Fully Insured - The most popular group health plan for most Colorado employers, where premiums are paid in exchange for health care coverage. HMO, PPO, POS, HSA, Consumer Directed Plans, and combinations of each are the most popular.

Partially Self-Funded - A "hybrid" of fully insured and self funded where the employer pays a fixed cost and actual claims each month, all not to exceed a maximum amount. Ideal for groups 50 employees or more.

Self-Funded - The most popular plan for large employers (more than 300 employees) where the employer takes on the role as insurer. A carrier or TPA (third party administrator) is used to process all claims for a fee and the employer pays all claims. Additional "stop-loss" insurance is purchased to cover very large claims and plan design and the employer and broker decide network structure.

Stop Loss - Additional insurance that is purchased to cover claims over and above a certain level, either on an individual or entire group.

Coupled with a high deductible health plan, this interest bearing account is used to pay deductibles, coinsurance and other medical expenses not covered by the plan. Unused funds roll over year after year and are owned by the employee/account holder.

The employee, employer, or a third party may contribute to the account and employee contributions are pre-tax.

These accounts are similar to the newer HSAs but an HRA is employer-funded only.

Funds are used to reimburse employees for qualified medical expenses.

Known as FSA's, these accounts are funded mostly by employee dollars and funds typically cannot be rolled over each year (use it or lose it).

A pre-determined amount is set aside to cover qualified health care expenses. Employee contributions are pre-tax.

Employer Paid - Traditional, PPO, or discount network plans paid for by the employer, or partially by the employer.
Usually have a deductible and maximum annual benefit.
These are the most popular dental plans of which most of us have been on at one time or another.
Some employers offer multiple plans.

Voluntary (employee paid) - Dental plans where the employee pays all of the premiums.

Coverage for vision can be included with a dental program or part of the health plan.
We also offer stand-alone vision coverage.

Life coverage can be a flat amount, or a multiple of salary, such as 1 times salary.
Additional buy-up life and dependent life is also available.

Disability can be on a short-term basis (usually for 90 days) or long-term (for any number of month/years, or to retirement age).
Typically, coverage is 60% or more of an employee's pay and additional buy-up coverage is available.

Premium only plans are popular when employees need any premium contributions or contributions to an account done on a pre-tax basis, from their paychecks.

Benefit products can be offered to the employer group where the employee then selects and pays for certain benefits.
We use multiple carriers for this and have a very broad product offering.

These are value-added services for employees that round out a quality benefits program.
Assistance is available for anything from specific emotional support, financial support, or nurse assistance.

Smith & Company can help with all types of retirement plans - from 401(k) to SEP plans, IRAs and 403(b) plans, we are well versed in this area and utilize multiple carriers specializing in this important employee benefit area.