Your employees are your best assets, and protecting them and their families provides long-term benefits to your company. Lyman & Sheets has expertise in evaluating and designing new programs to assure your company’s financial health and the well-being of your employees.

Group Health
Protecting a business’s most important asset – its workforce – is a critical to any business plan. Employers who implement a group-health program make available to their employees a tremendous benefit. Health insurance protects against financial loss through sickness or bodily injury. Offering a group-health insurance plan ensures that employees will maintain good personal health, creating a positive working environment and higher levels of productivity.

Plan Design
HRA Health Reimbursement Arrangements are an IRS-approved tax-advantaged benefit that reimburses employees for medical expenses. The reimbursements are funded exclusively by the employer. Employees are able to submit qualified medical expenses, up to a maximum dollar amount, for a coverage period. Any unused portion of the maximum dollar amount at the end of a coverage period can be carried forward to increase the maximum reimbursement amount in subsequent coverage periods.

FSA
Flexible Spending Accounts, Section 125 Plans or Cafeteria Plans provide tax savings by reducing employee medical premiums and employee-elected dollars for out-of-pocket health-care expenses and dependent care expenses from your gross salary prior to calculation of federal income and FICA taxes.

HSA
Health Savings Accounts are an investment account or retirement account from which you can withdraw money tax-free for medical care. Otherwise, the money accumulates with tax-free interest until retirement, when you can withdraw for any purpose and pay normal income taxes. The IRS regulates the maximum annual contribution to the account. This is adjusted on an annual basis. Catch-up provisions are also allowed by the IRS.

Qualified High-deductible Health Plans
Qualified HDHPs are an insurance policy that covers large hospital bills. Qualified HDHPs are different from many health insurance plans for two reasons. First, they do not include prescription drug or office visit co-payments. Instead, these services are purchased at the rates discounted to your insurance plan, and they are now applied to the deductible of your HDHP. Secondly, there are only two levels of coverage, single and family two or more. The family deductible is met by the combined expenses of all covered family members.

Types of Plans
HMO Health Maintenance Organizations are managed health-care plans that provide medical care to members through a network of participating providers. Primary-care physicians help dictate the coordination of care for members.

POS
Point-of-Service Plans allow the employee to choose between in-network and out-of-network care each time medical treatment is needed.

PPO
Preferred Provider Organizations are a network of medical providers who charge on a fee-for-service basis, but are paid on a negotiated, discounted fee schedule. Under a PPO program, members possess the freedom and flexibility to choose providers and services.

Companies Represented
Blue Cross and Blue Shield of Michigan, Blue Care Network of Michigan, Health Alliance Plan, Physicians Health Plan of Mid-Michigan, McLaren Health Plan, Priority Health, Humana, Aetna, Principal, UniCare, Assurant Employee Benefits.