Employee Benefits

The Mitchell Agency is able to provide a Third Party Administrator to handle all your COBRA needs.  This lets you as the employer concentrate on running your business while the Third party administrator will handle all the legal means that are involved with COBRA.

Such as:

• Sending out the COBRA notices to terminated employees or employees that have left employment
• Making sure the employee is enrolled on COBRA, if they choose to enroll
• Collecting the monthly COBRA fee to depositing into the Employers Bank Account

There are essentially two types of spending accounts – a Flexible Spending Account (FSA) and a Dependent Care Spending Account (DCA) – that enables employees to set aside pre-tax income to cover qualified expenses.

• Funds set aside in an FSA can be used to pay for non-reimbursable medical, dental and vision expenses.
• Likewise, contributions made to a DCA can be used to pay for dependent child or adult care, including babysitting, day camp and day care services.
• In both cases, any money not used is forfeited.

Dental insurance is one of the most talked about Employee Benefits that your company can offer. In many cases, employees are spending a lot of money on their dental care and the right dental insurance policy can help cover these costs.

• The Mitchell Insurance Agency is here to explain the difference between plan designs such as: DMO (Dental Maintenance Organization) and PPO (Preferred Provider Plan).
• There are plans that cover items such as orthodontic care and major items such as crowns & bridges. We will explain exactly how these items will be covered and what your out of pocket cost will be.

We understand the needs of your business to provide quality benefits to your employees at an affordable cost. Quite possibly the largest line item in your budget for Employee Benefits will be the Group Health Insurance provided to your employees and their dependents.

• We are here to guide you through the maze of the Affordable Care Act and understand the new regulations and obligations that your company might face.
• We are here to explain the difference between plan designs such as: HMO (Health Maintenance Organization), PPO (Preferred Provider Organization), EPO (Exclusive Provider Organization) or Consumer Driven Health plans such as HSA (Health Savings Account), HRA (Health Reimbursement Account), and Self-Funded Plans.
• We have a full benefits team in our office to answer your questions on what plans would be beneficial to you, as well as answer any of your employees questions on claims or payment from the insurance carrier. Just think of us as an extension of your Human Resource department.

Group Life Insurance is available for you, your employees and in some cases their dependents at affordable,low cost rates. Offering this coverage will help to complete your benefit package offered to yourself as well as your employees.

• Group Life insurance provides a benefit amount upon death of the insured and can be on a term or whole life option.
• The plans available will vary by state and by carrier and The Mitchell Insurance Agency Benefits team will explain the difference between guaranteed plans and sponsored plans.
• The Mitchell Insurance Agency has many carriers we can quote in order to guarantee you get best coverage and price for your company.

The last thing you want is your employees to be out on Disability but in the event they are, it is nice to be able to provide your employees with income protection. Disability insurance provides payments in place of a person’s salary when physical or mental disabilities prevent that person from working.

• Some states, like New Jersey, there is state funded plans for Short- Term Disability other states do not provide this. We will work with your entire organization, regardless of the state, to ensure the proper coverage is in place for both Short Term Disabilities and Long Term Disabilities.
• Although the specifics and guidelines do vary from carrier to carrier, usually short-term disability refers to a disability considered temporary (12 weeks or less). Long-term disability covers a disability that’s length is unknown.
• Disability insurance, both short term and long term, can be offered on a voluntary basis to the employee.  Meaning each of your employees would be able to choose whether they want to pay for this benefit or not.

At The Mitchell Agency, we offer several different Vision Insurance options that are available for you to add to your Employee Benefits Package. Vision insurance can be provided to your employees and their dependents.

• Plans can cover your eye exam at a copay and give discounts or allowances for lens or glass each year.
• Pricing is at a very low cost for the benefits provided.
• Vision plans are usually In-Network only, meaning you need to see a provider that accepts your plan. Our team at The Mitchell Agency will be happy to assist in finding a plan and network that is right for your and your employees.

Consumer Driven Health Care Plans, commonly referred to as CDHC Plans, are plans which usually have a high insurance deductible that must be satisfied.The two most common plans are plans that are linked to a personal Health Savings Account (HSA), or an employer Health Reimbursement Account (HRA) along with a high deductible health insurance policy. Payments can be made from the HSA or the HRA until the annual insurance deductible is satisfied.

• Health Savings Accounts (HSAs)
  • HSAs enable individuals to save for future qualified medical and health expenses on a tax-free basis.
  • Eligible participants must be covered by a high-deductible health plan and all contributions made to the HSA belong to the individual.
  • Any funds not used remain in the account for use in later years, and even can accrue interest on a tax-free basis, similar to an IRA.
  • Individuals and family members can make contributions, as can employers.
  • Funds distributed from the HSA are not taxed when used to cover qualifying medical expenses.
  • Those eligible for Medicare cannot participate in an HSA.
• Health Reimbursement Accounts (HRAs)
  • An account established by an employer for the specific purpose of reimbursing employees for qualified medical expenses not covered as a part of their traditional health insurance.
  • In this case, employee contributions are not permitted.
  • Unused funds can roll over to the next coverage period, or can be forfeited back to the employer.

• These are all the fringe benefits an employer may offer their employees.
• Some employers will offer access to as many discount programs and insurance policies available others will pick and choose based on their employee demographics.
• Voluntary Employee Benefits are either no-cost or low-cost to the employer money since employees will pay for these benefits via their own payroll. The exposure to the employer is limited to the administrative costs involved with these plans.