Employee Benefits Program

Midwest Manufacturers’ Association
Employee Benefits Program

 

 

1.                Group Dental/Vision Plan

Many employees value dental/vision benefits above most other benefits.  A Group Dental/Vision Plan can provide member firms a valuable tool for recruiting and retention of employees.  This plan offers lower group rates than member firms are able to negotiate individually.  

 

2.                Group Life Insurance

The average American family is dramatically underinsured for life insurance.   If the main source of income is lost due to death, results can be devastating to the family.   Many employees carry no more life insurance than that provided by their employer.   A low cost group term life insurance program may help member firms attract and retain good people.

 

3.                Group Disability Insurance

Disability has been described as “economic death.”   Income stops and the disabled person survives to see the undesirable effects.   Disability Income Replacement Insurance is less expensive when offered on a group basis. Member firms benefit from the buying power and with more favorable underwriting requirements.

 

4.                Group Medical Coverage

Among the fastest rising budget items are health insurance rates.   Root causes are many. The solutions differ from one firm to another.  Some will seek traditional coverage, another will want Health Savings Accounts (HSA’s), and another will want a Health Reimbursement Arrangement (HRA).   Some will choose a fully insured no-risk plan while another will want a modified self-funded approach.  All will want to share cost with employees in a different manner.   The MMA plan presents members an attractive and creative solution to each of their unique situations. The MMA plan offers Benefits Planning Service to its membership.   This provides individual, impartial consultation and assistance to member firms in evaluating all the different carriers and plan designs and funding methods with specific recommendations for each firm.  

 

5.                Group Long Term Care

The increase in life expectancy has brought with it an increased need for assistance with daily activities of life.  Lost productivity of employees who find themselves as care givers has been well documented.   Long Term Care Insurance when purchased individually is more expensive. The association will be able to offer two plans.  There may be interest in the new non-traditional plan since it is a tax qualified cash product.  Lower premiums may be paid for more easily through payroll deduction.

 

6.                Cafeteria or Flexible Benefit Plans

Congress has provided favorable tax benefits where member firms may actually save in payroll tax amounts in excess of the cost of these plans.   Employees have an opportunity to pre-tax their dependent care, eyewear, dental bills, co-pays, pharmacy, and other expenses otherwise paid with after-tax dollars.   401(k) or Retirement Plans are part of the Benefit Consulting Service.  Discussion, analysis and recommendations of various tax sheltered plans would be a valued benefit for member firms.

 

7.                Executive Medical Reimbursement Plan

The “Executive Medical Reimbursement Plan” is designed to provide a financial benefit to the owner of a company.  It is an insured supplemental plan, which will reimburse the owner or selected employees for healthcare expenses not covered by standard major medical policies.  And since it is an insured plan, it is not subject to nondiscrimination rules. 

 

8.                Executive Financial Planning

Executives of association member companies, and self-employed members, have unique problems and needs.  Individual financial counseling, tax strategies, estate planning, wills, trusts, buy-sell agreements, and executive level benefits are all important to these individuals.  

 

9.                COBRA, HIPAA & ERISA Compliance – FREE AUDIT

Employers everywhere struggle to understand and comply with multiple levels of legislation and regulation from both the federal and state governments.   Those that don’t struggle are simply not aware of the threat that out-of-compliance policies, procedures and actions pose.  Guidance, employee training, sample forms, and even outright administration for member firms would be a valuable benefit which could save a member firm from an expensive lawsuit or fines from the Department of Labor or the IRS.  

 

10.           Advisor Net Mortgage, LLC

Helping employees achieve their dreams is what this program is all about.  This no-cost, turn-key, voluntary employee benefit program is a great addition to your current benefit offering.  This program is a wonderful way to bring a valuable service in-house.  Some benefits of this program include discounts in rates or fees, free credit pre-approvals and expert advice provided to employees regarding home loan products, credit issues, and first-time home buyer programs.