Employee Benefits
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Health InsuranceHealth insurance is, in most instances, the biggest expense in an employee benefit plan. Friedman Financial Services offers health insurance options from basic plan designs to the most comprehensive major medical plans. Employers have the option of Preferred Provider Organizations (PPO's), Health Maintenance Organizations (HMO's) and the newest consumer-driven health plan designs which combine a high-deductible medical plan with a health reimbursement account or health savings account. To help you and your employees understand these options and the everyday changes in medical insurance, let Friedman Financial Services advise you in developing the best plan for your business and your employees.
Dental
Dental insurance is a benefit most employers don't offer, but is the most requested benefit from employees. Most dental plans pay for almost all types of dental expenses. One characteristic of dental insurance is the inclusion of benefits for both routine diagnostic procedures (including oral examinations
and X-rays) and preventive dental treatment (including teeth cleaning and fluoride treatment). In addition to preventive care, treatment for restoration, oral surgery, endodontics and orthodontics may also be covered. Dental insurance can be offered as an employer sponsored benefit with the employer paying a portion of the premium or as a voluntary benefit where the
employee pays the entire cost through payroll deduction.
Group Life / Voluntary Life
Life insurance is one of the cheapest and most beneficial benefits you can offer. Group life insurance plans are designed to provide coverage during an employee's working years. The most common form of group life insurance is in the form of term insurance. Term insurance provides death
benefits only. There is no buildup of cash value. There are various benefit schedules available to employers. The amount of life insurance offered to employees may be a flat amount, based on employment class or as a multiple of their salary. If you are unable to offer group life insurance as an employer sponsored benefit or want your employees to have the opportunity to supplement the
coverage you provide, you can offer your employees the opportunity to purchase group life insurance on a voluntary plan basis with the employee paying the premium.
Group Disability / Voluntary Disability
Group disability income protection consists of two distinct products: short-term and long-term disability insurance. Disability
insurance pays employees a flat amount or percentage of their salary, for a specific time period, if they cannot work because of an illness or sickness. It is a relatively inexpensive benefit to offer for employees and may help an employer remain competitive in the employment market.
Worksite
Worksite marketing benefits are products offered by an employer that the employee purchases and pays 100 percent of the premium. Since they are available through an employer/employee relationship, the employees are eligible for substantial premium discounts versus purchasing them on their own. Worksite marketing products has increased in popularity as an attempt by employers to contain the rising costs of their employee benefit program.
These products are available to employers of any size and require minimal employee participation. Insurance products typically offered on a worksite basis include; Accident, Cancer, Critical Illness, Long Term Care, Vision, and Flexible Spending.
Registered Representative of and securities offered through ING Financial Partners, Inc. Member SIPC. Friedman Financial Services, Inc. is not a subsidiary of nor controlled by ING Financial Partners Inc. Investments are: NOT A DEPOSIT - NOT FDIC or NCUSIF INSURED - NOT INSURED BY ANY OTHER FEDERAL GOVERNMENTAL AGENCY - NOT INSURED BY THE FINANCIAL INSTITUTION - MAY GO DOWN IN VALUE