Group Insurance

Employees are valuable!

By providing competitive benefits shows how important they are. We are here to help business owners and HR professionals operate efficiently and effectively. We can guide you with:

Managing costs:

  • Review of current and alternate plan options
  • Recommendations to fit your business model and budget.

Employee Benefit Program:

  • Important to improve your employee retention
  • Offer wellness programs and resources to maximize the corporation’s bottom line.

Retain your employees by offering complementary benefits such as dental, vision, life, short term disability and long-term disability, etc.

How we put together your health plan

  • Understand your business and employees
  • Analyze current employee benefit programs
  • Gather necessary information and data
  • Shop carriers for competitive rates
  • Create plan options & recommendations
  • Review recommending options with you
  • Implement & educate employees
  • Point of contact for issues and concerns
  • Annual plan review

Types of Employee Benefit Packages

  • Classic Plan design to limit potential exposure to catastrophic medical claims.
  • A product that can be tailored to align with your business retention strategy as it relates to employee utilization and turnover.
  • Ideal for groups that may have high claim performance.
  • A risk management approach that provides employer protection on premium and claim funds.
  • Underwritten rates are based on employee demographics; Ideal for healthy groups.
  • Portion of premium is placed in a claims fund, if the claims fund is not exhausted, the remaining portion is refunded to the employer.
  • If the claims fund is exhausted, the reinsurance company will pay remaining amount of the claims with no responsibility to the employer.

*Claims reviewed annually.

  • The employer assumes the risk for claims rather than the insurance company.
  • Third-Party Administrator oversees all aspects to include: paying providers, billing, administration, and stop-loss insurance.
  • If there is low claim utilization by the employees, the employer receives a refund.
  • Employers must budget for premium fluctuation each month due to claim utilization.
  • Ideal for larger groups looking for plan freedom on design and claims data.

Health Savings Account (HSA)

A Health Savings Account is a unique tax-savings account that can be used to pay for current or future health care expenses.

  • You may pay medical, prescription drug, dental and vision expenses with your HSA. Cannot be used for over the counter medications and vitamins.
  • Must have a qualified health plan to open an account (Minimum deductible $,1350 single/$2,700 family).
  • Must have an account open before you incur medical expense to use money from the HSA.
  • Remaining balance carries over annually.

  • You will need to open an HSA account at a bank or credit union with a minimum balance.
  • You do not have to put money into an HSA, you can fund after you incur expenses.
  • Deposits to an HSA can be a lump sum, a payroll deduction, monthly or any way you prefer.
  • You can deposit money in the account at the end of the year for all expenses incurred that year before filing taxes.
  • For largest tax savings, employees should deposit money from their paycheck into their HSA.
  • Employers can save 7.65% on payroll taxes for every dollar employee’s deposit into their HSA through payroll deduction.
  • Can be used to pay your medical expenses.
  • Usable towards deductibles, coinsurance and copays.
  • Money deposited can be withdrawn on the same day.
  • Money withdrawn for non-qualified expenses will be taxed at a higher rate.
  • Upon turning age 65, you can withdraw funds for any reason without penalty.

*Subject to income tax.

  • Health Reimbursement Account, or HRAs, is a way for employers to offset their employees’ healthcare expenses, while gaining tax advantages.
  • Employee contributions provide the employer with a tax benefit by reducing their FICA/payroll tax liability.
  • Employees are given money from their employer to spend on out-of-pocket medical expenses.
  • Only the employer can contribute to the account.
  • Contributions are not added to the employee’s gross income and are not taxed.
  • Employers can choose whether to allow the funds to be used for all qualified medical expenses approved by the IRS. All claims have to be substantiated or verified as an eligible expense.
  • Employees submit claims for reimbursement to their HRA administrator.

With over 60 years of experience, putting together a personal insurance package is our specialty.  Let 5 Star Insurance Group, LLC take care of what we know best…Insurance.

We are able to offer group health insurance meetings so that we can educate employees on their benefits and they can understand what is available to them.

CUSTOMER TESTIMONIAL

Staci helps you set up your insurance through the marketplace with ease. Being self-employed, she makes the process super simple and efficient. She takes care of my insurance, so I can keep focused on my work. Love everything about them and I can’t recommend them enough.

Abby Boucher