to get into the self-funded arena with a plan structured similar to a traditional fully-insured plan.
Fully Insured Plans
David Rine Insurance/Select Group Benefits has access to every available carrier in the industry. Our premium volume and reputation places us in the best possible position to negotiate rates on your behalf.
David Rine Insurance gives you the added value of MyWave
A value-added service brought to you exclusively by David Rine Insurance, MyWave provides the resources you need at your fingertips. MyWave is an Internet-based client center that gives your business and your employees real-time access to a dynamic world of insurance, benefits, tools and information.
Our Services Include:
- Product/Carrier Analysis
- New Program Design and Implementation
- Monitoring Program Performance
- Negotiation of Rate Renewal
- Assistance with Claims
- Employee Benefit Communication
HSA/HRA Group Healthcare Insurance
Reduce company benefit costs with innovative plans
These plans answer the need to reduce high benefit premiums for companies. Health Savings Accounts (HSAs) and Health Reimbursement Arrangements (HRAs), are a tax-favored and cost-effective means to providing health insurance.
HRAs are funded by employer contributions and allow employers to provide funds on a monthly basis to accounts employees can use to pay for deductibles, and other out of pocket expenses not covered by their health plans. The unused portion of funds in an HRA at the end of the plan year remains with the employer. The unused monies can be allocated to help fund future medical expenses and retiree medical costs.
Group Vision Care Insurance
Choose from extensive or limited vision plans for employees
Group Vision Care Insurance is insurance that provides coverage for services relating to the care and treatment of the eyes. It typically covers services delivered by an optometrist or ophthalmologist. Depending on the specific plan, some or all of the following services may be covered:
- Yearly eye exams
- Glasses (with an annual limit)
- Contact lenses and fitting (with an annual limit)
- Glaucoma screening
Some vision plans may provide more extensive coverage (such as certain eye surgeries), while others may limit coverage to “reasonable and customary” charges incurred during routine eye exams. Reasonable and customary charges generally don’t include the cost of glasses and contact lenses. With some employer-sponsored vision plans, coverage may be even more narrowly limited to the medical treatment of certain eye conditions.
Group Dental Insurance
Improve employee health by providing dental coverage
Group Dental Insurance is one of the most popular workplace benefits. Highly valued and often used, Group Dental Insurance can improve your bottom line. That’s because employees covered for Group Dental Insurance are much more likely to visit the dentist regularly. This can improve employees’ overall health and may help prevent more serious problems in the future.
Group Disability Insurance
Short and long-term disability protection for your employees
Group Disability Insurance provides your employees with a source of income should they become disabled. If an employee were to become disabled, personal savings or spousal income may not provide sufficient resources for maintaining the basic necessities of life.
Although plan designs may vary, group plans typically provide the disabled employees with a percentage of income in the form of a weekly or monthly benefit – usually between 60 and 70% of pre-disability income.
Group disability coverage is often offered without medical evidence of insurability. Coverage is available for both short and long term disabilities.
Section 125 Plans
Program can increase tax savings for employers and employees alike
An exceptional way to enhance your fringe benefit package is through a provision of the Internal Revenue Code, Section 125. This Federal tax-qualified program allows qualified insurance benefits to be purchased with before-tax dollars, resulting in tax savings for employers and employees alike. Under a Section 125 Plan, pre-tax dollars are used to purchase benefits. These dollars may come from two sources:
- Non-elective Contributions – direct employer contributions, if any; and
- Elective Contributions – employee salary reduction contributions.
Section 125 programs reduce the employer’s payroll-related costs, usually increases employees’ take-home pay, add to the current benefit package at no additional cost to the employer, and help employees receive the most for their money by allowing them to select only those benefits they need.