How far in advance of our renewal should we begin to evaluate our benefit options?
All health insurance carriers are required by law to give you a 45-day notice of your renewal including rate or benefit changes. Laura Afoa Insurance Services recommends starting your evaluation 75-90 days in advance of your renewal. This gives you an opportunity to gather competitive data prior to receiving your renewal.
How does a Health Savings Account (HSA) benefit our employees?
A HSA is a tax-advantaged account created for the benefit of an individual covered under a high-deductible health plan. Both the employer and the employee can make contributions to the account. Earnings grow tax-free and distributions for qualified medical expenses are tax-free. Unused funds can be carried over, are portable, and can be used into retirement.
What is the cost for your services?
There is no cost to our clients for our services. We are compensated by insurance carriers to manage our client accounts, the commissions are built into the rates regardless of who is representing you. We do not charge additional fees for the personal services we provide.
What is COBRA?
COBRA is an acronym, which stands for Consolidated Omnibus Budget Reconciliation Act of 1985. Under this federal law, employees are provided with a "back-up" system for healthcare in a time of need, when they aren't currently covered by insurance. Cobra regulations apply to companies employing 20 or more employees. The individual is typically required to pay the entire premium.
What information do I need to provide to get a quote?
Insurance companies will need an employee census which includes gender, date of birth and dependent status (include even those employees who do not participate in your health plan) and a copy of the benefit summary.
What are the benefits of providing group health insurance for my employees?
Offering a group health insurance plan enables you to attract and retain quality employees. A health plan offers employees greater job satisfaction. Premiums paid by the employer are tax deductible.
What type of health insurance is best for my company?
Laura Afoa Insurance Services will thoroughly evaluate your business and benefit needs and make a recommendation based on your individual situation.