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Innovative Employee Benefits Planning for Oregon & Washington Healthcare Insurance

Throughout contemporary history the employer and the employee have fought to have health care options that benefited each group. Usually whatever the possible gain, it was not or did not seem mutually beneficial for one party or the other. Fortunately in the last several decades, particularly the last decade, there have been some innovations in employer-employee health care options.

Health Savings Accounts and Self-Funded Insurance Options

Whether your interested in HSAs or self-funding insurance options, or a combination of the two, there are certainly some interesting and innovative benefit options available to explore. Let us help guide you for all your Oregon and Washington health insurance questions!

The skinny on HSAs

A health savings account, referred to as an HSA, is a tax-preferred medical savings account that is available to taxpaying Americans with high deductible health insurance plans. HSA plans receive tax-favored treatment on funds saved for medical expenses. In 2014, the qualifying annual deductible for individuals must be at a minimum $1,250. The individual's out-of-pocket expenses must not exceed $6,350. The annual deductible for a family must be at least $2,500 and their out of pocket expenses cannot exceed $12,700. Once these and other eligibility requirements are met, the search for an HSA administrator can begin. Employees tend to choose an administrator that provides them with excellent, easily accessible live one-on-one customer service. They want conveniences like debit cards for their accounts and uncomplicated methods to understand their HSA and its functions. Employees can deposit funds into their HSA and those funds are not subject to federal income tax. Sometimes these deposited funds collect interest depending on the type of HSA. The funds that are not used in these accounts roll-over yearly. HSA plans are intended to promote preventative care. We all know that preventative care is always less costly than emergency care. However, funds can be withdrawn from these accounts for health care costs ranging from regular doctors visits to unexpected hospital visits. Upon reaching 65 years old, those retired from the work force can withdraw from their HSA for nonmedical expenses without incurring penalties, which makes the HSA an ipso facto retirement fund as well. Another final perk of an HSA is that family and employers of the account holder can both contribute funds on the employees’ behalf.

Employers and Employees want Self-Funded

Employers nowadays tend to look for health care options that benefit the company but also retain and attract employees. The popular option for employers to do this is investing in self-funded health insurance plans. Employers pay their own claims in a self-funded health insurance plan.  With the help of a third party administrator, the employer is able to have a more tailored healthcare package for their employees. The employer no longer has to lose an excess of capital in unresolved outside insurance company claims, which allows them to use the funds more wisely for the benefit of the company and their employee health care needs. The company is also protected by stop loss insurance which they purchase when self-funding to cover any unexpected excess in claim expenses. In a way, self-funding has cut out a middleman between necessary health care coverage based on the needs of the work force and costs to provide that health care from employers. There are even Self-funded HSA options available for employers and employees. Self-funding seems to save money across the board and especially for employers.

Montgomery & Graham's Expert Employee Benefits and Corporate Wellbeing Team

Brandon J. Wight specializes in self-funding and innovative insurance solutions

Brandon J. Wight

Executive Vice President

Brain has been with MG benefits since 2007, specializing in helping businesses plan employee benefits

Brian Leong

Employee Benefits Consultant

Eric Aaberg specializes in innovative employee benefits and insurance solutions

Eric Aaberg

Senior Account Manager

Steve Schaper is a employee benefits specialist for large group insurance

Steve Schaper

Employee Benefits Specialist

Frank Biondo specializes in innovative insurance and employee benefits

Frank Biondo

Employee Benefit Specialist

Steve Davis specializes in insurance planning and innovative employee benefits

Steve Davis

Employee Benefits Specialist

Jackie Lesch

Jackie Lesch

Senior Account Manager

Laurie Crabtree provides client care and personal customer service for MG Benefits

Laurie Crabtree

Account Manager

Donyela Mann

Donyela Mann

Small Group Account Manager

Montgomery & Graham helps you care for your employees without neglecting your bottom line.

First, we help select the right plan for your organization. Then, as the link between your employees and their benefit plan, we administer your plan seamlessly and continuously.

  • Control the cost and increase the value of your benefits program through experienced benefit planning
  • Communicate that value to your employees and decrease your administrative burden through ongoing benefits administration
  • Provide a full range of group insurance products

M&G evaluates all areas of your employee benefits, including medical, dental, group life insurance, disability, retirement plans and cafeteria plans. Our approach includes:

Research

  • Conduct an employee benefit package survey
  • Order a help desk report and review prior year’s service record
  • Conduct a comprehensive market analysis of available options

Insurance Planning & Consultation

  • Set goals and objectives at the pre-renewal strategy meeting
  • Explain the latest options in benefits, such as:
    • Health care reform legislation
    • HSAs and HRAs
    • COBRA compliance
    • Section 125 Cafeteria Plans
  • Present plan options at presentation meeting

Administration

  • Complete all paperwork for renewal or plan change
  • Communicate changes to insurance carrier
  • Build employee benefit packets
  • Conduct employee open enrollment meetings
  • Create and/or update benefit website

Ongoing Support

  • Offer our Client Care phone support center for employees
  • Make a post-renewal check-in call
  • Conduct a mid-year review

Montgomery & Graham - We Solve Problems

Let us help you find solutions to the challenges your business faces today and tomorrow. Whether your looking to protect your family, home, auto, or business, at Montgomery & Graham Inc we have got you covered. Our team has worked with businesses of all sizes, and individuals with unique circumstances to provide Washington & Oregon health insurance they can trust.

Schedule a consultation to find out how you can take control of your health insurance cost and offer employee benefit packages that excel in company wellness and employee retention. Understand your options and know about the latest insurance strategies, and save money offering innovative healthcare and risk management solutions. We solve problems at M&G, contact us today!

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M&G Benefits resources offer you the lastest in insurance and health care complaincy. Stay up to date on the need to know news regarding employee benefits.

Insurance Industry Briefs

M&G Benefits resources offer you the lastest in insurance and health care complaincy. Stay up to date on the need to know news regarding employee benefits.

Health Care Consumerism - What You Need to Know

Use this piece to introduce the consumerism concept to employees. It gives a brief overview of health care consumerism and why employers are gravitating toward consumer-driven health plans in increasing numbers.

Are You Considering an HDHP/HSA?

This Know Your Employee Benefits article explains what you need to consider before enrolling in a company-sponsored, high-deductible health plan (HDHP) paired with a health savings account (HSA).

Insurance planning and news for Portland OR, Salem OR, Gresham OR, Beaverton OR, Tigard OR, Milwaukie OR, Lake Oswego OR, Oregon City OR, Wilsonvile OR, Newberg OR, McMinnville OR, Woodburn OR, Vancouver WA

Understanding a Health Savings Account (HSA)

This document includes common questions asked by employees prior to selecting an HSA plan. It would be appropriate to provide before or during open enrollment.

Comparing MSAs, HSAs, HRAs and FSAs - Which Approach is Best?

This article briefly explores the differences between MSAs, HSAs, HRAs and FSAs as they relate to consumer-driven health plans. It includes the latest cost of living adjustments and has been updated for health care reform changes.