Lamb, Little & Co. consults with employers to develop a comprehensive employee benefit program.
We understand the challenges that businesses face in attracting and retaining top employees. As a business owner, you know the importance of employee benefits and their contribution to your business success. We will work with you to develop a program tailored to your individual circumstances.
Our group insurance products include:
In today’s environment, offering the right health insurance benefits can be a challenge. You want to provide the best possible plan for your employees yet it must be cost efficient for your business.
Lamb, Little & Co. is committed to health insurance for both our commercial customers, who need group coverage for their employees, as well as the individual or family that needs coverage.
With the changing face of health insurance in today’s market, we are staying abreast of the latest developments that will affect the coverage you expect as well as the cost impact upon you.
We have the wide array of health insurance options available in our area, and we will always present to our customers the best options at the best price available.
Long-Term Disability (LTD)
In the event that an accident or illness prevents an employee from working for an extended period of time, the financial impact can be severe for the employee and employers. Long term disability (LTD) insurance is designed to help cover the employee’s expenses while their regular income is interrupted. Flexible plan design options and benefit alternatives are available to meet specific needs. This valuable protection is available with low-cost, tax-deductible premiums.
Short-Term Disability (STD)
A steady income is essential for most people. If an accident or illness interrupts that income, it affects both the employee and employer. Short term disability (STD) insurance is designed to replace a portion of the wages lost when a short term disability occurs. An affordable, flexible short-term insurance plan can provide needed benefits to both the employer and employee.
Group life insurance is an integral part of most employee benefits packages. When provided by an employer, employees appreciate the value of life coverage and the additional security it provides to their families.
Employers have a wide variety of optional plan designs to customize a group life insurance plan. Optional coverages include voluntary life insurance, supplemental life coverage, accidental death and dismemberment policies, and dependent life insurance. The premium paid for group life insurance is generally a business deduction, and this stand-alone contract is usually less expensive than the life coverage provided with medical/health insurance.
Group dental insurance is one of the benefits most requested by employees. Many employers provide dental insurance for their employees, but a growing number of employers are offering this as a voluntary benefit that is paid 100% by the employee through payroll deductions. Most dental plans provide full coverage with a 100% benefit for preventive exams & cleanings, an 80% benefit for basic services such as fillings and root canals, and 50% benefit for major services and prosthodontics such as dentures, crowns, etc.
Some dental insurance companies provide a dental buy-up plan which allows the employer to purchase a base plan, while employees purchase additional benefits as needed. Another newer option for dental insurance is a dual option plan that allows each employee to choose a basic plan or a more comprehensive plan based on his needs. This is a voluntary benefit, which means that each employee gets the coverage he needs for himself and his family.
Did you know over 40% of people receiving long-term care services are under the age of 65? This is one of the reasons why long-term care insurance has become a frequently requested employee benefit. Employer-based long-term care insurance is an essential part of a comprehensive benefits package.
Long-term care is the type of care received either at home or in a facility, when someone needs assistance with activities of daily living, such as bathing and dressing due to an accident, an illness or advancing age.
Rising life expectancy means that the potential need for “long-term care” grows with every passing year of your life. The likelihood is that you or a member of your family will need long-term assistance due to a prolonged illness, a disability, or general deterioration of your health and ability to perform routine daily activities.
Most long-term care expenses are not covered by Social Security or Medicare, Medicare Supplement (“Medigap”), or private health insurance. Medicaid pays for nearly half of all nursing home care, but you must meet federal poverty guidelines and may have to spend down most of your assets on health care.
A group vision insurance plan is especially attractive for employers because it is inexpensive to offer, yet it’s another employee favorite. This is a separate plan that provides coverage for eye exams and/or for frames, lenses and contact lenses.
Many times the basic health insurance plan may provide for routine eye examinations; however, it will usually not provide any benefit for frames, lenses or contact lenses. This is where a separate group vision benefit would be used.
Flexible spending accounts, or FSAs, will allow employers and employees to expand the tax-saving benefits of a premium only plan. They also enable companies to provide superior health care benefits, increasing employee satisfaction, and retention. Flexible spending accounts allow your employees to set aside a portion of their paychecks for health care and dependent day care expenses before taxes are calculated. The more they take advantage of this benefit, the less you’ll pay for payroll taxes, including Social Security and Medicare. Depending on your state, a flexible spending account program may also reduce the cost of your workers’ compensation insurance.
A health savings account (HSA) helps you save money on health care. By making you a part of the medical services decision process, health savings accounts are designed to help you manage medical expenses and reduce the continuing raising of health care expenses.
Equally as important, the money you save remains part of your retirement account, even if you leave your present employer. You can also save the money in your account and grow your account through investment earnings. Funds in the account can grow tax-free through investment earnings, just like an IRA. In short, if you don’t use all the money in your HSA for medical expenses, it can accumulate as tax-free savings for your retirement. One final benefit, HSAs can pay for many more procedures than were ever allowed before by government sponsored programs. Health Savings Accounts help you save money on unavoidable expenses and build investment savings for your retirement.
Account funds are used to cover medical expenses before the plan deductible has been met. Unspent account balances accumulate and accrue interest from year-to-year. Unlike amounts in Flexible Spending Accounts that are forfeited if not used by the end of the year, unused funds remain available for use in later years. Once the health plan’s annual deductible has been met, coverage resembles conventional insurance, typically in the form of a preferred provider organization (PPO) with little-to-no cost sharing for in-network services, and limits on total out-of-pocket costs.
401(K) plans are tax-deferred retirement savings plans for employees. The employer sets them up, and each company has a slightly different 401(k). They are part of a family of retirement plans known as “defined contribution” plans—the amount contributed is defined by the employer or the employee.
When you join a 401(K) plan, you tell your employer how much money you want to contribute to your account. This amount is deducted from your salary before taxes are applied, so you pay less income tax. More importantly, the money is deducted even before you have received it, making it the easiest savings plan to contribute to. Your employer may match a portion of your contribution.
The money is invested by the plan administrator (on your behalf) in mutual funds, bonds, money market accounts, etc. You decide the mix of investments. They usually have a list of investment vehicles you can choose from as well as some guidelines for the level of risk you are willing to take. Since the plan is an incentive for retirement savings, there is one condition: if you withdraw the money before you are 59½ years old, you will have to pay tax as well as a 10% penalty fine to the IRS.