Workplace / Group Products
At Soos Insurance Agency, our primary goal is to find an insurance plan that fits you and your business needs. We want to find you an effective and low-cost plan that fits your needs. Whether you're a small business or a large entity, we'd love to work with you.
Major Medical
Group major medical plans are available in Michigan for any group of two or more full-time (30 hours per week or more) employees. Benefits, participation rules and underwriting guidelines vary greatly between carriers. There are many ways to put together affordable benefit designs to meet the needs of an employer, including Health Reimbursement Arrangements (HRA) and Health Savings Accounts (HSA). Unlike the individual market, groups of two to 50 employees are guaranteed issue regardless of health, however, the group's premium can be increased up to 67% depending upon the overall health of the group. Groups of fewer than 100 employees are usually fully insured.
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Group Dental
Group dental plans are available on either an employer pay or a voluntary basis. When the employer contributes, the premiums are less expensive and participation requirements apply. Benefit structures are fairly standard among carriers, however, determining what percentile of allowed charges the carrier uses for paying benefits is very important. Waiting periods may or may not apply. Most companies offer optional orthodontics coverage for dependents of larger groups as an added benefit.
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Group Life / Long-Term Disability / Short-Term Disability
Group life, long-term disability (LTD) and short-term disability (STD) plans are available on an employer pay or voluntary basis. The employer generally selects the parameters of the plan such as waiting periods, benefit amounts, and benefit periods. These programs provide benefits for loss of earnings due to death or a disabling injury or sickness. Often times LTD and STD plans can be blended together to allow the employer to optimize premium and benefits. Certain limits apply to guaranteed issue amounts and benefit percentages of income. Short-term disability (STD) plans provide protection against loss of earnings due to disabling injury or sickness. Those insured select a waiting period that must be met before benefits begin, how long the benefits are payable, as well as many optional benefits such as residual benefits and cost of living adjustments. These programs are strictly underwritten and individuals can usually secure coverage of up to 66 2/3% of their pre-disability earnings.
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