Health Insurance

doc_bluebackground420x315Health insurance is the most common benefit offered by employers. Most health insurance plans provide comprehensive coverage with relatively low out-of-pocket expense to the employee.

As an independent agency, The Mayan Agency can provide insurance plans for several health insurance companies, thus assuring our clients of very competitive costs for this coverage.

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 and cleanings, an 80% benefit for basic services such as fillings and root canals, and 50% benefit for major services such as dentures, crowns, and orthodontics.

SHORT & LONG TERM DISABILITY INSURANCE

Short term disability insurance or “Paycheck Insurance” is a benefit that no one can afford to be without. Becoming disabled through an injury or sickness can mean a significant loss of income. Disability insurance is a form of insurance that provides a person who becomes disabled with income to cover living expenses while they recover. Although an employer cannot afford to pay an employee while he is unable to work, a short term disability plan is an inexpensive way to ensure that the employee will still be able to maintain an adequate lifestyle during a disabling illness or injury.

A typical short term disability plan starts to pay benefits after the employee has been off work for one or two weeks, and pays benefits up to 3 months (13 weeks) or 6 months (26 weeks). If the employer also provides a long term disability policy, the benefits for the long term disability will begin after the short term benefits have been exhausted.

Long term disability insurance is just like short term disability in that it pays benefits to the employee while he is unable to work due to a disability. However, long term disability does not usually pay benefits until the employee has been out for 3 months or more (this elimination period usually coincides with the ending date of the short term disability policy). In addition, long term disability benefits often continue until retirement age, if the disability continues until retirement.

A typical long term disability plan starts to pay benefits after the employee has been off work for 3 or 6 months, and pays benefits for several years or until retirement age, depending on the policy.

VISION INSURANCE

Vision insurance is frequently requested by employees. Perhaps that is because about 60% of us wear some form of corrective eyewear. With a statistic like that, it is a sure bet that most employees would use vision insurance if it were provided. For this reason, many employers offer vision plans on a voluntary basis. The cost of a vision plan ranges from about $7 to $10 per month for single coverage. With the benefit of a Section 125 plan, the pre-tax savings brings the cost down to about $5 to $7 per month. That’s less than $100 per year, and one visit to the optometrist and a pair of glasses or contacts is worth more than that!

Most vision plans are designed with small copay for the exam itself and a copay for the materials (frames, lenses, contacts). With low out of pocket costs, it is a plan that employees can easily appreciate.