Is it possible that the Cadillac Tax will be a major health spending cost ‘deflator’?
Bestefits helps employers to better serve their executive team by providing individualized time to examine their financial security.
Most group benefit plans offer a standard level of life and disability insurance. However, standard life insurance amounts and disability maximums provide little financial protection to high earners. It is common to see basic group life insurance amounts of $25 – $50K and individuals in many cases may buy-up to a certain amount of additional coverage on a guaranteed issue basis. However, executive plans can add a higher level of guaranteed issue coverage as executives generally have more assets to protect in event of death. In addition, common group disability amounts that pay 60 – 65% of pre-disability earnings have weekly and monthly maximums that amount to far less than 60 – 65% of an executive’s pre-disability earnings. This may leave the executive and her/his family in a difficult situation if a disability were to occur.
Bestefits helps employers to create options that fit your team. In addition, as executives and other employees get closer to age 65, we have the team that will help them plan for complicated healthcare changes and Medicare supplemental products. HSA’s can be a terrific vehicle for maximizing pre-tax dollars in a health retirement account to be used for large medical expenses that are likely to occur into retirement.
Contact us to learn more.
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