Group Plans

Common Group Plans

Medical

Employer-sponsored health insurance coverage for employees and often their dependents. Employers and employees can share costs, and there are tax incentives to businesses that provide group health coverage. Plans can be fully-funded by a health insurance carrier, which are state-regulated, or self-funded by the employer, which are federally regulated. Carriers offer a number of group plans with varying options for deductibles, co-pays, annual limits, eligibility and provider networks.

Dental

Employer-sponsored insurance that pays a portion of the costs associated with dental care, such as preventative cleanings, orthodontia and restorative services. Insurance carriers offer plans with varying options for deductibles co-pays, annual limits and provider networks.

Disability

Employer-sponsored insurance covering a portion of an employee’s earned income when that employee becomes unable to work due to a disabling illness or injury. Typically, short-term plans provide up to six months of financial support, and long-term plans provide support until the employee is considered permanently disabled. For both plans, there is usually a waiting period before benefits start.

Flexible Spending Account (FSA)

A tax-advantaged account allowing an employee to set aside a limited portion of earnings to pay for qualified medical and dependent care expenses. An FSA is commonly offered with a traditional group health insurance plan to pay for out-of-pocket expenses the plan does not cover. FSA money can be accessed with a debit card, or the employee is reimbursed after filing a claim. Unused money at the end of the plan year does not roll over.

Health Savings Account (HSA)

A tax-advantaged savings account available to employees enrolled in a high deductible health plan and used to pay for qualified medical expenses. Unused funds roll over and accumulate year to year because the account is owned by the employee. HSAs can be funded by the employee, the employer or both, and there is an individual and family annual limit to the amount that can be deposited.