Employee Benefits

The ability to attract and retain good employees is fundamental to the success of any business. A well conceived benefit plan would help achieve this goal. Employee perceptions are extremely important in benefit plan changes. Clear, concise written and oral communication is vital to the success of any new benefit program. Hover Insurance Services provides organized employee meetings and easily understood written materials for our clients. Since benefits’ planning is an evolutionary process, we conduct annual reviews and update the program as needed.

Specific Services Include:

• Restructuring your plan to contain costs and improve benefits
• Evaluating insurance carriers for premium levels, benefits, options, service, riders and underwriting requirements
• Participating in renewal negotiations and strategies for minimizing rate increases.
• Analyzing alternate funding methods, including self-funding arrangements
• Comparing alternate coverage options, including HMO, PPO, and POS plans
• Providing seminars and research materials on current insurance trends, laws, and provisions
• Holding employee meetings to explain benefit options
• Assisting companies with insurance administrative problems.
• COBRA information
• Recommending third-party administrators and specialized consultants
  

Group Health Insurance

Our agency is very active in the group and individual medical insurance marketplace. Whether you are investigating medical insurance for an individual, a group plan for a small start up, or a partially self-funded multi-state corporate group plan, our agency is capable and prepared to assist you. We can help you evaluate your needs, survey the marketplace, prepare side by side plan and price comparisons for your review, and then help you implement the plan(s) that you determine best meet your objectives.

Group Dental Insurance

Our agency is very active in the group and individual dental insurance marketplace. Whether you are investigating dental insurance for an individual, a group plan for a small start up, or a partially self-funded multi-state corporate group plan, our agency is prepared to assist you. We can help you evaluate your needs, survey the marketplace, prepare side by side plan and price comparisons for your review, and then help you implement the plan(s) that you determine best meet your objectives.

Voluntary Plans

Voluntary Benefit Payroll Deduction plans have become increasingly popular among employers and employees alike. Employers appreciate the offerings because it allows them to offer a complete line of benefits without having to actually pay for any of the actual costs. In many instances the employers actually benefits because of the FICA, Medicare, Workers Compensation and Unemployment payrol tax savings.

Section 125 Cafeteria Plan

Also known as Flexible Benefit plan, Section 125 plans allow employees to pay for certain benefits with pretax dollars. This allows them to save taxes on insurance premiums, out of pocket health care and or related child or dependent care expenses. Any dollar the employee defers into the flex plan is withheld before any taxes are calculated. The employer will save their portion of social security tax, Medicare, payroll and any other state-required taxes.

The employee may elect to participate in any of three accounts. Federal, State and Social Security taxes are saved on every dollar contributed to the plan. Click here for more information on cafeteria plans.

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