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Group Benefits
As an employer, it is important to ensure that your employees are happy and satisfied. Employee benefits are playing an increasingly important role in employee satisfaction and retention. Showing your employees that you care for their well-being will not only help you retain them, but also improve productivity and in the long-term boost profits. Providing your employees with various group insurance policy options is one such way of showing your employees that you truly care about them.
However soaring health care costs have left many employers with painful decisions to make between coverage and price. At the same time employees struggle to afford their premiums and out of pocket health care costs. To compound the problem, dealing with claims, billing, and administrative issues related to insurance leaves most of us exhausted, angry, or overwhelmed.
At Allwood Forlenza Insurance Agency we take pride in helping our clients implement and manage their employee benefits programs to maximize the value perceived by their employees and minimize the friction they experience.
Pensions & Profit Sharing
Pensions
A pension is a steady income given to a person, usually after retirement. The point of a pension is to give you income after you retire. Your employer sets up a pension plan to provide money for your retirement.
The contributions that employers make to pensions are tax deductible. The investment earnings on the plan assets are tax deferred. The distributions that employees receive from the plan are taxed as ordinary income.
Profit Sharing
Profit sharing plans offer employers both design flexibility and discretion with regard to contributions. Employer contributions are self determined and can be allocated in a number of ways. If an employer makes little or no profit during a year, no contribution is required, although low profits don’t restrict the contribution level and an employer is permitted to make contributions even if the company is not profitable.
Health Insurance
There are many group medical insurance programs available, including HMO, POS and PPO plans. To assist you in making your decision, we will prepare a comparative analysis of proposals by benefit design (HMO, POS, PPO and other benefit designs), insurance company and pricing.
Our employee benefits professionals will be available to discuss the proposal and answer any questions you may have. Upon your selection of the best alternative, we will coordinate and oversee the implementation of the program.
Group health insurance has tax advantages too. Employer contributions to a small business health insurance plan are generally 100% tax deductible, and employees will save on their payroll taxes.
New Jersey does not have a state risk pool. The state has guaranteed-issue meaning all citizens will be accepted at the same premium regardless of their health.
Disability
Long-Term Disability Insurance
Insurance coverage that provides policy holders financial protection in case of a long-term disability.
Allwood Forlenza offers a variety of group (three or more people) long-term disability plans designed to help employers protect their employees’ income, family and quality of life in the case of a long-term disability. Employee Benefits have a strong history of combining greater claimant assurance with an emphasis on recovery and return to work.
Short-Term Disability Insurance
Insurance that helps provide policyholders financial protection when income is temporarily interrupted or terminated because of illness, sickness or an accident.
Short-term disability plans offer group (three or more people) coverage that protects employees from a temporary loss of income and provides employers with an extra measure of cost savings should one of their employees become disabled for a short period of time. Benefits for short-term disability plan leverages return-to-work incentives and rehabilitation programs traditionally desired in a long-term disability plan.
