PRODUCTS & SERVICES

Employee Benefit Services

ADMINISTRATIVE SERVICES
Section 125 Flexible Spending Accounts and Selective “Cafeteria” Plans
Pension and Profit Sharing Plans
401(k) Plans

PRODUCTS & PROGRAMS
Life & Accidental Death and Dismemberment
Medical
Traditional Indemnity
Managed Care – PPOs, HMOs
High Deductible Cost and Risk Shifting
Prescription Card Programs
Dental
Disability-Income Replacement
Vision
Wellness – including routine physicals
Long Term Care- including dependents
Pension Plans
Profit Sharing Plans
401(k) Plans
Supplemental Term Life-Employee and Dependents
Supplemental Universal Life-Employee and Dependents
Short Term Medical

Most of the above can be incorporated into a new or existing Section 125 “Cafeteria” Plan;
many are also available with no employer contributions required.

STEPS TO DETERMINING PLAN FEASIBILITY
Establish client goals and objectives
Gather pertinent facts and data
Plan design and selection of features
Prepare and submit recommendations
Plan implementation and communication
Review, assessment and service

Section 125 “Flexible Spending” Plans

Section 125 plans, also known as “flexible spending” and “cafeteria” plans, allow employees to pay for certain benefits with their pre-tax income. This can be a great benefit for employees because it decreases their taxable income while increasing the amount of their take-home pay. Here is an overview of how these plans work:

AN OVERVIEW
Cafeteria or flexible benefit plans were established by the Revenue Act of 1978. The primary regulatory source for these plans is Section 125 of the Internal Revenue Code. As mentioned above, a cafeteria plan allows employees to pay for certain benefits with before-tax dollars. There are three separate, independent parts to a plan, but a plan can consist of only one, two or all three parts.

Insurance Premiums
Employees may use pre-tax dollars to pay for their portion of their empoyee-sponsored insurance coverages-such as health, life, dental, and disability.
Dependent/Child Care Expenses
Employees may pay for dependent-care or child-care expenses on a before-tax basis.
Flexible Spending Accounts
Employees may choose to establish flexible spending accounts into which a portion of their pre-tax wages will be deposited. This money will be held for them and reimbursed tax-free as qualified expenses are incurred by the employee or dependents. Reimbursements will only be made for expenses that are not covered by any insurance coverages.

Remember: A cafeteria plan does not have to include all three parts. Depending upon your requirements, you can offer one, two or three of the parts.

Liability, Property and Casualty Insurance

COMMERCIAL INSURANCE
Property
General Liability
Workers’ Compensation Discovery and Investigation
Workers’ Compensation (Self Insured)
Directors and Officers Liability
Automobile
Fleet
Inland Marine
Boiler and Machinery
Bonds, Surety and Fidelity
Errors and Omissions
Umbrella

PERSONAL INSURANCE
Personal Liability
Automobile
Homeowners
Umbrella
Inland Marine
Directors and Officers Liability

Business Acquisition and Turnaround Services

DUE DILIGENCE-RESEARCH AND ANALYSIS SERVICES
Acquisition groups and turnaround practitioners enlist First Benefits Corporation to help them better determine the current and potential future value of a business concern. We provide our clients with a summary of the direct costs of an overall insurance program. WIth this information, decision-makers are equipped with pertinent facts that are often overlooked or undiscovered by less capable parties involved in the purchase, sale or turnaround of a business.

INSURANCE AVAILABILITY AND CAPACITY
First Benefits Corporation makes every effort to identify, investigate and report all existing difficult to insure or uninsurable situations. These situations are seldom volunteered or disclosed during negotiations, yet their short and long term effects can be significant. Examples include:

A member of the current workforce has a potentially catastrophic medical condition which may adversely affect future health insurance costs and possibly limit availability.
A trend among insurers to reduce or limit levels of coverage for certain products or industries. This negative trend may affect the future viability of a current product line.

COST REDUCTION AND COVERAGE ENHANCEMENT
First Benefits Corporation will compare your current insurance program to similar programs available in the commercial marketplace. We can often develop methods and techniques to cut costs and make changes without sacrificing quality. You will receive a report that provides knowledgeable answers to critical questions, such as:

Can we keep the same plan and reduce the cost?
If we make changes how will they affect our rates?
How does our current plan compare to the world?