Employee Sponsored Benefits
Tanenbaum Harber Insurance Group realizes that today's employer must provide employee benefits & services to sustain the quality personnel needed to run their businesses. Our knowledgeable and licensed staff can assist you in selecting the financial products that best serve the sophisticated needs of you, your top executives and dedicated employees.
Group Medical / Dental/ Supplemental Group Plans:
The rising costs and declining availability in medical insurance makes health insurance a top priority for both the business owner and their employees. Whether choosing a managed-care plan, such as HMO, PPO, or Fee-for Service Plan it is important to understand the myriad of complexities in this ever changing line of coverage and the potential economic impact to your company.
Life Insurance can provide financial protection both individually as well as for your business. Employees may have families or others who are dependent on their income. Providing for costs associated to replace key personnel or provide for your company's continuity is a financial risk. Both of these need to be considered when deciding what life insurance benefits you should purchase.
Short Term/ Long Term Disability:
Disability Insurance pays a monthly income to someone who is unable to work due to an injury or illness. Disability Insurance Polices are categorized as either Short Term or Long Term with the difference being the waiting time before benefits begin and the maximum benefit period. Understanding the variable features of these policies is important in making a knowledgeable decision.
Long Term Care:
With the aging of our society, especially baby boomers, the need for long term care insurance has come to the forefront. Nursing home care, assisted living care, or at home care is costly and is rarely covered under medicare or health insurance. Long Term Care Insurance can help cover the costs for such care. However, coverages and eligibility triggers can vary between carriers as well as cost. Being able to decipher the coverages and terms to make informative comparisons requires experience.
Section 125/ Cafeteria Plans:
Section 125 Cafeteria Plans, or Flexible Benefits Plans, first emerged in the 1980's and have become one of the fastest growing ways of providing benefits to employees. Employees have the opportunity to select their own benefits, based on individual needs, on a pre-tax basis. This allows tremendous tax savings for employee and employer. The design flexibility of these programs allows an experienced professional to structure plans that reduce costs and manage the delivery and utilization of services.
Employee Pension Plans:
In these times of economical uncertainty and increasing global competition it is important that employee pension plans remain economical to the employer and attractive to the employee. A high degree of expertise is needed in the creation, interpretation, and administration of pension plans.
Key Executive Plans:
Key executives may be your most important asset. In today's competitive market, incentives are an important way to strengthen employee relations. Developing a cost effective benefit package will help you attract, retain, and reward your key personnel.
Buy-Sell Funding Arrangements:
Buy-Sell agreements provide for the sale or purchase of the ownership of a business due to a triggering event such as death, disability or retirement. Although the agreement is a legal document it is important that it is properly funded to facilitate obligations within the contract. An insurance professional with background in business continuation can assist in selecting insurance products to fund your buy/sell arrangement.
The federal law known as COBRA requires employers with 20 or more employees to continue to offer their group health plan to certain former employees, retirees, spouses, and dependent children for a specified length of time. Administering the various requirements of federal mandates is time consuming and can have dire consequences if done incorrectly. Outsourcing of COBRA administration can save you time and money and protect you from violations.