MEMBER BENEFITS
A FULL SUITE OF EMPLOYEE BENEFITS
ATTRACT AND RETAIN HIGH CALIBER EMPLOYEES
401(k) Plans
As a Value Point Associates Employer Member Association member, you can offer your employees a “large employer style” 401(k) plan that helps them save for the future. VPA sponsors a closed Member Employer Plan (MEP), which enables us to offer a competitive 401(k) plan at a significantly lower cost. Closed MEPs are made up of two or more unrelated employers—with employee participants—and a sponsor group, association, or organization. See our infographic for a cost comparison of VPA versus a typical 401(k).
Whether you have one employee or hundreds, we offer multiple plan options for you and numerous investment choices for your participants. As a result, you and your employees will enjoy very competitive and affordable rates that save you money and help plan participants build their retirement nest egg faster.
VPA leverages the association size to negotiate very favorable rates, partner with nationally recognized and trusted providers, and as the plan sponsor VPA takes care of all plan audit, reporting, and administrative responsibilities for you. Plus, as a member association, VPA offers the 401(k) and insurance benefits to members at cost.
Health and Life Insurance
As a business owner, you know offering high-quality, affordable employee benefits is the best way to attract and retain the best talent. You also benefit by helping employees stay healthy and providing them with the tools they need to meet their personal goals.
As a national Employer Member Association, VPA is your advocate. As a member, you have access to a complete line of group health and life insurance products that are designed to meet both your needs as an employer and the needs of your employees.
We partner with highly respected, nationally trusted insurance companies and will work with you to understand your needs and deliver the coverage you want and the benefits your employees value most including:
• Individual Coverage Health Reimbursement Arrangement (ICHRA)
• Individual Health Plans
• Group Health Insurance
• Health Savings Account (HSA)
• Flexible Spending Accounts (FSA)
• Life Insurance
• Dental Insurance
• Vision Insurance
• Health Reimbursement Arrangement (HRA)
• Long-Term-Care
• ST/LT Disability Insurance
Plus, administrative hassles are virtually eliminated through our member association shared services, relationships with payroll and insurance providers, and state-of-the-art technology solutions.
HEALTH AND LIFE INSURANCE BENEFIT DETAILS
COMPREHENSIVE BENEFITS FOR EMPLOYERS AND EMPLOYEES
The VPA Benefits online individual insurance marketplace is the employee’s portal to health, dental, vision, prescription, accident, and legal insurance offerings. By entering some basic information, employees can get quotes, compare plans, and even enroll in a variety of health insurance products.
If an employer offers our FSA and/or ICHRA pre-tax accounts, employees will receive a benefits debit card to make it extra easy to pay premiums and other expenses. Employees can view coverage and provider network details, speak with a specialist on a dedicated 800 number, and choose from multiple offerings in any area of the country.
For employers, it’s a great way to make health-related insurance costs predictable, manageable, and hassle free. Plus, employees get to choose the plans that they believe are best for them.
In today’s environment, offering affordable health insurance benefits that truly meet your needs and those of your employees can be difficult. The regulations, laws, and offerings make the choices complex and hard to understand. You want to offer the best possible plan for your employees, yet it must also be cost-effective for your business.
We have a wide array of health insurance options available in your area. We’ll work with you to understand your goals and provide you with affordable options that will best meet the needs of your employees.
If your employees have a High Deductible Health Plan, a Health Savings Account (HSA) can help cover their out-of-pocket costs. An HSA is like a personal savings account, but it can only be used for qualified health care expenses. HSAs also offer some important tax advantages. Contributions to HSAs generally aren’t subject to federal income tax, and the earnings in the account grow tax-free. Plus, unspent money in an HSA rolls over at the end of the year, so it’s available for future health expenses.
Account funds are used to cover medical expenses before the plan deductible has been met. Once the annual deductible has been met, coverage resembles conventional insurance, typically in the form of a preferred provider organization (PPO) with little-to-no cost sharing for in-network services, and limits on total out-of-pocket costs.
An FSA is a type of savings account that allows employees to contribute a portion of their pre-tax earnings to pay for qualified health care and dependent day care expenses. Your employees can use it to supplement premium-based health insurance coverage. Plus, the more they take advantage of this benefit, the less you’ll pay for payroll taxes, including Social Security and Medicare. Depending on your state, a flexible spending account program may also reduce the cost of your workers’ compensation insurance. The employees will receive an easy-to-use benefits debit card to pay for their premiums and other expenses. Best of all, our providers take care of all the administrative work.
Group life insurance is an essential part of most employee benefits packages. Your employees will appreciate the value of life coverage and the additional security it provides to their families.
There are a wide variety of optional life insurance plan designs that make it easy to create a solution that’s right for your business and your employees. Optional coverages include voluntary life insurance, supplemental life coverage, accidental death and dismemberment policies, and dependent life insurance. The premium paid for group life insurance is generally a business deduction, and this stand-alone contract is usually less expensive than the life coverage provided with medical/health insurance.
Group dental insurance is one of the most popular health insurance benefits you can offer your employees. Many employers offer dental insurance as an optional benefit that is paid 100% by the employee through payroll deductions, and participating employees choose the level of coverage that’s best for themselves and their families.
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 a 50% benefit for major services and prosthodontics, such as dentures, crowns, etc.
Some dental insurance companies provide a dental buy-up plan which allows you to purchase a base plan, while employees purchase additional benefits as needed. Another newer option for dental insurance is a dual option plan that allows each employee to choose a basic plan or a more comprehensive plan based on their needs.
A group vision insurance plan is inexpensive for employers to offer, and it’s a benefit that employees value highly. Basic health insurance often provides coverage for routine eye examinations, but it usually doesn’t include any benefit for frames, lenses or contact lenses. A separate group vision plan helps close this gap in coverage.
A health reimbursement arrangement (HRA) is a tax-advantaged benefit that allows both employees and employers to save on health care costs. HRAs are employer-funded plans that reimburse employees for qualified medical expenses. As the employer, you’re allowed to claim a tax deduction for the reimbursements made through your HRA, and reimbursement dollars received by your employees are generally tax-free.
You decide how much you will put into the plan, and your employees can request reimbursement for actual medical expenses incurred up to that amount. All employees in the same class must receive the same HRA contribution.
The primary requirements for an HRA are:
• The plan must be funded solely by the employer and cannot be funded by salary reduction.
• A High Deductible Health Plan must be in place.
• The plan may only provide benefits for substantiated medical expenses.
An HRA is one of the most flexible types of employee benefit plans and can be designed to suit the specific needs of your business and your employees.
According to the US Department of Health and Human Services individuals turning age 65 today have almost a 70% chance of needing some type of long-term care. The good news is people are living longer; and long-term care insurance has become increasingly important to employees.
Long-term care is delivered either in a facility or at home when an individual needs assistance with activities of daily living, such as bathing and dressing, due to an accident, illness or advancing age.
Most long-term care expenses are not covered by Social Security or Medicare, Medicare Supplement (“Medigap”), or private health insurance. Medicaid pays for nearly half of all nursing home care, but you must meet federal poverty guidelines and may have to spend down most of your assets to qualify
Your employees rely on receiving a steady income. If an employee suffers an accident or illness that interrupts that income, it can have a serious impact on the employee and his or her family. Short-term-disability insurance provides your employees with a portion of their salary if they are unable to work for a short period—typically three to six months. An affordable, flexible short-term insurance plan can be valuable to both the employer and employee.
If an accident or illness prevents an employee from working for an extended period of time, the financial impact can be substantial. Long-term-disability insurance provides your employees with a portion of their salary if they’re unable to work for a longer period—typically a period of over six months. Flexible plan design options and benefit alternatives are available to meet specific needs. This valuable protection is available with low-cost, tax-deductible premiums.