BUSINESS FINANCIAL SERVICES
Charles Obeid Insurance offers a complete line of insurance and financial products and services ranging from life and disability income to group life and health insurance. These products and services are designed to provide solutions to your business' financial needs.
401(k) Retirement Plans
401(K) plans are tax-deferred retirement savings plans for employees. They are set up by employers, and each company has a slightly different 401(k) structure. They are classified as “defined contribution” plans, because the amount contributed is defined by the employer or employee.
Buy / Sell Protection
This type of insurance is imperative for individuals who own a business with a partner. In the event of death or disability, buy/sell protection will provide you with the necessary funds to buy your partner’s interest without having to take out a loan or liquidate company assets. This is also important when children and taxes are involved.
Dental insurance is one of the benefits that employees request most often. Many employers provide dental insurance plans for their employees, but the number of employers who offer dental as a voluntary benefit that is paid 100% by the employee through payroll deductions continues to climb. Most dental plans provide full coverage, with a 100% benefit for preventative exams and cleanings, an 80% benefit for basic services, such as fillings and root canals, and 50% benefit for major services and prosthodontics, such as dentures, crowns, etc.
Some dental insurance companies provide a dental buy-up plan, which allows the employer to purchase a base plan, while employees can purchase additional benefits as needed. Another newer option for dental insurance is a dual option plan that allows each employee to choose a basic plan or a more comprehensive plan based on individual need. This is a voluntary benefit, which means that each employee gets the coverage needed individually and for any dependents.
Flexible Spending Accounts (FSA)
Employer-sponsored flexible spending accounts are benefit plan arrangements that allow employees to pay for certain health care or dependent care expenses on a pre-tax basis. There are two FSA options: health care FSAs or dependent/childcare FSAs. A health care FSA is an alternate way of paying your share of your health care costs. Likewise, a dependent/childcare FSA will reimburse you for expenses for dependents and childcare, which are necessary to allow you or your spouse to work.
Flexible spending accounts are beneficial to both the employer and employee when it comes to tax advantages. While the employee doesn’t pay federal income, state income, or FICA taxes on the salary contributed to a FSA plan, employers don’t pay matching FICA (7.65%) and FUTA taxes because the employee’s gross income is significantly reduced.
Group Health Insurance
We are committed to providing health insurance for the individuals and families who need coverage, and also our commercial customers, who need group coverage for their employees.
The face of health insurance in today’s market is rapidly changing, and you need a company that stays ahead of the curve to depend on. Charles Obeid Insurance is always on top of the latest developments that affect health insurance coverage. Trust your health insurance needs to the independent insurance agency that is dedicated to providing you the most competitive and cost-effective plans in this dynamic marketplace.
Group Life Insurance
Life insurance is an integral part of most employee benefits packages. When provided by an employer, employees appreciate the value of life insurance coverage, as well as the additional security it provides to their families.
Employers have a wide variety of options to customize the group life plan they offer their employees. Optional coverages include voluntary life insurance, supplemental life coverage, accidental death and dismemberment policies, and dependent life insurance. The premium paid for a group life insurance plan is generally considered a business deduction, and this stand-alone contract is usually less expensive than the life insurance coverage provided in conjunction with your medical insurance.
Group Vision Insurance
Group vision plans are especially attractive for employers, because they’re inexpensive to offer, and are also often requested by employees. These separate plans provide coverage for eye exams and/or for frames, lenses, and contact lenses. Basic health plans will sometimes cover routine eye examinations, but any vision-related costs beyond that will be on the individual to pay. That’s when a separate vision policy comes in handy.
Health Savings Accounts (HSA)
Much like flexible spending accounts, health savings accounts are tax-free savings plans to help with healthcare expenses. The funds that you contribute to your HSA are tax-deferred, and are able to be used for qualified medical expenses. However, unlike FSA funds, which expire if not spent, HSA funds roll over and accumulate year after year. These funds can also grow through investment earnings, similar to an IRA, and can accumulate as tax-free savings for your retirement.
Once the health plan’s annual deductible (which is often quite high) has been met, the coverage resembles conventional insurance, typically in the form of a preferred provider organization (PPO) with little-to-no cost sharing for in-network services, and limits on total out-of-pocket costs.
Key Person Coverage
The key employees in your organization are your most valuable business asset. Their skills, knowledge, and experience are your real profit makers, and as such, without them the success and growth of your business could be in serious jeopardy. Key employee insurance is designed to protect your business from the adversities associated with the loss of a key employee, manager, or executive. The death or disability of a key employee could result in substantial financial loss due to hiring and training a replacement, lost sales, and/or slowed production.
Long-Term Care Insurance (LTC)
When an individual requires assistance with daily activities, such as bathing and dressing, due to an accident, illness, or advancing age, long-term care provides for that type of care either at home or in a facility.
As life expectancy rises, the potential need for long-term care grows, too. There’s a good chance that you or a loved one will require long-term assistance due to a prolonged illness, disability, or general deterioration of your health and ability to perform daily activities, so it’s important to prepare for that day, should it come.
Most long-term care expenses are not covered by Social Security, Medicare, Medicare Supplement (“Medigap”), or private health insurance. Medicaid will pay for nearly half of all nursing home care, but you must meet federal poverty guidelines in order to be eligible, and may have to “spend down” most of your assets on health care.
Long-Term Disability Insurance (LTD)
If an employee is ever kept from working for an extended period of time due to an accident or illness, the financial impact can be severe for both the employee and the employer. Long-term disability protection is designed to help cover the employee’s expenses while his/her regular income is interrupted. Flexible plan options are available to meet specific needs. This valuable protection is available with low-cost, tax-deductible premiums.
Short-Term Disability Insurance (STD)
A steady income is essential for most people. If an accident or illness interrupts that income, it affects both the employee and employer. Short-term disability protection is designed to replace a portion of the wages lost when a short-term disability occurs. An affordable, flexible STD plan can provide necessary benefits to both the employer and employee.