Ruggiero Group Benefits, LLC offers a complete line of group benefits and insurance products. We will work with you to design and implement a benefits program for your organization to cover owner, management, and employee level benefits. Whether 10 employees or 10,000+ employees, we are here to develop a sustainable employee benefits package tailored to your company. Additionally, we work with school districts, labor unions, professional associations, and non-profits.
Health insurance covers all or part of the risk of a person incurring medical expenses. There are many different options. The cost of insurance is based on the type of plan and coverage that will be included in the plan. We work with all major carriers and all plan types, including:
- Level Self-Funded
Dental insurance covers dental care services with a licensed dental provider. Some medical plans may have basic or pediatric dental insurance included in the plan. Most dental plans will be purchased as a standalone benefit offering in a PPO or DMO type policy. Insurance is in place to cover the expenses associated with cleanings and x-rays, and to save on costly and unexpected work such as fillings, root canals, and more.
Vision Insurance is designed to reduce costs for routine preventive eye care (eye exams) and prescription eye-wear (glasses and contact-lenses). Some plans offer discounts on elective vision correction surgery, such as LASIK or PRK.
Voluntary benefits allow employers to provide a more robust benefit offering without having the cost associated with providing paid-for benefits. These benefits are paid for by the employee rather than the employer. Usually, the premium monies are payroll deducted from the employee’s salary for simplicity.
Disability insurance will provide income in the event a worker is unable to perform their work and earn an income due to a disability. Depending on the time they are unable to work and when they pass the elimination period, they will receive a portion of their salary.
There are two types of disability insurance:
Short-Term Disability Insurance - Typically six months or less.
Long-Term Disability Insurance - Typically six months or longer.
Group Life Insurance is an employee benefit provided to employees by some employers. This is a policy that is usually bundled with the other ancillary benefits such as dental, vision, and accident/sickness. Employer sponsored life insurance generally provides a low-cost term life benefit with face amounts amounting to one or two years’ worth of salary.
Key Person Insurance is a life insurance policy that a company purchases on a key executive's life. When there are multiple executives/partners/owners there are usually multiple policies. The company is the beneficiary of the plan and pays the policy premiums.
Medicare supplement insurance plans (also known as “Medigap”) are plans by private insurers to complement your Medicare coverage. These plans are designed to help cover some of your out-of-pocket expenses not typically covered by Medicare.
Standardized Medicare supplement insurance plan (Medigap) benefits are set by the federal government. This means the basic benefit structure for each plan is the same, regardless of which insurance company is selling it to you. It comes down to working with someone that will take the time to find out what plan is best suited for you. Ruggiero Group Benefits, LLC will take the time you need to go over the details and recommend the best plan for you.
Life insurance is a contract between the insurance company and a policyholder in which the insurance company guarantees payment of a death benefit to named beneficiaries upon the death of the insured. The insurance company promises a death benefit for receiving payment of premium by the insured. There are multiple types of life insurance policies available, depending on someone's goals and objectives.
Accident and sickness insurance offers income protection that replaces your income if you are unable to work due to injury or illness. This allows you to cover monthly bills until you are back to work. Accident and sickness insurance helps pay the bills if you experience illness or have an accident that leaves you unable to work for a specific period of time. It can provide up to 70% of your income every month, enabling you to maintain payments on bills, keep you current, and maintain nearly the same quality of life without becoming overwhelmed by debt.
ERISA stands for Employee Retirement Income Security Act. The law sets the guidelines and standards for qualified plans, pension, and welfare plans to protect employees and their beneficiaries. These are retirement plans that are established by the employer for the benefit of the employee governed by rules that are in the best interest of the employee. Ruggiero Group Benefits, LLC would love to discuss the options that you have.
401k / 403b / 457 plans are company-sponsored retirement accounts that employees can contribute to. Employers may also make matching contributions. This money is typically invested in securities that are focused on your goals and objectives. Ruggiero Group Benefits, LLC is able to offer a wider range of investment choices for these plans because we do not have a proprietary product, but rather establish a plan that is in the best interest of the employer and employee. Each participant will have the opportunity to work with an advisor one-on-one to establish their plan and discuss the financial goals and objectives they have outside of the qualified plan.
A defined-contribution plan is a retirement plan that is typically tax-deferred (401k, 403b, 457), in which employees contribute a fixed amount or a percentage of their paychecks to an account with the intention of funding their retirement. The sponsoring company will sometimes match a portion of employee contributions as an added benefit, but it is not required. Defined-Benefit plans are company pension plans wherein an employee's pension payments are calculated based on the length of service and the salary they earned up to their retirement. Defined-Contribution plans can be contrasted with Defined-Benefit pensions, in which retirement income is guaranteed by an employer. Defined-Contribution plans offer no guarantees, and participation is voluntary.
Human Resources (HR) is the function in an organization that manages interactions with the employees on behalf of the company. HR oversees all interactions with the employee within a wide range. Some examples of the tasks HR manages are compensation, benefits, payroll, record keeping, recruiting, hiring,on-boarding, transitions, lay-offs, firing, resignations, employee complaints, concerns, performance management, training, and organization development within the culture.
Some companies can manage the Human Resources internally, while other choose to outsource because of the amount of work and amount of time it requires. Additionally, it can be more cost efficient for the company to outsource it.
Payroll is the process the company goes through to pay their employees. There are multiple procedures related to paying employees. This includes paying payroll taxes due to federal and state agencies; calculating and distributing paychecks (checks or electronic transfer to bank accounts) to employees each pay-period;. keeping records of employee wages and salaries, withholdings, deductions, bonuses, pay for time not worked (holidays, vacations, sick time, etc.), and other items on employee paychecks; and recording total earnings of all employees for a company's fiscal year.
Risk management is a large and important undertaking for a company or organization. In larger organizations, a risk management committee, team, or division usually is formed to handle the risk management process. In smaller companies, the responsibility for developing and implementing a risk management process usually falls upon one or two managers while they are wearing multiple hats. Once the risk management process is in place, everyone in the company plays a role in identifying risk, filling forms, completing reports, and following policies & procedures. Having a risk management process means your company understands the risks to which you are exposed. More importantly, it means your company has evaluated the risks and has implemented strategies in order to remove the risk altogether, reduce the chances of the risk happening, or minimize damage in the event that something does occur.
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