Keeping operational expenses down while still providing quality and comprehensive employee benefits is the challenge of every business owner in today’s budget driven world. As fellow business owners we understand this dilemma, fortunately as expert benefits advisors we can find a solution that will provide the coverage you need without breaking the bank doing so.
As your trusted advisor we will review and evaluate your current plans, educate you on your options, and propose alternatives that are not only cost effective but that are right for you. We are proud to offer a multitude of Employee Benefits such as:
Group Health
Dental
Group Life
Group Disability (TTC/STC)
HSA/HRA/FSA
Retirement Plans
And More
Millennium Alliance Group enjoys relationships with all of the major carriers and has extensive knowledge of their products and plans. We are confident that you will find our expertise invaluable and our servicing exceptional.
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Group Dental
Group Dental can cover employees and their dependents for preventative, restorative and major services performed at a Dentist’s office depending on the provider and the type of coverage being offered. It is important to recognize the difference in most Dental plans before making a decision on which type of coverage best fit you and your family.
DMO Plans- Requires that an employee select a primary care dentist to coordinate their care from the available managed dental network. Each family member may choose a different primary care dentist and can usually switch dentists at any time. If specialty care is needed, a member’s primary care dentist will refer them to a participating specialty dentist. These plans are usually not subject to annual maximums or deductibles however the employee will have to follow a schedule dictating the co-pay for a specific service. It is important to note that an employee must stay within the provider network for services to be covered.
PPO Plans- These plans give their member a choice to use a dentist who participates in the network or choose a licensed dentist of their own that does not participate. Although these plans give a member the freedom to choose any dentist they want, most plans are subject to waiting periods, deductibles and annual maximums. Typically the benefits received while seeing a non-participating dentist is less then if you see one that does participate in the carrier’s network.
Group Life
Group Term Life Insurance is a program of affordable renewable Term Life Insurance that covers the lives of a group of individuals, such as the employees of a business. An employer can use a formula that may be based on age, years of service, compensation or position when determining how much insurance coverage will be provided. Group Term Life is popular with employees for a number of reasons:
Employees receive the Insurance at no or little cost depending on whether the plan is contributory
Employees can secure coverage, in most cases without a physical exam.
The cost of the first $50,000 of life insurance coverage provided to an employee is not as income for tax purposes.
Coverage may be converted to individual policies upon termination of employment
High levels of insurance protection can be bought at a reasonable cost.
Group-term life insurance programs are relatively easy and economical to administer, further easing the burden for employers.
Group Disability
Long Term
This benefit covers employees who can’t work because of an illness or injury that happens whether they are at work or not. This type of insurance will offer incentives that help employees return to work. LTD pays employees an amount equal to a portion of the employee’s wages when they are out of work. Employers can choose the benefit payment how long they will be paid and various other options. This coverage will replace part of an employee’s income for an extended period of time, typically 5 Years of till Age 65.
Short Term Disability
This benefit covers employees who can’t work because of an illness or injury that happens whether they are at work or not. Short Term Disability will pay an amount equal to a portion of the employee’s wages when they are not at work but will typically be for a shorter duration. This type of protection can supplement any State Disability Proceeds in the first six months and can last as long as two years
HSA/HRA/FSA
HSA - is a combination of a tax favored savings account and a qualified high deductible health insurance policy. The savings account can be used to pay for routine medical, dental, prescription drugs, eyewear and other IRS qualified medical expenses. Major medical expenses are covered by the insurance policy.
What are the Benefits?
Earnings on assets in HSA are Tax Free.
Much lower insurance premiums with difference saved in HSA
Tax deduction for contributions even if you do not itemize on Form 1040
Contributions not used roll over and stay in account until used.
Funds can be used for approved medical expenses without paying taxes on withdrawals.
Funds are available by checks and Debit cards.
Funds withdrawn after age 65 for purposes other then medical expenses are taxed as ordinary income.
FSA - Employers can set up plans that allow their employees through payroll deduction to set aside money on a pre-tax basis to reimburse themselves for qualified expenses. Some of these expenses include but are not limited to non-insured medical, dental, and vision expenses, such as deductible’s and co-payments. These plans can also be set up to include the cost of dependent care and transit expenses.
HRA - allows an employer to fund an account used to reimburse employees’ for healthcare expenses that are not covered by insurance. An HRA may pay any or all of the same expenses allowed in an FSA however only employers can make contributions to the account. Once established the plan may reimburse participants for any eligible expenses incurred subject to limits set by the employer. HRA funds can be made available to employees all at once or in equal portions throughout the year. Employers can also choose to let unused funds roll over to next year or have all balances forfeited at the end of each year.
Retirement Plans
When you offer a retirement plan, you help your employees with their retirement needs and give yourself an advantage as a business owner. A retirement plan can help to:
Reduce your business taxes.
Can build vital savings for yourself.
Provide an attractive benefit to recruit, reward and retain valuable employees.
Because businesses come in a variety of sizes and configurations, there are several plans that are inexpensive, and easy to establish and maintain.
A SEP-IRA is designed for small business and the self-employed. It allows you to make discretionary tax-deductible contribution for yourself and your eligible employees. This gives you the freedom to choose on an annual basis whether to contribute to the plan and what amount, if any, you contribute.
A SIMPLE-IRA lets you offer a payroll deduction retirement savings plan that features many of the advantages of a 401(k) without the high cost or complexity. There are two contribution choices for the employer:
- 3% matching contribution – you match up to 3% of each participating employees salary. In two years of any Five year period, you may elect to reduce the dollar for dollar match to as low as 1% of salary.
- 2% contribution – you contribute 2% of each eligible employee’s compensation (up to a maximum for that tax year) whether or not they elect to make deferrals.
A 401(k) gives your employees a payroll deduction with many options. Employees and employers can make contributions to the plan on a pretax basis, and contributions and earnings grow tax deferred until withdrawn. Chances are, you'll probably be in a lower tax bracket when you retire than you are now, and you'll pay less in taxes on the money you're earning now. Contributing to a 401(k) is practically painless - the money is taken out of your paycheck before taxes, so you never even see it to miss it. A 401(k) plan gives you control over your retirement plan by letting you choose from a variety of investments that may match your goals.
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Health & Ancillary Insurance Carriers:
AETNA
AFLAC
ATLANTIS HEALTH
CIGNA
GENWORTH FINANCIAL
GHI
GUARDIAN/HEALTHNET
HEALTHPASS
HIP
MDNY
OXFORD HEALTH PLANS
PERFECT HEALTH
Dental Insurance:
DELTA DENTAL
MET LIFE
GUARDIAN
HEALTHPLEX
UNITED CONCORDIA
