FAQ
General
How much of my employee’s premium should I cover?
We usually recommend no employer covers less than 50%. With our 100 years of combined experience, we have found that any less contribution from the employer reduces employee morale if made unaffordable for them to participate.
How much do all these value-added services cost? (Package Creation, HR, Enrollment Platform)
We realize we are competing with thousands of brokers, as a result we are always enhancing our services and include them at no additional cost to make sure you go nowhere else. Our compensation is derived from the carriers and we reinvest it into the services we provide for long-term relationships. Your carrier will bill you for your insurance policies.
What services do you provide?
Our services include: benefits plan creation and implementation, human capital management services, risk management services, and group retirement planning.
How long has Financial Designs been in business?
We have been in business for over 30 years.
Do you offer other benefits besides medical insurance?
Yes! We offer a variety of benefits in addition to medical including dental, vision, disability and more. Visit out services page for more information.
Is there a minimum number of employees required to offer benefits?
We serve employers with 10 or more enrolled employees.
Do you offer benefits packages that have dental and vision insurance?
Yes, we can include dental and vision insurance plans in your customized package.
Do I need to cover the cost of offering benefits to my team?
Our goal is to build you a package that is both convenient to use while also meeting your bottom line. Value is the most important piece.
Are benefits expensive to offer to my team?
They are not cheap, but saving the money can be more expensive in training and turnover.
Why should I offer benefits to my employees?
To retain top talent, benefits are proven to help keep key employees happier longer than just salary increases. It also shows your employees that the team’s success is the priority of the company.
How do I choose the right plan for my company?
The perfect plan for your company is one within your budget and that will create the least responsibility of payment for your employee.
What areas do you serve?
The majority of our clients are located in South Florida. However, we do handle multi-state accounts and can accommodate enrollment nationally.
Do you have virtual or in person appointments available?
We offer both virtual and in-person appointments.
Where is your office located?
Our office is located in Miami, FL.
Retirement
Why is it important to offer your employees a retirement plan?
Offering a qualified retirement plan is an ideal way to sttract and retain highly qualified employees.
Should you do a match on a 401k?
401ks are great plans for giving an incentive to your employees.
Do you offer retirement plans for non-profit organizations or schools?
Yes! We offer 4013(b) retirement plans for public schools and certain 501(c)(3) tax-exempt organizations
Do you offer 401k services?
We offer a variety of retirement planning services including group retirement plans such as 401(k) and 403(b)..
Health Insurance
My doctor’s office is charging me a convenience fee for labs drawn in the office. Is this covered by my medical or gap insurance?
No, these fees are not recognized by your insurance.
Does the medical or gap insurance cover worker’s compensation?
No, you will need to contact your employer to assist you with how to submit your claims through worker’s compensation.
If I travel internationally, am I covered by my insurance?
Yes, however you are only covered for emergency services.
Why can’t I ever know what my prescription costs will be?
All insurance companies have a list of medications named ‘formulary’. Formularies change every six months even if you’re not renewing and it could affect the medication you are currently taking. Usually the lower copays are generic and the higher copays are either brand name or injectables.
Why is my insurance saying I can’t get a certain procedure?
Insurance companies require authorizations for medical procedures. It is accomplished by receiving medical records from your provider justifying the need for that service. It is a cost-savings measure implemented so that providers would not recommend procedures strictly for compensation.
Why is my specialist asking me for a referral?
Some HMOs do require referrals, however most have deleted that obstacle and the doctor’s offices are just used to asking for them even if your plan is open-access. Don’t hesitate to clarify for their insurance specialist.
Do plans come with emergency coverage?
Yep, all our plans come with emergency coverage but make sure to check your copay or deductible so that it is affordable for you.
Do HMO cover out of area emergencies?
The HMOs typically say as long as the injury or illness is permanently disabling or can be fatal – you’re covered worldwide.
Can I add an employee right away to my health insurance?
Usually there is a waiting period for employers to make sure the employee will be staying to avoid administrative hurdles.
Human Capital Management (HCM)
How does HCM work?
With the right HCM technologies, you are able to achieve your goals faster and more efficiently. Our team will recommend the right programs to further your business goals.
What areas of my business can HCM services be applied?
Human Capital Management services provide an overarching business strategy and process that touches many parts of your business. This includes recruiting and onboarding, time and labor management, payroll and taxes, and more.
What is Human Capital Management (HCM)?
Human Capital Management (HCM) is the optimization of an employee’s journey before they’re hired, to their final day with the company. HCM is a set of processes, procedures and strategies that ensures you are utilizing your company’s greatest asset, your human capital (aka your employees!)
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