Employee Benefits

For Small Businesses

Lovelace Insurance has more than 20 years of experience serving the employee benefit needs of small businesses and employers throughout West Palm Beach and the entire state of Florida.  Because every group is different, we take the time to understand each client’s needs and circumstances.  As health insurance experts, we have the resources and knowledge needed to analyze cost drivers and other factors to help each client navigate their options and find the best plan for their business and its employees.

Our services are geared to:

Control costs while still maintaining an attractive benefit package
Simplify the process of benefit selection, enrollment, communications, terminations & renewals
Help small businesses compete with larger companies through competitive benefit programs

We offer a FREE consultation for businesses with 5 – 50 employees to help you select which benefits to offer your employees. We will analyze the best the funding and cost-sharing strategies to utilize, based on your unique needs and budget. 

Types of Group Health Benefits Available for Employees

An HMO group health plan requires employees to appoint a primary care physician who directs treatment utilizing service providers affiliated with the HMO. HMOs offer access to a comprehensive package of health care for a low monthly premium. A small co-payment is often required for services, depending upon the type provided.

PPO group health plans offer a vast network of quality healthcare providers and facilities. Employees save the most money on healthcare if they use providers within the network, as some services may be only partially covered or not even covered at all when outside providers are used. Also, many services may not be covered if deductibles are not first met, however, the plan includes important wellness and preventative services provided outside of the deductible with a small co-pay.

Partially-Funded Plans (aka Level-Funded) are a variation of a Self-Funding and allows small employers to take advantage of all the cost saving and benefit design features of a fully self-insured plan, however, they share the risk with one of our top national carriers. The premiums for shared funding plans are generally much lower than fully insured plans. An employer may save even more by implementing wellness programs into the benefit strategy.

How it works. An employer will select any of the fully insured plans that the carrier offers. Then rates will be determined by the group’s claim history. Next, stop-loss insurance is added to protect against catastrophic claims. Since the carrier will handle the administration of the plan, there is no need to hire a separate vendor to handle claims and processing.

An HSA combines a high deductible, lower premium group health insurance plan (PPO) with an employee owned savings account. Both employer and employee can contribute, with pre-taxed dollars, to the savings account. The account is used directly by employee to help fund the deductible and other qualified medical expenses.

An HRA combines a high deductible, low premium health insurance plan with an employer owned tax favored savings account. This plan requires that the employer contribute to the savings account. The account can be used to reimburse employee for co-pays and other qualified expenses submitted by the employee, prior to the deductible being met.

FLEXIBLE SPENDING ACCOUNT (FSA) A Flexible Spending Account is a tax-favored savings account funded solely by the employee through regular pre-tax payroll deductions. The funds can be withdrawn, tax-free, to pay for eligible medical, dental, vision, prescription and dependent daycare expenses. Employees elect how much they want withdrawn from each pay period. By participating in a FSA, an employee always has cash to pay for these expenses, and as an added benefit, their taxable income is reduced which also increases the percentage of pay they take home.

PREMIUM ONLY PLAN (POP) A Premium-Only Plan allows employees to select, purchase and pay monthly premiums for their own individual insurance plan with pre-tax dollars. Employees elect a set amount of wages to be deducted from each payroll to be used by the employer to reimburse the employee for the monthly premium.

We offer both dental and vision as part of the employer sponsored package or on a voluntary basis.

Studies have shown that regular dental exams help employees to stay healthier and more productive in the work place. Additionally, you can detect serious underlying conditions such as heart disease and diabetes, through regular dental exams. In fact, the National Association of Dental Plans and the Centers for Disease Control have performed studies that show that employees with dental insurance have better attitudes and are less likely to suffer from depression, a common condition in today’s fast-paced world.

Dental insurance offers a variety of diagnostic, preventative care and corrective services. This includes cleanings, exams, x-rays, fillings, root canals, orthodontia for children, and emergency care while traveling.

Similar to dental policies, vision plans are inexpensive and save employees money on routine eye care. Examples of care include exams, eyeglass frames and lenses, contacts, and even discounts on procedures like LASIK. Additionally, monitoring your eye health with regular exams helps to prevent serious eye diseases like glaucoma and cataracts. In addition, regular eye exams help to detect early stages of diabetes, high blood pressure, and high cholesterol.

Most insurers include wellness benefits in their comprehensive coverage, designed to improve lives and keep members healthy. Your group health plan will generally include services like preventative medical screenings, free or discounted gym memberships, diet advice, disease management, telehealth, and much more.

Compliance and other Benefit Services

In today’s insurance landscape, the tasks and functions that come with sponsoring a benefit program can be confusing, complex and tedious. As a client of Lovelace Insurance, our trusted carriers and vendors help you avoid costly fines and penalties by assisting and handling these functions for our clients.

Examples of Compliance and Administration
  • COBRA – enrollment, filings and employee communication
  • HIPAA – PHI compliance
  • ERISA – wraps, filings, SMM, SAR, notices
  • FMLA – leave requests, return to work requests, etc.
  • Health Savings Accounts (HSAs) &
  • Health Reimbursement Accounts (HRAs)
  • Flexible Spending Accounts (FSAs)
  • Partially/Level Funded Plans

We will assist you in complying with the requirements of the Affordable Care Act in many ways. We are continually monitoring and updating ourselves on the ever change law and have designed our services to keep our clients compliant and informed.

  • Design benefit coverage to meet the requirements of the ACA
  • Assist with tracking hours
  • Ensure eligible employees are offered coverage
  • Assist with the reporting process and necessary tax forms
  • Handle employee notices

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