Employee Benefits

The Diamond Benefit Group offers a wide variety of highly rated insurance programs and years of proven industry experience in the Dallas and Ft. Worth and surrounding Texas areas.  Specializing in unique employee health benefit programs, our Life / Health Benefits team can custom tailor a benefits & insurance package just for you and your employees.  Many businesses today face challenges in attracting and retaining top employees.   As a business owner, you know the importance of employee benefits and their contribution to your business success.

Consumer-Driven Healthcare

The consumer-directed health care model may be attractive to employers and employees alike because it offers expanded choice and potential savings.   A properly designed consumer-driven health care model offers encouragement for employees, their families and other dependents  to take a more active role in managing their health and health care service use and lowers the overal health care costs for employers. 

The Consumer Directed Health Care movement is a reaction to ever rising health care costs.  In the past, employees have been shielded from the real cost of health care, however, they, are now being asked to be more informed and cost-conscious consumers of health care.  Employers are choosing major medical insurance plans with higher deductibles and co-pays in order to secure lower premium costs.   To lessen the increased cost to employees these higher deductible plans have been paired with one or more types of consumer-driven healthcare programs such as a Health Reimbursement Account (HRA), Health Savings Account (HSA), or a Flexible Spending Account (FSA).  

We will work with you to develop a program tailored to your individual circumstances. Contact us for a Marketing Analysis at (972) 355-2205.

401(k) Retirement Plan

401(K) plans are tax-deferred retirement savings plans for employees set up by your employer.  They are part of a family of retirement plans known as "defined contribution" plans - the amount contributed is defined by the employer or the employee. 

Why should you invest in a 401(K) plan?  

There are several reasons why investing in a 401(K) plan is advantageous to you:

• The money you contribute is free from Federal and State taxes
• Your employer receives tax benefits for contributing to your 401(K) - this is extra money for you
• There is a range of investment options and an expert does the actual investing according to your directions
• Any gains and earnings through this investment are also tax deferred
• You can take loans and hardship withdrawals under certain circumstances if allowed by the plan
• The money is deducted even before you receive your salary, making it easy to for regular saving & investing

Did you know that Increasing your retirement contribution percentage by just 1% can give your future a real boost?

Increasing the amount you contribute to your retirement account by just one percent can really boost your savings potential.  Assume you are making $35,000 per year and contributing 5% of your salary to your 401k.  That equals around $146 per month.  In 20 years assuming a hypothetical rate of return of 8%, that savings could potentially grow to almost $86K.  By increasing by just 1% (which is only around $30 more per month), than can potentially mean an additional $17,176 in twenty years to your retirement!    See more information on 401(k) retirement planning.

Flexible Spending Accounts (FSA)

Employer-sponsored flexible spending accounts (FSAs) are benefit plan arrangements that allow employees to pay for certain health care or dependent care expenses on a pre-tax basis.    Flexible spending accounts offer significant tax advantages. Employees do not pay federal income, state income, or FICA taxes on the salary they contribute to a FSA plan. Employers, in turn, do not pay matching FICA (7.65%) and FUTA taxes because employees' gross incomes are significantly reduced.   FSAs are excellent tools for employees in savings significant tax dollars especially in this day of rising health care costs.

There are two types of FSAs.  A Health Care FSA enables you to use pretax dollars to pay for qualified health care expenses which are not reimbursed under any health care plan or insurance plan, while a Dependent Care FSA pays for your qualified dependent/child care expenses.   However, FSA funds are not interchangeable.  The maximum amount of expenses an employee may be reimbursed for under a dependent care FSA is $5,000 annually ($2,500 for a married taxpayer filing separately). There is currently no statutory limit on the amount of reimbursement employees may receive under a health care FSA. Nevertheless, employers usually set a maximum limit (e.g., $3,000) to protect themselves against major losses under the "uniform coverage" rule, which requires that employers make the full amount of coverage elected under the plan available to employees from the first day of the plan year, regardless of how much they have actually contributed to the account.  However, beginning in 2013, a statutory limit of $2,500 will be set.    

To maintain a tax-qualified status, flexible spending account plans must comply with special requirements under Internal Revenue Code Section 125. They must also meet some general rules that applies to all cafeteria plans, including written plan, reporting, and record keeping requirements.  

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Health Savings Accounts (HSA)

A Health Savings Account (HSA)  can save you money on your health care.     The HSA program has two parts: a high-deductible health plan (which usually costs less than other health plans) and a tax-advantaged, portable savings account that you own to be used to pay for out of pocket medical expenses.   An HSA includes the following:

• A tax-exempt personal savings account to be used for qualified medical expenses.
• A health plan with a high deductible health plan (HDHP). 
• A health plan with out-of-pocket limitations.
• Catch-up contributions for individual 55 & older through Medicare.
• Each year the HSA Limits change to reflect the cost of living. 

By making you a part of the medical services decision process, HSAs are designed to help you manage medical expenses and reduce the continuing raising of health care expenses. Equally as important, the money you save remains part of your account, even if you leave your present employer. Funds in the account can grow tax-free through investment earnings.  An HSA account is much like an Individual Retirement Account (IRA), except that deposits and qualified withdrawals are tax-exempt.  Account balances can be used to pay for a wide range of medical expenses — including some ordinarily not covered by insurance — as well as some insurance premiums.   Like IRAs, HSA funds can be invested in stocks, bonds, and mutual funds.

Group Health Insurance

In recent years, companies have seen a dramatic increase in the cost of providing health care benefits to their employees.  With the changing face of health insurance in today's market, we continue to stay abreast of the latest developments that will affect the coverage you expect as well as the cost impact upon you.     

Companies that offer comprehensive health insurance to their employees typically have a lower turn-over rate in staff because of this dependency on health care coverage. In fact, the two primary reasons that employers offer health insurance are to attract qualified employees and reduce their turn-over rates.

The number of employees insured under the group health plan may also determine the types of coverage available to the employer, as well as the per-employee premium. Usually, a company with between 2 to 50 employees is classified as a small business Some large corporations may choose to self-insure and only use the insurance carrier to administer the health plans and benefits.

We have the best health insurance markets available in our area, and we will always present to our customers the best options at the best price available.

Group Dental Insurance

Dental Insurance is one of the benefits most requested by employees. Many employers provide dental insurance for their employees, but a growing number of employers are offering this as a voluntary benefit that is paid 100% by the employee through payroll deductions. Most dental plans provide full coverage with a 100% benefit for preventive exams, an 80% benefit for basic services such as fillings and root canals, and 50% benefit for major services and prosthodontics such as dentures, crowns, etc.

Some dental insurance companies provide a dental buy-up plan which allows the employer to purchase a base plan, while employees purchase additional benefits as needed. Another newer 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 his needs. This is a voluntary benefit, which means that each employee gets the coverage he needs for himself and his family.

Group Life Insurance

Life insurance is an integral part of most employee benefits packages. When provided by an employer, employees appreciate the value of life coverage and the additional security it provides to their families.

Employers have a wide variety of optional plan designs to customize a Group Life plan. Optional coverages include Voluntary Life insurance, Supplemental Life coverage, Accidental Death and Dismemberment policies, and Dependent Life insurance. The premium paid for Group Life is generally a business deduction, and this stand-alone contract is usually less expensive than the life coverage provided with medical insurance.

Group Vision Insurance

A Group Vision plan is especially attractive for employers because it is inexpensive to offer, yet it's another employee favorite. This is a separate plan that provides coverage for eye exams and/or for frames, lenses and contact lenses. Many times the basic health plan may provide for routine eye examinations. However, it will usually not provide any benefit for frames, lenses or contact lenses; this is where a separate group vision benefit would be used.

Long-Term Care (LTC)

Long-Term Care is the type of care received either at home or in a facility, when someone needs assistance with activities of daily living, such as bathing and dressing due to an accident, an illness or advancing age.

Rising life expectancy means that the potential need for "long-term care" grows with every passing year of your life. The likelihood is that you or a member of your family will need long-term assistance due to a prolonged illness, a 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 for nearly half of all nursing home care, but you must meet federal poverty guidelines and may have to "spend down" most of your assets on health care.

Long-Term Disability (LTD)

In the event that an accident or illness prevents an employee from working for an extended period of time, the financial impact can be severe for the employee and employers. Long Term Disability (LTD) protection is designed to help cover the employee's expenses while their regular income is interrupted. Flexible plan design options and benefit 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 is essential for most people. If an accident or illness interrupts that income, it affects both the employee and employer. Short Term Disability (STD) protection is designed to replace a portion of the wages lost when a short term disability occurs. An affordable, flexible STD plan can provide needed benefits to both the employer and employee.

Buy / Sell Protection

If you have a partner in business, you have a need for insurance so that in the event of death or disability, you can buy out your partner's interest without having to take out a loan or liquidate company assets. This is also important where children and taxes are involved.

Key Person Coverage

Your key employees are your most valuable business asset. Their skill, knowledge and experience are your real profit makers. Without them, the success and growth of your business could be in jeopardy. Key employee insurance is designed to protect your business from the adversities associated with the loss of a key employee, manager or executive. The death or disability of a key employee could result in a substantial financial loss due to hiring and training a replacement, lost sales, and/or slowed production.

Kidnap & Ransom                     

  Review up-to-date global travel warnings from the US Dept. of State.

As your company expands globally, so do your exposures.   Kidnap & Ransom (K&R) insurance has been developed to reimburse the policy owner for the expenses incurred with a kidnapping.  Companies with international operations and executives or staff who travel internationally may be targets for kidnappers and extortionists.  Unfortunately, average US citizens and business owners have become more vulnerable due to the current politics and economics of the world.   

While no one can predict where or when a kidnapper or extortionist might strike, there are steps that you can take to protect your executives and families and prepare for a possible threat. A Kidnap & Ransom policy should be an integral part of your risk management program.   The crisis response team has worldwide knowledge about how negotiations should be handled in each specific location.   To request a quote, please complete a K&R Application.  

Additionally, you may need world-wide high limit accident insurance when traveling to high risk destinations, including war & terrorism can be included.  Policy limits up to $50,000,000 are available.     Riders include sudden cardiac arrest rider option, and nuclear, chemical, & biological rider options. 

Travel Insurance

When you travel abroad, one of the most important financial considerations is how to protect you and your family's health. Without proper coverage, an illness or injury abroad can turn into a financial disaster. Whether you are a corporate traveler, an international student studying abroad, a family on vacation or reunion, or an individual traveling abroad for work,  pleasure, or education, do not let your trip be ruined by an accident or unexpected medical emergency. Traditional sources of US private health insurance will not meet your needs. Geographical exclusions and provider limitations common to these policies will restrict or even eliminate the coverage available to you while you are outside the US. At the same time, you may not be eligible for participation in the government-sponsored plans in the country where you reside. 

The Diamond Benefit Group offers you international travel health insurance through HCC Medical Insurance Services (formerly MultiNational Underwriters®) providing global coverage. Your health and safety should be at the top of your list when you are planning a trip.  All international plans are underwritten by Lloyd's, the largest and oldest insurance market in the world which, provides accident and health insurance in over 100 countries. Lloyd's currently enjoys an 'A+' (Strong) rating from Standard & Poor's and is highly qualified to protect you on your next international trip.

Travel Insurance Quote