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Employee Benefits

Nothing is more important than the health and well being of your employees and their families. At Tower Group Associates, we offer a wide variety of highly rated insurance programs and years of proven industry experience. Specializing in unique group programs, our benefits team can custom tailor a Benefits Package for your clients.

Many businesses today face challenges in attracting and retaining top employees.  Business owners know the importance of employee benefits and their contribution to their business success. We will work with you to develop a program tailored to your client’s individual circumstances.

Dental Insurance

Dental Insurance is one of the benefits most requested by employees. Many employers provide dental insurance for their employees, but a growing number of employers are offering this as a voluntary benefit that is paid 100% by the employee through payroll deductions. Most dental plans provide full coverage with a 100% benefit for preventive exams, an 80% benefit for basic services such as fillings and root canals, and 50% benefit for major services and prosthodontics such as dentures, crowns, etc.

Some dental insurance companies provide a dental buy-up plan which allows the employer to purchase a base plan, while employees purchase additional benefits as needed. Another newer option for dental insurance is a dual option plan that allows each employee to choose a basic plan or a more comprehensive plan based on his needs. This is a voluntary benefit, which means that each employee gets the coverage he needs for himself and his family.

Group Health

At Tower Group Associates, we are committed to matching the best health insurance plan to meet the needs of the client.

With the changing face of health insurance in today’s market, we at Tower Group Associates are staying abreast of the latest developments that will affect the coverage you expect as well as the cost impact upon you.
We have the best health insurance markets available and will always present to our customers the best options at the best price available.

Group Life

Life insurance is an integral part of most employee benefits packages. When provided by an employer, employees appreciate the value of life coverage and the additional security it provides to their families.

Employers have a wide variety of optional plan designs to customize a Group Life plan. Optional coverages include Voluntary Life insurance, Supplemental Life coverage, Accidental Death and Dismemberment policies, and Dependent Life insurance. The premium paid for Group Life is generally a business deduction, and this stand-alone contract is usually less expensive than the life coverage provided with medical insurance.

Group Vision

A Group Vision plan is especially attractive for employers because it is inexpensive to offer, yet it’s another employee favorite. This is a separate plan that provides coverage for eye exams and/or for frames, lenses and contact lenses. Many times the basic health plan may provide for routine eye examinations. However, it will usually not provide any benefit for frames, lenses or contact lenses; this is where a separate group vision benefit would be used. Health Savings Accounts (HSA)

A Health Savings Account (HSA) helps you save money on health care. By making you a part of the medical services decision process, HSAs are designed to help you manage medical expenses and reduce the continuing raising of health care expenses. Equally as important, the money you save remains part of your retirement account, even if you leave your present employer. You can also save the money in your account and grow your account through investment earnings. Funds in the account can grow tax-free through investment earnings, just like an IRA In short, if you don’t use all the money in your HSA for medical expenses, it can accumulate as tax-free savings for your retirement. One final benefit, HSAs can pay for many more procedures than were ever allowed before by government sponsored programs. Health Savings Accounts help you save money on unavoidable expenses and build investment savings for your retirement.
An HSA is a form of health insurance coverage that includes several parts:
· A tax-exempt personal savings account to be used for qualified medical expenses.
· A health plan with a high deductible health plan (HDHP) with a high deductible (e.g. $1,500 for self-only coverage and $3,000 for family coverage).

· A health plan with out-of-pocket limitations (e.g. $3,000 for self-only coverage and $6,000 for family coverage.
· Contribution limits are indexed year. Catch-up contributions are allowed for individuals 55 & older through Medicare.
Account funds are used to cover medical expenses before the plan deductible has been met. Unspent account balances accumulate and accrue interest from year-to-year. Unlike amounts in Flexible Spending Accounts that are forfeited if not used by the end of the year, unused funds remain available for use in later years. Once the health plan’s annual deductible has been met, coverage resembles conventional insurance, typically in the form of a preferred provider organization (PPO) with little-to-no cost sharing for in-network services, and limits on total out-of-pocket costs.

An HSA account is much like an Individual Retirement Account (IRA), except that deposits and qualified withdrawals are tax-exempt. Individuals and their employers may deposit money into the HSA up to an annual dollar limit, with extra catch-up contributions allowed for those ages 55 to 65. Account balances can be used to pay for a wide range of medical expenses — including some ordinarily not covered by insurance — as well as some insurance premiums. HSA funds also can be used to pay medical expenses of family members not covered by the high-deductible plan. After reaching age 65, you may use HSA funds to augment regular income by paying ordinary income tax on withdrawals for any non-medical expenses. Like IRAs, HSA funds can be invested in stocks, bonds, and mutual funds. Since you own the account, it is fully portable regardless of any job changes.

HSAs do not replace a normal or typical health insurance policy. They are designed as a supplement to a high-deductible health insurance policy. Because the HSA is tied to a high-deductible health insurance policy, you will “pay as you go” for medical care, using your tax-free HSA dollars, until you spend up to the deductible. Once you meet the deductible, the health insurance pays for most of your medical expenses for the rest of the year. You may choose your own doctor and level of care. By themselves, HSAs are savings vehicles — not insurance policies — so they don’t restrict your access to coverage or your choice of providers. The HSA program has two parts: a high-deductible health plan (which usually costs less than other health plans) and a tax-advantaged, portable savings account for payment of current medical expenses which builds like a Medical IRA.

Long-Term Disability (LTD)

In the event that an accident or illness prevents an employee from working for an extended period of time, the financial impact can be severe for the employee and employers. Long Term Disability (LTD) protection is designed to help cover the employee’s expenses while their regular income is interrupted. Flexible plan design options and benefit alternatives are available to meet specific needs. This valuable protection is available with low-cost, tax-deductible premiums.

Short-Term Disability (STD)

A steady income is essential for most people. If an accident or illness interrupts that income, it affects both the employee and employer. Short Term Disability (STD) protection is designed to replace a portion of the wages lost when a short term disability occurs. An affordable, flexible STD plan can provide needed benefits to both the employer

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