Group Insurance Plans & Employee Health Plans
Employee Health & Benefits Packages
In today’s market, one size doesn’t fit all when it comes to creating a comprehensive employee benefits package. Designing a benefits plan that is attractive to your employees while reducing your costs can be time-consuming, complex, and stressful. Our team of professionals are dedicated to providing each client with the information, guidance, and solutions they need to craft a benefits package which meets their needs and budget.
At Sheridan Benefits, we maintain a strong pulse on the market and our team has a proven history of reducing an employer’s cost while maintaining an appealing benefit package for employees. We do not work for insurance carriers — we work for you. This allows you the freedom to choose various carriers and options and to design a plan that exceeds your expectations.
Trusted Employee Benefits Specialists Serving Buffalo NY & Beyond
Our goal is to improve your business by designing, implementing, and overseeing employee benefit packages that support your goals for your business’ future. We provide complete enrollment services, employee assistance programs, and client expertise. We remain at the forefront of healthcare reform. Our implementation process ensures a smooth transition for you and your employees. We are committed to educating your workforce, keeping them engaged, informed, and connected.
We offer the following group coverages:
Group Health Insurance
For many companies, healthier employees often mean a healthier work ethic and environment. Sheridan Benefits provides clients with a variety of choices from the best insurance carriers. We know navigating today’s healthcare marketplace can be a challenging, so we work with you to determine which plans fit your needs and budget. We offer a variety of funding arrangements: Fully Insured, Health Captives, Self-Insured, Health Reimbursement Arrangements (HRA), Health Savings Account (HSA), Flexible Spending Accounts and more. It is our goal to help you meet the needs of your company and employees.
Group Medicare Plans
Medicare is a federal health insurance program which benefits individuals age 65 and older, certain young people with disabilities, and those with permanent kidney failure requiring dialysis or a transplant. This program comes in four differents parts: Parts A, B, C, and D. Individuals who enroll in Medicare are automatically enrolled in Part A and Part B, with Part B being optional. To eliminate the need for stand-alone prescription benefits, these plans may include a Part D rider.
Group Health Captive
We offer fully insured health captive and self insured options. Sheridan Benefits offers a group health
captive for employer groups who want to take advantage of all the benefits gained by self-funding their health coverage, without the volatility and risk that they might associate with this type of financial arrangement. Employers who join our captive experience the transparency, flexibility, improved cash flow and tax savings of self-funding, as they take control of their future expenses and embrace a long-term strategy focused on risk management, cost containment and employee satisfaction.
Partnering With Pareto Captive Services
Group Dental Insurance
A dental insurance policy is a supplement to the main health insurance plan. We work directly within insurance providers to ensure you and your employees receive the coverage you need and deserve. Together, we will explore the different plans and provider networks available. This type of policy can encourage your employees to be proactive about their health and wellness, as well as enhance your compensation plan. A dental insurance plan typically covers a range of diagnostic, preventive, and corrective services.
Group Vision Insurance
Like dental insurance, vision insurance is a supplemental health insurance plan. This type of policy covers costs associated with routine eye exams, contact lenses, prescription eyeglasses, sunglasses, LASIK surgery, and more. Vision plans can be offered as voluntary benefits or as part of a group plan. We will work with you to determine which plan option fits your company’s needs and will best benefit your employees.
Group Disability Insurance
Short-Term and Long-Term Disability policies provide your employees with financial assistance in the event they are unable to work for a period of time due to illness, an accident, or injury. This type of insurance pays a percentage of an individual’s salary while they are unable to work. Our team will work with you to design a policy that keeps your employees protected. For Short-Term Disability policies, an employee can generally receive income payments after a two-week waiting period. They can receive benefits until he/she recovers or maxes out the policy. This can be anywhere from one month to two years, depending on the policy. A Long-Term Disability policy will provide income for an employee after about a 90-day waiting period, and depending on the policy, an individual can receive benefits for a few years, up to age 65, or even for life.
Group Life Insurance
Life insurance is considered to be an important part of an employee benefits package. Whether you are looking to design a new package or reassess your group life insurance policies, we will help you create a customized plan that meets your company and employee’s needs. Our benefits consultants will work with you to evaluate what type of plan fits your situation and provide you with the solutions you deserve. Our goal is to help you make the most out of your group life insurance policy. For more details regarding Medicare
Group Voluntary Insurance
In many cases, voluntary insurance plans serve as a complement to existing policies. We offer a number of voluntary insurance plans including dental, vision, long-term disability, short-term disability, life insurance, long-term care insurance, and supplemental health insurance. We will work with your employees to ensure they are getting the most out of their benefits packages.
This type of technology promotes communication between patients and medical staff. It is convenient and confidential, and allows for the transmission of medical, imaging, health information, and data from one site to another. With telemedicine, distance barriers are eliminated and it can improve access to medical services not consistently available in distant, rural communities. This can be used to save lives in critical care and emergency situations.
Health and Wellness Programs
There are many benefits to implementing a health and wellness program within your company. It can help increase your employee’s productivity, reduce premiums, and can improve your ability to attract and retain top talent for your workforce. These programs work by promoting individuals to quit smoking, maintain gym memberships, provide on-site screening and flu shots, and provide your employees with resources related to healthy living. We will help you determine which incentives will work best for your company and provide the biggest benefits for you employees.
We offer the following employee health & benefits packages:
Cafeteria Plans Section 125
Cafeteria plans are employee benefits plans designed under Section 125 of the Tax Code. These types of plans offer tax incentives to both employees and employers, by saving both thousands in premiums and other healthcare costs. One of the best parts of a Section 125 plan is most employees are already paying for these expenses through after-tax dollars. A Cafeteria plan offers them a way to save money they’re already spending. Another way to look at it is, by participating in a Cafeteria Plan, an employee’s taxable salary is reduced and the percentage of their tax-home pay is increased. This results in an increase in their spendable income. These employees will also receive a greater deduction on dependent care expenses than what is offered by a traditional tax credit at the end of the year.
Premium Only Plan (POP)
This type of cafeteria plan applies to most employer-sponsored health and welfare plans. It allows an employee to elect to withhold a portion of their pre-tax salary to pay for their premium contribution. In addition, it offers a simple way to receive favorable tax treatment for the benefits already offered. Many companies already have this setup through their payroll provider. (link to HR & payroll page) A POP plan requires little maintenance once it’s been set up through your payroll. It is the simplest Section 125 Plan.
Flexible Spending Account (FSA)
A FSA provides employees with a special account in which the funds can be used to pay out-of-pocket expenses that are not covered by insurance. This includes annual deductibles, office co-payments, prescriptions, orthodontia, and over-the-counter drugs. This type of account can create tax savings for employees, as the amount contributed is deducted before income taxes. On average, employees in America spend more than $1,000 yearly on these types of benefits. By participating in this type of cafeteria plan, the employee’s taxable income is reduced, which increases their take-home pay.
Consumer-Driven Health Products
These products consist of some Cafeteria Plans as well as other benefits plans which are uniquely designed to combine pre-tax payment accounts with a high-deductible health plan. These each operate in different manners, but the main goal is the same: to save money by lowering premiums on health care plans. This pre-taxed account can be funded by either the employer or employee. It is used until the deductible is met. After the deductible is met, the health insurance plan will begin to cover the individual’s healthcare costs. Ongoing compliance regulations and several administrative procedures must be met to comply with Section 125 code legal requirements. Our team of experts will work with you to help you take advantage of these special benefits today.
Health Savings Account (HSA)
To help employees manage the increase in out-of-pocket healthcare expenses usually associated with a high deductible plan, the HSA combines the high deductible/lower premium health insurance with a tax-favored savings account. Both employees and employers can contribute tax-free to this type of savings account. The funds in this account can help pay deductibles and other qualified savings accounts, tax-free. Insurance starts paying once the deductible is met. Any remaining funds in the account earns interest, tax-free, and is the the employee’s to keep forever — even if they change jobs or medical plans.
Health Reimbursement Arrangement
This type of account is solely funded by the employer. It combines high deductible/low premium health insurance with a tax-favored savings account. A HRA is designed to help employees save on out-of-pocket healthcare expenses associated with a high-deductible plan. It is tax-advantaged and IRS-approved. The money in the savings account can help pay for co-pays and other qualified expenses before the deductible is met. The funds left in the account earn interest and can be carried to the next year.