Employee Benefits from Barnes Insurance Agency

Employee Benefits, which is comprised of various types of Group insurance, including Health insurance, is a front-and-center issue today. Employers are looking for benefit options that will serve to attract and retain talent while also balancing costs and eliminating cost drivers. At the same time, as a result of healthcare reform, small and large businesses are increasingly turning to professionals to help them navigate through the new provisions and what it means for them as an employer and for their employees.

At Barnes Insurance Agency, we can help you with your health insurance needs. Michael Fox, Consultant for Employee Benefits at Barnes Insurance Agency, and Sarah Merritt, Benefits Client-Relations, are well-known specialists who are fully equipped to help you navigate through the intricacies of health insurance for Group and Individuals. For more information, please click here.

We offer a wide array of Employee Benefits products designed to help employees with their medical care and income and businesses with their employee relations and continuity plans. In addition, we can help you determine what is best for your organization in light of the changing healthcare market. Our products include:

  • Group Disability: Offers employees the opportunity to purchase income protection. It can be written to cover short-term disabilities and long-term disability. Prices vary based on the coverage chosen and earnings of the insured, and there is usually no medical exam for eligibility. Employees can choose to include cost-of-living adjustments, pension contribution coverage, assisted living payments, and childcare and education assistance, to name a few of the additional options available.
  • Group Health: The group healthcare insurance market includes preferred provider organizations (PPOs), health maintenance organizations (HMOs) and traditional plans that establish a percentage or dollar allowance for medical care from any doctor or center. Consumer-directed health plans, sometimes in the form of high-deductible health plans, are also available, often with medical savings accounts that use pre-tax dollars for medical care.
  • Buy-Sell: Designed to protect your business and your family. In the event of your death or disability, a Buy-Sell helps the remaining partners or family members avoid conflicts over the disposition of company assets and/or debt. A good contract will also set a value or a calculation methodology for a value of the business interest so valuation disputes can be prevented or at least minimized. There are two types of plans: A Cross-Purchase plan in which each business owner purchases a life insurance policy on each of the other owners. When an owner dies, the surviving owners use the death benefit to purchase the deceased owner’s share of the business. A Cross-Purchase plan is typically limited to cases where there are only two or three owners. The second option is an Entity Purchase or Stock Redemption plan between the owner and employees, where each owner enters into an agreement with the business for the sale of their respective interests to the business. For employees, a Buy-Sell agreement provides a way to purchase a business they have a vested interest in, but perhaps not the money to do so. It also assures remaining owners that the deceased’s share of the business will not pass on to someone unsuitable, and it provides continuity for customers, creditors, and employees.
  • Key Person Life: This insurance covers the value provided by a key employee or partner. It is an important product for businesses that rely heavily on one or just a few leaders, and provides needed income to the business after the death of an insured person. That money could be used by partners to fund a buyout of the decedent’s share of the business from his heirs, or it could be used to bring in a replacement team member.
  • Voluntary Benefits: Typically provided to expand the menu of benefits offered for which the employees pay at a discounted rate. Benefits can include cash in the event of a critical illness, a serious accident, an accidental death or dismemberment. The lump-sum benefit can be used to pay for medical care, deductibles on a high-deductible health plan, or personal expenses of another nature. Vision and dental can be provided as an employee-paid voluntary benefit.

We’ll help put together sound employee benefit options.

Barnes Insurance Agency serves the business communities of Sevierville, Pigeon Forge, Gatlinburg, Knoxville, Maryville, Alcoa, Nashville, Chattanooga, Kingsport, and Johnson City. We will provide you with the personalized attention you need to protect your business, property, assets, employees and customers. Contact us toll-free at 877-279-2500; you can also email us at info@biatn.com


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