HEALTH INSURANCE
ARA Risk Management, Inc. offers a complete line of insurance, products, and services ranging from life and disability benefits to corporate life and health insurance. Such products and services are designed to meet personal and business financial needs, including:
INDIVIDUALS & FAMILIES
Individual and Family Health Insurance is tailored to those not covered by employers’ groups or organizations. There is a wide range of individual and family health insurance plans available. Lower cost plans may provide coverage in the event of a significant accident or illness. In contrast, other programs may provide comprehensive coverage for all your health needs.
INDIVIDUAL HEALTH
Individual Health Insurance programs are designed for individuals and families unable to get health insurance through an employer. Because of the ever-increasing medical care cost, it has become more critical to provide health insurance for you and your families. ARA Risk offers health insurance programs to individuals providing extensive coverage and high-deductible programs designed to protect against catastrophic financial losses.
As an independent agency, ARA Risk Management Inc. can provide insurance plans from several health insurance companies. As the health insurance market changes frequently, we are always looking for quality, service-oriented insurance companies for our clients.
GROUP INSURANCE | INVESTMENTS
Many companies today face challenges in attracting and keeping top employees. As a business owner, you know the importance of employee benefits and their contribution to your business’s success. We will work with you to develop a program tailored to your circumstances.
DENTAL INSURANCE
Dental insurance is one of the most requested benefits for employees. Many employers provide dental insurance to their employees. However, an increasing number of employers offer this voluntary benefit, which is paid 100% by the employee through payroll deductions. Most dental plans provide full coverage with 100% benefit for preventive examinations and cleaning, 80% benefit for essential services such as fillings and root canals, and 50% benefit for primary services and prosthodontics such as dentures, crowns, etc.
Some dental insurance companies provide a dental buy-up plan that allows the employer to purchase a basic plan. In contrast, employees purchase additional benefits as needed. Another new 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. This benefit is voluntary, so each employee gets the coverage they need for themselves and their family.
FLEXIBLE SPENDING ACCOUNTS (FSA)
Employer-sponsored flexible expenditure accounts; (FSAs) are benefit plan arrangements. That enables staff to pay for specific health care or dependent care costs on a pre-tax basis. There are two FSA options. A Health Care FSA is an alternative way to pay for your share of your health care costs. Similarly, a Dependent/Child Care FSA reimburses your necessary expenses to enable you and your spouse to work.
When you create an FSA, you have a specific amount of your annual salary withheld from your paycheck and deposit to your FSA. These withholdings shall be on a pre-tax basis. Flexible Spending Accounts (FSAs) are benefit options designed to increase your disposable income by reducing the taxes you pay. The FSA allows you to use pre-tax dollars to pay for qualified health care expenses that are not covered by any health care plan or insurance plan. In contrast, the FSA pays for your eligible dependent/child care expenses. However, FSA funds are not interchangeable.
Flexible expenditure accounts offer significant tax advantages. Employees do not pay federal income, state income, or FICA taxes on their salary contributions to the FSA plan. Employers do not pay matching FICA (7.65%) and FUTA because employees’ gross income is significantly reduced. The FSA health care system allows employees to pay co-payments and deductibles with tax-free dollars. The FSAs are excellent tools for employees to save significant tax dollars, especially during this time of rising health care costs.
GROUP HEALTH
At ARA Risk, it commits us to provide health insurance to our commercial customers who need group coverage for their employees and the individual or family who need coverage.
We at ARA Risk Management Inc. are keeping abreast of the latest developments that will affect the coverage you expect and the impact cost on you. We have the best health insurance markets available in our area. We will always offer our customers the best options at the best price.
GROUP VISION
The Group Vision plan is attractive to employers because it is inexpensive to offer, yet another employee favorite. This plan is unique because it provides eye exams and frames, lenses, and contact lenses. Many times the basic health plan may provide for routine eye examinations. However, frames, lenses, or contact lenses have no benefit; this is where the group vision’s specific plan would be of use.
HEALTH REIMBURSEMENT ARRANGEMENT (HRA)
The Health Reimbursement Arrangement is a tax-advantaged benefit that allows employees and employers to save on health care costs.
HRA plans are employer-funded medical reimbursement strategies. The employer sets aside a specific amount of pre-tax dollars to pay for their health care expenses annually. Based on the design of the plan, HRAs may generate significant savings in overall health benefits.
The HRA’s primary requirements are that; (1) the employer must finance the plan and can not be funded by a wage reduction. And; (2) only well-founded medical expenses can benefit from the program.
HRA may tailor their design to meet the specific needs of employers and employees. It is one of the most flexible types of employee benefit plans that make it very attractive to most employers.
HEALTH SAVINGS ACCOUNTS (HSA)
Health Savings Account (HSA) helps you save money on health care. The design of HSA helps you manage medical expenses and reduce the continuing rise in health care costs by making you part of the decision-making process for medical services. Equally important, the money you save remains part of your retirement account, even if you leave your current employer. You can also save money on your budget and increase your account through investment earnings. Funds in the account can grow tax-free through investment earnings, just like the IRA. In short, if you don’t use all the money in your HSA for medical expenses, you can accumulate as tax-free savings for your retirement. One ultimate benefit is that HSAs can pay for many more procedures than previously allowed by government-sponsored programs. Health Savings Accounts help you save money on unavoidable costs and build investment savings for your retirement.
Account funds used before the deductible plan have been met to cover medical expenses. On a year-to-year basis, unspent balances accumulate and accrue interest. Unused funds remain available for subsequent years, in contrast to the amounts in Flexible Spending Accounts that are forfeited if not used by the end of the year. Coverage is like conventional insurance, once the annual deductible has been met. Typically, in the form of a preferred provider organization (PPO) with little-to-no cost sharing for in-network services and limits on overall out-of-pocket costs.
LONG-TERM CARE (LTC)
Long-Term Care is the care received either at home or in a facility. Because of an accident, disease, or advanced age, someone who needs help with day-to-day activities such as bathing and dressing.
Rising life expectancy means that the potential need for “long-term care” grows with each passing year of your life. You or a member of your family will probably need long-term help for prolonged illness, disability, or general deterioration of your health and ability to perform routine daily activities. Most long-term care expenses are not covered by Social Security or Medicare, Medicare Supplement (“Medigap”), or private health insurance. Medicaid pays almost half of all nursing home care. Still, you must follow federal poverty guidelines, and you may have to “spend” most of your health care assets.
LONG-TERM DISABILITY (LTD)
Suppose an accident or illness prevents an employee from working for a more extended period. In that case, the financial impact may be severe for both employees and employers. Long Term Disability (LTD) protection helps cover employees‘ expenses while their regular income is interrupted. Flexible package design options and benefits alternatives are available to meet specific needs. This valuable protection is available with low-cost, tax-deductible premiums.
SHORT-TERM DISABILITY (STD)
A steady income for most people is essential. If such revenue is affected by an accident or illness, it affects both the employee and the employer. Short Term Disability (STD) insurance should replace the portion of earnings lost when a short-term disability arises. An affordable, flexible STD plan can provide the employer and the employee with the benefits.