GROUP BENEFITS

The Feingold Companies' Group Benefits Products Include:

Our trained representatives help you select from a variety of group benefits products based on what best fits your employees and your business. We walk you through the selection process to make sure you’re making the right choice for all parties involved. Working with The Feingold Companies for your group benefits needs means you’ll have access and guidance when selecting from the following options:

• Complete 401(k) Profit Sharing Design and Third Party Administration
• Defined Benefit Planned Administration
• Group Health Insurance
• Group Life Insurance
• Group Disability Insurance
• Section 125 Cafeteria Plans
• Flexible Spending Accounts
• Health Reimbursement Account
• Health Savings Account
• COBRA
• Compensation Benefit Summary

What Are Group Benefits?

Salaries and wages are just one component of employees’ overall compensation. In addition to salaries and wages, many businesses also give employees group benefits. Some of these benefits are small compared to the pay that employees receive, while others account for a large portion of employees’ compensation package.

The phrase “group benefits” stems from the nature of these benefits. These are programs and policies that are made available to multiple employees -- a group -- rather than individuals.

What Businesses Make These Benefits Available?

Many businesses offer some of these benefits to their employees. With so many different options, it’s easy for businesses to find benefits that will be valued by their employees and fit within their budgets.

While some businesses may offer benefits simply because they value their employees, many use benefits as a way of attracting and retaining talent. In fields where skilled labor is needed, benefit packages can both help lure potential employees from their current position and entice them to stay with a business once hired.

Who Pays for These Benefits?

Who pays for benefits made available to employees varies. Sometimes employers pay for the benefits, sometimes employees pay for benefits, and sometimes the costs are split between employers and employees. The pay structure is usually determined by the business offering the benefits, and the same business may set up different pay structures for different benefits.

When benefits are fully paid for by employees, employees are frequently automatically enrolled in the benefits. When benefits are partially or fully paid for by employees, the benefits are often presented as options that employees can use or decline.

Who Are Benefits Offered To?

Benefits are normally made available to all employees, but that’s not to say all employees will enroll in all benefits. When employees are given the option of using or declining benefits, they’ll decide which benefits to sign up for based on their own personal situation.

Who Administers These Benefits?

There is a decent amount of administrative work that goes along with offering benefits. For example, employees might need help signing up for benefits, setting up payments, filing claims and closing accounts.

While a human resources department might do some of this work, many businesses outsource a large portion of the administrative tasks to a third-party agency. Outsourcing is frequently affordable and lets businesses focus on their work.

How Do Businesses Pick Group Benefits?

Group policies and programs are generally selected the same way individual policies are chosen. That is to say, they should be chosen after determining which policies and programs are most appropriate to offer, and comparing several different options.

In most cases, businesses simply pick the policies and programs that best meet their needs. The lone exception is health insurance. Group health insurance policies usually must meet minimum coverage requirements that are legally defined.

An independent adviser who specializes in group benefits can help with the entire process. Someone who is knowledgeable will be able to recommend policies and programs to offer, what to look for when comparing options and how to make sure any health policies meet all applicable minimum requirements. If the adviser is independent, they’ll also be able to help businesses with policies and programs offered by any company.