Happy Employees, Productive Workplace

It’s important to understand and address the needs of your employees to attract and retain the best workforce possible. A good place to start is a strong Employee Benefits program, which can help keep your employees happy, healthy and productive. Miller-Schuring can help you with Section 125 Flex Accounts, Health Savings Accounts, Health Reimbursement Arrangements, Employer Self and Partial Funding, Defined Contribution Plans and Cafeteria Plans. With a multitude of plans, products and concepts, Miller-Schuring Agency can help you understand what is best for your business and workforce. Our goal is to ensure that you are offering the best comprehensive benefits package to your employees at the best possible cost. Our agents are knowledgeable, experienced and truly care about what they do.

4 Reasons Why You Should Choose Miller-Schuring Agency to Design and Administer Your Employee Benefits Package

1. MSA has over 50 years of combined employee benefits experience with an excellent client retention rate.
2. As an independent agency, MSA is partnered with both regional and national insurance company partners to serve our clients with a full suite of insurance resources
3. In today’s market, it is not enough to offer the best products available. MSA agents are also experienced in designing the most cutting edge concepts.
4. ACA Compliance can be very confusing and have negative consequences if not properly implemented. MSA agents are well trained in this area and will offer assistance and counseling if needed.
5. MSA can offer our clients an Employee Enrollment Portal at little or no cost.  This software is designed to organize and store all documents for future reference.  It will turn the entire enrollment process to paperless.  All documents are electronically signed by the employee and time-stamped for compliance purposes.

No two businesses are alike. Let Miller-Schuring work with you to design a customized employee benefits plan the meets your company’s unique needs

Employee Benefits Terms to Understand

Section 125 Flex Account: A Section 125 Flex Account is an IRS approved code that makes it possible for employees to pay their insurance premiums pretax and also to set aside pretax funds to use toward unreimbursed medical and qualified dependent care expenses. This leverages pretax dollars for both the employer and the employee.

Health Savings Account (HSA): An HSA is a tax advantage medical savings account available to those that are enrolled in a qualified high deductible health plan. An HSA can be funded by the employer, the employee or both up to an annual maximum that is set by the IRS and adjusted every year for inflation. Just another way that the employer and employee can leverage pretax dollars to pay for qualified, unreimbursed medical expenses.

Health Reimbursement Arrangement (HRA): The HRA is an IRS approved, employer funded, tax advantaged employer benefit plan. With an HRA, the employer chooses a higher deductible, lower cost health insurance plan and then adopts a reimbursement of deductibles and/or copays up to limits that are clearly defined in the plan document. This is a strategy used to reduce employer costs while not affecting the employee’s coverage.

Employer Self-Funded Plan: The employer will purchase a very high deductible stop loss health insurance plan to cover large catastrophic events and then cover their employee’s medical expenses with their own funds. There are many variations; from full self-funding to partial self-funding and it is all dependent on how much risk the employer is willing to take for possible expenses savings.

Cafeteria Plan: Typically an employer will define a fixed dollar amount that they will contribute towards each employee’s premium and then can use these funds to choose from a menu of benefits. Cafeteria plan options may include medical, dental, disability or life insurance.