Group Employee Benefits
New regulations, financial and administrative burdens, and technological advancement make it increasingly difficult for organizations to provide health insurance and other benefits for their members and employees. TEKCare’s industry experts understand the complexities of group insurance, we leverage our knowledge to develop and market a full range of health and benefit programs. We understand knowledge alone may not be enough, we back our service with ardent advocacy for each of our clients, our customers receive individual attention.
Under a Group Employee Benefit medical benefits can be provided in various options.
- Health Maintenance Organizations (HMO’s)- provide only in-network coverage
- Point of Service Plans (POS)- provide coverage both in and out of network at different usual and customary and reasonable (UCR) levels.
- Preferred Provider Organizations (POP)- provide coverage both in and out of network with no referrals required in network.
- Exclusive Provider Organization (EPO)- one of the most comprehensive plans available, cost effective with no referrals necessary.
- Self-Funded Level Premium Plans- an alternative to stand-alone Self-Funded plans. As with all Self Funded plans, “premium” pays for the stop loss, administration, and claims. In a level premium plan the actuary calculates the estimated claim, and a monthly (level) premium is calculated. The monthly premium is predictable similar to a fully insured monthly premium. The difference is in the Level Premium plan if actual claims are less than projected, the company receives back the difference. In a fully insured plan, this is the carrier profit.
- Self-Funded Plans- Claims are not paid for until incurred, resulting in differing monthly payments. The most efficient form of medical plan, since companies know exactly how their payments are allocated.
The second most requested employee benefit after medical, coverage can be provided for employees and dependents with preventative, basic, and/or major services. Coverage can be either employer fully paid or with a contribution, or voluntary (100% employee paid)
Disability Income Insurance:
Everyone who depends upon a paycheck needs disability benefit insurance to protect their home and family from income loss. Many employees think injuries trigger most disabilities, but the facts show that illnesses, such as back pain, cancer, heart conditions are 10 times more likely to be the cause.
Short Term Disability Insurance:
In the event an employee becomes disabled as result of an accident, sickness or pregnancy outside of their work environment, the employee can receive a percentage of their income based upon their previous earned income for up to 26 weeks. In NJ, NY, CA, Rt Ht employers in these states are mandated to provide short term disability policies which provide a small benefit, employers in these states can also supplement the state plan.
Long Term Disability Insurance:
LTD Insurance can provide coverage at the end of a STD policy. Monthly benefits are a percentage of earned income, and can run until age 65. Different carriers have different tests to determine eligibility and length of coverage.
Retirement Planning: TEKCare offers a high-level of service, expertise and experience to provide comprehensive strategies including plan governance, ERISA compliance, investment management consulting, and vendor management services for both defined contribution and defined benefit plans.
- Profit Sharing Plans
- Safe Harbor Plans
- New Comparability Plans
- Automatic Enrollment
- Fiduciary Responsibilities
- Annual Fiduciary Review
Non-Qualified Plans: TEKCare offers comprehensive non-qualified deferred compensation plans to help employers maintain a competitive advantage in recruiting, rewarding and retaining top executive talent. We provide solutions which allow highly compensated individuals the freedom to save the desired amount of their salary (up to 100%) for retirement.