Disability insurance in Grand Rapids, Harbor Springs, Kingsley and surrounding areas in and around Michigan.

There is always a risk someone could become injured or ill and unable to work. Businesses that offer disability insurance as part of their employee benefits package often find that it is a great way to recruit staff and make them feel valued.

When choosing a plan for your employees, you may offer just short-term coverage (which is usually capped at six months) or long-term coverage (which runs for several years or even until retirement age). Other insurance options may include payments that specifically cover the employee’s mortgage or other loans.

How can employee benefits protect you?
Use the yellow hot spots and explore how employee benefits can help protect against common risks.
Employee Benefits
Group Health Insurance
Risk Factor

One of the main factors in attracting and retaining good employees is the benefit program offered by employers. This typically starts with your group health insurance plan.

Solution

Regardless of the company’s financials, there are ways to make health insurance available to your employees and their dependents. Offering health insurance doesn’t have to break the bank. There are many solutions available to small, mid-size, and large employers.

Group Life Insurance
Risk Factor

When employees are worried about their financial situation, they may not be as productive. Many individuals today do not have life insurance or adequate savings to cover final expenses, which places additional stress on employees and/or their families when the need arises.

Solution

A group life insurance plan can put your employees’ minds at ease, knowing their family will have resources available when they need them. Policies can also include a dependent benefit to help the employee pay for expenses if their dependent passes. Another solution is to offer a voluntary life benefit whereby the employee pays a lower premium through payroll deduction than they would if they found coverage on their own. Group life insurance is also tax deductible.

Disability
Risk Factor

Many employers are faced with offering lower wages than their competitors and find it difficult to find and retain qualified workers.

Solution

Offering a short-term and/or a long-term disability program can provide prospective and current workers with another form of financial stability. An employee may be offered a higher wage elsewhere, but are they offered protection if that paycheck stops due to pregnancy, illness, or other disability? How will they pay the mortgage or other bills? Employers offering a disability plan can provide peace of mind to their employees and gain an advantage over those that don’t.

Group Dental Coverage
Risk Factor

Failure to have regular dental checkups can lead to more serious problems than a toothache.

Solution

Offering dental coverage to your employees can help encourage them to see a dentist on a regular basis. Gum disease has been linked to heart disease as well as diabetes. Catching these issues early not only helps your employees’ health, it may help reduce your long-term health insurance costs before a big claim hits!

Vision Care Coverage
Risk Factor

Similar to dental coverage, if your employees are not getting regular eye exams, they may have underlying medical conditions such as heart disease or diabetes that can surface later at a greater expense to your medical plan.

Solution

Offering vision care coverage is a very affordable component to offering health benefits. It’s an inexpensive portion of the benefit package with a high value of return and can help offset the impact of increased medical costs, becoming a cost-effective, early intervention tool.

Voluntary Coverage
Risk Factor

Not being able to meet an employee’s individual needs can pose a threat to worker retention and attracting new talent, both of which can be costly to your bottom line.

Solution

Offering voluntary coverage lets your employees choose benefits that are important to them. It’s a cost-effective way to provide a variety of benefits at little or no impact to your monthly premiums. Examples of voluntary coverage include:

  • Critical illness, hospital indemnity, and cancer coverage.
  • Life, dependent life, short-term, and long-term disability coverage.
  • Dental care.
  • Vision care.

Compliance Audits
Risk Factor

Compliance audits are increasing and Department of Labor fines can be costly. Do you have all of the documents and paperwork at your fingertips should you receive an audit letter?

Solution

A good benefits broker will educate you on the compliance pieces so that you are prepared for that dreaded day. A wrap document covers most of what is required and the remaining forms should be readily accessible with proof of distribution to employees and/or eligible participants.

Offering insurance is also a great way to ensure that injured or sick employees take the time necessary to properly heal, and then return to work in good physical shape and without stress. This prevents employees from rushing back to work before they are fully healed, which could lead to worsening of their condition and even longer recovery times in the future.

By offering coverage for disability, your employees can get help with loss of income if they unexpectedly become disabled for a short or long period of time.

It’s important not to confuse disability insurance with some other programs. It is different than workers’ compensation insurance (a mandatory insurance program paid for by employers, which pays out if an employee is injured at work) and social security disability insurance (a government program for people with serious long-term conditions or disabilities who are unable to take on employment).

Want to know more about disability insurance for your employees? Contact us to go over your options.

Let’s discuss your disability insurance.

One of our insurance advisors will reach out to you to review your information and present you with the appropriate disability insurance solution. There’s no obligation, just good-old-fashioned advice.
Collins and Associates offers comprehensive disability insurance in Grand Rapids, Harbor Springs, Kingsley and surrounding areas in and around Michigan.