Life and Health Insurance
Personalized approach to group policies
Good wages are important, but so are good benefits. Health and life insurance are among the most important things you can provide to the folks who work for you. They’re not just desirable to your employees; they can actually help you boost your bottom line by increasing morale, productivity and loyalty. Let us help you build a complete benefit package that will show your employees you’re invested in their work today, and their future health and well-being.
Group Life Insurance
Get the basics covered
At First International Bank & Trust, we believe that our people are our most valuable asset, and we know you likely feel the same way about the men and women who work for you. Let them know they’re valued by providing or offering life insurance. We can customize a group policy to make it the right fit for you and your employees. Affordable solutions are available; pay all, part, or none of the benefit.
Help employees protect their loved ones while protecting your finances.
Many households would feel a negative financial impact immediately following the death of a wage earner. A life insurance policy is a vital tool to offset that impact. Group life insurance premiums are based on an overall assessment of a company’s risk. Spreading that risk helps bring group rates down, offering an affordable coverage option for employees who might not otherwise purchase a policy.
Attract and keep quality employees.
Benefits can be a significant differentiator when a prospective employee is considering changing jobs or taking a job. Offering life insurance as part of a benefits package can make your business stand out when competing for job candidates.
Create a culture of caring.
Showing you care about the financial security of your employees can go a long way. That’s why including life insurance can play a solid role in fostering a strong, supportive workplace culture. Since culture often drives workplace satisfaction, offering this benefit can help improve employee productivity and turnover, and boost company loyalty.
Sometimes it helps to talk with someone who knows. Our experts will help you find the best policy for your business.
Group Health Insurance
Create a healthy, happy workplace
Of all the benefits you can provide as an employer, the most attractive and most important is health insurance. Keeping your team healthy through providing health insurance tells them that you care about their well-being. Setting up your group policy is easier than you might think. Our agents will guide you through the plan selection process, getting your employees set-up, and provide on-going support to answer any questions your employees have, so you don’t have to.
Access better health care
Group insurance networks are often larger than individual networks. That means, on an individual plan, you don’t have access to the same doctors and hospitals you would on a group plan. Purchasing a group plan can increase your access to more, and many times better, doctors and hospitals.
Savings for your employees
When an individual buys health insurance on their own, the purchase is made with post-tax dollars. With a group plan, employees pay for their policy with dollars deducted from their paycheck before taxes. Which, depending on tax rates, can save them 30-45% on health insurance premiums.
Savings for you
Employers benefit from a number of savings by offering group health insurance. If you decide to contribute, those dollars are tax-deductible. In addition, your payroll taxes are reduced through employee contributions. Paying for health benefits instead of paying higher wages saves your business money through payroll taxes and workers’ comp premiums.
Sometimes it helps to talk with someone who knows. Our experts will help you find the best policy for your business.
Health Savings Accounts
Options to take charge of health & wealth
Health Savings Accounts (HSA’s) are designed to mitigate the costs incurred by people enrolled in high deductible health plans (HDHP). HSA’s allow account holders to put their money in the account pre-tax, invest it, and let it grow. Withdrawals may be tax-free as long as they are spent on qualifying medical expenses or deductibles. HSAs work with any health insurance carrier for integration with your existing policies.
Attract and retain employees
Offering an employer-sponsored HSA as part of a benefits package can help retain valued employees and attract new talent.
Tax savings
HSA contributions made through payroll deductions are exempt from payroll taxes. Plus, you can take a deduction for contributions you make to your employees’ HSAs.
Earn interest
Based on the average daily balance, money saved in a First International Bank & Trust HSA earns a tiered annual percentage yield and interest rate. Interest compounds monthly. Annual percentage yield and interest rates could change at any time.
Convenient options for service and use
Our website, mobile app, and customer support allows account holders to manage their day-to-day account activity at their convenience.
Savings without expiration
Unlike an FSA, there are no use it or lose it rules. If your employee changes jobs, changes healthcare plans, or retires, the money isn’t going anywhere.
Sometimes it helps to talk with someone who knows. Our experts will help you find the best benefits for your business.