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HEALTH
A group health plan is not an option since there is only one employee identified. There are some very robust individual plans available. An additional benefit recommended at this level of employee is a Health Reimbursement Account (HRA). This is an agreement between the employer and the employee that would make the employer responsible for helping the employee manage additional health care expenses. HRA’s are generally available through the health insurance provider.
An additional consideration is an optional benefits program like AFLAC. This allows the employee to obtain coverage for specified illnesses.
LIFE
A basic $100,000 death benefit would be recommended. The cheapest way to fund it would be as a term insurance policy allowing the Executive Director to name her beneficiary. If she leaves the organization prior to the end of the term period, the policy is voided. If a permanent policy is purchased (e.g. recommended for the Deferred Compensation Package), the Executive Director could still name her beneficiary or the Civic League could be the named beneficiary (e.g. a Key-Man Policy).
DISABILITY
Monthly Benefit: Flat $1,000; only offset Workers’ Compensation, Statutory, Disability and Primary and Family Social Security Benefits
Elimination Period: 30 days
Definition of Disability: Own occupation 1st 24 months of benefits, any reasonable occupation thereafter; 20% earnings l during the own occupation period including the elimination period 40% earnings loss thereafter
Benefit Duration: 60 months of benefits
Types of Disability: Occupational and non-occupational
Mental Health & Substance Abuse: 24 months of benefits
RETIREMENT
A customized retirement plan based on the goals of the executive and the resources of the organization is recommended. A 403(b) plan is would be a permissible structure; however, an individual 401(k) or a Qualified Annuity is also adequate. These structures, coupled with a deferred compensation plan can make for a solid plan.
MISCELLANEOUS BENEFITS
- AFLAC (Supplemental specified-disease insurance coverage)
- PRE-PAID LEGAL (Personal legal protection program)
- PERSONAL HOME & AUTO (Discounted personal coverage)
- BUSINESS AUTO INSURANCE (Non-owned auto coverage for business use of car)
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Health
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