Your Other Plans
Life Insurance
Summit provides basic life insurance and accidental death and dismemberment (AD&D) policy for each eligible employee at no cost to you. The policy provides life and AD&D coverage equal to one times (1x) your annual earnings, up to $50,000 for an employee, $5,000 for a spouse, $2,500 for a child 6 months and over and $500 for children under 6 months of age.
In addition to the company-provided group life insurance, we are happy to offer employees the ability to purchase additional coverage to supplement the company provided through Reliance Standard. Employees purchasing supplemental life through Summit can secure additional Life Insurance at the lower group life rates versus purchasing on the open market. All coverage offers Portability, so you can keep your coverage, even if you were to leave Summit. For both the employee and spouse, you may elect up to a maximum of $500,000 in coverage, in increments of $10,000. For eligible dependents 14 days to 6 months old, you can purchase $1,000 in coverage. For child(ren) age 6 months to 20 years of age (26 if full-time student), you can purchase $2,500, $5,000, $7,500 or $10,000 in coverage.
Disability
Short-Term Disability Insurance replaces a portion of your income when you are unable to work due to illness or injury. Should you choose to purchase this benefit, this coverage provides a weekly benefit that equals 60% of your weekly earnings up to a $1,000 weekly maximum. Benefits become available after you have been disabled for seven (7) days due to illness and injury (benefits begin on the 8th day). Benefits are payable for a maximum duration of 25 weeks. This is an employee-paid benefit and is voluntary for employees to participate in.
If you remain disabled for 180 consecutive days due to any one disabling illness or injury, you will be eligible to receive Long-Term Disability benefits. If approved by the insurance carrier, this coverage will provide a continued source of income that equals 60% of your monthly earnings to a maximum of $10,000 per month. Long-Term Disability will continue to be payable up to the Social Security Normal Retirement Age. This benefit is paid at 100% for all employees by Summit Group.
Healthcare FSA
Summit Group provides an FSA through Health Equity. A Health Care FSA provides you with the ability to save money on a pre-tax basis for any IRS-allowed health expenses not covered by your medical benefits plan. These expenses include deductibles, copays, coinsurance payments, non-reimbursed medical, dental, and vision expenses, qualified over-the-counter product costs, hearing care expenses, and orthodontia. The maximum annual amount you can contribute to a Health Care FSA is $3,330.
How much money you should put into an FSA each pay period depends on your expenses. The best way to estimate your expenses for the year is by looking over the eligible expenses you incurred over the past few years. Divide the total predictable expenses by the number of pay periods in the year.
Dependent Care FSA
Summit Group provides a DCFSA through Health Equity. A Dependent Care FSA provides you with the ability to set aside money on a pre-tax basis for daycare expenses for your eligible dependent. Generally, expenses will qualify for reimbursement if they are the result of care for:
Your children, under the age of 13, for whom you are entitled to a personal exemption on your federal income tax return; and/or
Your spouse or other dependents, including parents, who are physically or mentally incapable of self-care.
Please Note: This benefit may only be used to pay for dependent care services that enable both you and your spouse to work full-time, seek employment, and/or attend school. This does not include overnight camp or overnight care. The maximum annual amount you can contribute to a Dependent Care FSA is $5,000.
Health Savings Account (HSA)
The HSA Account is only available to employees who are enrolled in the High Deductible Medical Health Plan. The HSA is administered through Health Equity.
A few advantages of an HSA include:
HSA funds can be used to pay for medical, dental, vision, alternative medicine, long-term care premiums, COBRA, and other covered services.
When used for eligible medical expenses, HSA funds are tax-free.*
Contributions are tax-deductible and earnings grow tax-free.*
HSA funds roll over from year-to-year.
HSA accounts are portable and yours to keep regardless of your employer or insurance carrier.
Deposits can be invested in applicable investment funds as outlined by HealthEquity.
Pet Insurance
Summit Group is excited to offer this benefit to all our employees.
Employees now have the option to enroll their pets into a discounted premium program with MetLife.
Your Support Team
Call, text or email your benefits consultant, Katelynn Thain, 24/7 for any benefit questions you may have.
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Katelynn Thain
CEO & BENEFITS CONSULTANT
RAVE BENEFITS
Call or Text: (405) 306-4557
Email: kthain@ravebenefits.com
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Devaksha Gable
DIRECTOR, TALENT AND CULTURE
Summit Group
Email: devaksha.gable@summitmg.com