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Employee Benefits
FICA Reduction Plan
This innovative plan lowers an employer’s FICA taxes while offering employees the opportunity to eliminate copays for urgent care and mental health consultations. This plan also offers zero copays on 200 of the most common generic and brand name drugs.
Reference Based Pricing
Reference-based pricing (RBP) is a health plan payment method that uses a set price for each health care service, instead of negotiating with providers. RBP plans use a benchmark, such as Medicare rates, to determine the allowable amount for medical claim.
Self-Insured Group Health
Group health plans where the Employer assumes the risk for providing health care benefits to employees. Self-Insured employers pay for out of pocket claims as they are incurred rather than paying a fixed monthly premium to an insurance carrier.
Fully-Insured Group Health
Plans where employers contract with an insurance company to assume financial responsibility for the enrollees' medical claims and for all incurred administrative costs. With fully insured medical plans employers pay a fixed monthly premium that changes only if the number of enrolled members changes.
Level-Funded Group Health
A level-funded plan is a type of self-funded plan in which the employer contributes a steady monthly payment to cover costs for administration, claims payments, and stop-loss insurance.
Rx Carve-Out Options
An Rx carve-out is when the plan sponsor chooses a Pharmacy Benefit Manager (PBM) to administer and manage their prescription drug benefits that are separate from their health plan. Rx carve-out plans can be fully insured or self-Insured.
Group Dental and Vision
Dental and Vision plans that provide benefits for employees of a business or members of an organization, as opposed to individual dental and vision insurance.
Health Reimbursement Accounts
Employer-funded plans that reimburse employees for incurred medical expenses. The employer funds the plan therefore any distributions are considered tax-deductible (to the employer).
Group Life Insurance
Life insurance offered by an employer to its employees. Life policies are legal contracts and the terms of the contract describe the limitations of the insured events.
Flexible Spending Accounts
Financial accounts that allow employees to set aside a portion of their earnings to pay for qualified expenses. (Medical and dependent care expenses) Money deducted from an employee's pay into an FSA is not subject to payroll taxes resulting in substantial payroll tax savings. Funds not used by the end of the plan year are lost "use it or lose it". The Affordable Care Act permits an employee to carryover up to $500 into the following year without losing the funds.
Health Savings Accounts
A taxed - advantaged medical savings account available for those enrolled in a high-deductible health plan (HDHP). These accounts are used to save for medical expenses not covered in your high-deductible health plan. Contributions are invested over time and can be used for qualified medical expenses.
COBRA Administration
COBRA gives workers and their families who lose their employer sponsored benefits the right to choose to continue group health benefits for limited periods of time. Qualified individuals may be required to pay the entire premium for coverage up to 102% of the cost of the plan.
Employee Education
As your insurance agent Patterson-Bryant ensures your Group Benefits Coordinator (typically Human Resources Staff) is up-to-date with key information regarding employee benefits. We promote a culture of sharing ideas and knowledge and act as an extension of your HR department.
Voluntary Benefits
Additional insurance benefits provided to your employees. Voluntary benefits allow employers to offer employees and their dependents the benefits they want without impacting the benefits budget. Patterson-Bryant will assist with designing programs to your specifications providing customized benefit plans.
Claims Auditing & Recovery
Patterson-Bryant's claims auditing and recovery process is the most in-depth, comprehensive auditing system in the business. We investigate your claims and audit all invoices to retrieve returns for your organization. In addition to recovering cash, our audits can uncover problems related to inefficiency, poor health plan performance, and problematic processes. Patterson-Bryant works with clients to eliminate these problems and ensure more effective measures for the future. Benefits costs are continually monitored and our clients are given more control over their health plans.
Group Life/AD&D
Long Term Disability (LTD)
An insurance policy that protects an employee from loss of income in the event that they are unable to work due to illness, injury, or accident for a long period of time.
Employee Assistance Programs (EAP)
Employee benefit programs the help employees deal with personal issues that might adversely impact their job performance, health and well- being.
Short Term Disability (STD)
An insurance benefit that pays employees a percentage of their salary if they become temporarily disabled, meaning that they are not able to work for a short period time due to sickness or injury ( excludes on-the-job injuries which are covered by workers compensation insurance).
Voluntary Life
A life insurance policy that employees may elect to purchase in addition to employer-sponsored life coverage. Voluntary life is an optional insurance benefit offered by some employers where the employee pays the premium through payroll deductions. Premiums are generally based on age and the amount of insurance purchased.
