An employee assistance program or EAP provides an employee or family member help with addictions or other emotional problems. Assistance can take the form of counseling sessions, 24/7/365 telephone and web access, legal counsel, discounts for services resulting from an attorney referral, and a variety of work/life services:

  • Parenting and childcare
  • Eldercare
  • Relationships
  • Work and career
  • Financial

Flexible Spending Accounts

Allen Insurance and Financial will help you understand the often-baffling world of Flex Benefits, or Cafeteria Plans, and reduce the cost of medical, life, disability and dental premiums by reducing tax liabilities for your employees and your business. While you ultimately need to consult with your accountant on tax implications, Allen Insurance and Financial can provide the guidance needed to make that process simpler.

The three basic types of plan are:

  • Premium Only Plans
  • Flexible Spending Accounts (or FSAs, for medical care and dependent care expenses)
  • Full Cafeteria Plans

These Section 125 plans are the only sure-fire method of preserving the nontaxable nature of employer-provided benefits when employees are allowed to elect between taxable compensation and nontaxable benefits. 

It’s very important that you have such a plan in place if any premiums are being deducted from payroll on a pre-tax basis.

Health Savings Accounts

Allen Insurance and Financial offers expert guidance on Health Savings Accounts or HSAs, which put market forces to work to create a health-conscious community and drive down health costs for everyone. They create financial incentives to manage health care expenses by allowing tax-free contributions to accumulate, and if used for qualified medical expenses, never be taxed.

An HSA is a tax-exempt trust or custodial account established exclusively for the purpose of paying qualified medical expenses, paired with a high-deductible health plan. The combination offers substantial benefits:

  • Because federal regulations require you to have a qualified (or QHDHP), having a health savings account frees you to purchase a health plan with lower premium costs.
  • You can use tax-free dollars to purchase services that might not be covered on a traditional health insurance plan, like acupuncture, dental and vision services.
  • An HSA is portable and is not tied to an employer’s health plan.
  • HSA contributions can be rolled over from one year to the next.

Worksite Wellness

The Allen Insurance and Financial Employee Benefits team has broad experience designing worksite wellness health promotion plans—an investment in your employees that can pay many dividends:

  • Reduced Absenteeism & Higher Productivity—Employees are more likely to be on the job and performing well when they are in optimal physical and psychological health. They manage their time and make decisions more effectively.
  • Retention & Loyalty—They’re also more likely to remain with and value a company that values them.
  • Recruitment—A healthy workforce attracts talented prospective hires—especially those who are healthy themselves.

Worksite wellness programs also can help slow the growth of health care costs, because choosing a healthier diet and lifestyle may reduce an employee’s chances of suffering from disease. Less disease means lower health plan use and costs. While medical cost savings from health promotion programs may be less evident than productivity gains, studies show that medically high-risk employees use more health care and generate higher claim costs.