Life & Health
Do you feel like just another number?
We’ve all experienced poor customer service and have felt like “just another number”. Along with the ability to offer you the best coverage at the best price our biggest priority is to make sure our clients feel like a part of the Mike Keith Insurance team. With over 100 years of combined expertise the Mike Keith Insurance, Inc Benefits Department is suited to best meet your needs by identifying and offering the industries top performing insurance carriers.
For 25 years we have devoted 100 percent of our resources to providing employee benefits for groups and individuals and have served numerous businesses, schools and public entities ranging in sizes from 10 lives to 700.
The following provider plans are offered:
- Preferred Provider Organization PPO
- Point of Service POS
- Health Savings Account HSA
- Health Reimbursement Arrangement HRA
- Qualified High Deductible Health Plan QHDHP
- Self Insured Plans
Dental coverage is a favorite ancillary coverage that can be offered as employer sponsored or a voluntary benefit to increase the benefit portfolio. A large variety of dental carrier choices and plan choices are available.
Vision coverage as an additional benefit is one of the most popular plans offered today covering anything from routine eye examinations to all types of lenses, frames and contacts. It can also be offered as employer sponsored or voluntary for the employee. A variety of carriers are available with provider networks to match your company location.
Supplemental benefits are quickly becoming the solution to bridge the financial gap that new high deductible plans create. Supplemental plans normally pay lump sum cash to the insured and include Accident, Cancer, and Hospital Plans. They are usually offered on a voluntary basis to employees to complete their portfolio of benefits.
Health Savings Account- HSA
The Health Savings Account is an account created for the insured to deposit monies for qualified health care costs. These funds earn interest tax-free and must be paired with a QHDHP according to IRS regulations. Contributions to the HSA can be made by the insured, the employer or both. Total contributions are limited annually and change each year. Funds remain in the account from year to year and are “owned” by the insured. For more information on the HSA go to www.treas.gov and click on “Health Savings Account”.
Health Reimbursement Account -HRA
The Health Reimbursement Account is also one of the newer “consumer driven” health care products. This reimbursement plan is funded by the employer. Employees have a high deductible plan but a portion of their deductible is funded by the employer. This is a tax-deductible contribution for the employer and tax-free benefit for the employee.
Flexible Spending Account – FSA
The Flexible Spending Account is also known as Section 125 Cafeteria Plan and allows employees to contribute an annual amount from their pay into a personal account. These monies can then be used throughout the year to pay for health related expenses as well as dependent daycare. These funds are deducted pre-tax reducing employees taxes as well as employer tax liability. These funds must be used by year end. The “use it or lose it” rule applies with the FSA Plan.
There are three types of plans:
Premium Only Plan – Allows for pre-taxing health insurance as well as all voluntary benefits creating a tax savings for your employee.
Health Reimbursement Plan – Allows for reimbursement of qualified health expenses, i.e. deductibles, co-pays and over-the-counter OTC supplies.
Dependent Daycare Reimbursement – Child care expenses can be reimbursed using this account creating a substantial tax savings for your employee.