Tompkins Trust Company, through our affiliation with Tompkins Financial, is able to provide access to comprehensive employee benefit programs. Tompkins Insurance Agencies can customize packages for small or large businesses and with the rising costs of employee benefits, can help identify programs that are affordable to you and attractive to your employees.
Health, Dental, Vision, Life Insurance
Health insurance is one of the most important benefits you can offer to an employee. In its most basic sense, health insurance is a product that ensures plan members are covered for various medical expenses. There are a number of options for employers to choose from when picking a plan to offer employees, including self-insured plans, managed care plans, and consumer driven health plans.
NYS Disability Insurance
Disability Insurance is an insurance policy employers may offer as part of a benefits package, or can be purchased by an individual. With a disability insurance policy, if an employee becomes unable to work because of a disabling accident or illness or sometimes even a mental health illness, he is paid a set amount in benefits each month. There are numerous types of New York State Disability Insurance packages, and vary by how much is paid, limitations on coverage, when benefits can begin, how long benefits can be paid, and definition of disability.
Short and Long Term Disability Insurance
Short and Long Term Disability Insurance is protection for employees against financial risk associated with lost income due to a short-term or long-term disability.
COBRA (Consolidated Omnibus Budget Reconciliation Act) coverage is a continuation of existing job-based health benefits plans. It basically allows employees and their covered dependents to temporarily continue their existing coverage following termination from employment or other events which separate them from their plan.
Flexible Spending Accounts
A Flexible Spending Account (FSA) is special tax-advantaged account that can be used to pay for medical expenses. Employers deduct a certain amount of money each paycheck, before taxes, and put that money into the FSA. This results in a lowered taxable income for the employee and money they can apply to medical expenses. Funds in an FSA can only be used to pay for medical expenses, including dental and vision expenses. It also includes co-pays, deductibles and over-the-counter medications. With an FSA, unused balances are forfeited by the employee at the end of the year.
Health Savings Accounts
Health Savings Accounts (HSAs) are similar to flexible spending accounts (FSAs) in that they are special tax-advantaged accounts that can be used to pay for medical expenses. Employers deduct a certain amount of money each paycheck, before taxes, and put that money into the HSA. This results in a lowered taxable income for the employee and money they can apply to medical expenses. Funds in an HSA can only be used to pay for medical expenses, including dental and vision expenses. However, unlike the FSA, HSAs retain their balances at the end of the year, and can be carried over into the following year. In addition, only employees with high-deductible health insurance plans are qualified to take advantage of HSAs.
Health Reimbursement Accounts
Health Reimbursement Arrangements (HRAs) are a type of health insurance plan that reimburses employees for qualified medical expenses. Also referred to as defined contribution plans, personal care accounts, health savings accounts, or health care accounts, HRAs are employer-funded arrangements open to employees of companies of all sizes. HRAs can be used to reimburse any or all of the same expenses as flexible spending accounts (FSAs). While HRAs are funded by the employer with tax-deductible dollars, reimbursements of qualified medical expenses are received by the employee tax-free. Unlike traditional flexible spending accounts, unused funds can be carried forward from year to year.
Our trusted advisors at Tompkins Insurance Agencies can help you build a customized employee benefits program that’s just right for your business and your budget. Click here to request more information on any of the insurance services above.
Insurance products are not insured by the FDIC or any federal government agency, not deposits or obligations of the bank or its affiliates, not guaranteed by the bank or its affiliates, and subject to investment risk, including possible loss of principal.