Episode 37: Tina Craft of Fringe Benefits – Full Transcript
Tina Craft 0:00
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Jordan Ostroff 1:05
Hello and welcome to Let’s get up to business with Jordan long. Joining me today is Tina craft with fringe benefit plans. Thank you so much for being here. Thank you Jordan for the invite. In a nutshell, what is fringe benefit plans? fringe benefit plans is an insurance agency that has been in the community for 50 years. And we are focused on employee benefits and leveraging your employee benefits to support your business model. Alright, so if we have somebody watching this or listening to this, who knows that they want some help for some employee benefits? What’s the best way for them to get in touch with you? The best way to get in contact with me is either on my cell for 074635513 or by email t craft CRA f t at FB plans calm doesn’t stand for Facebook stands for fringe benefits. It does. Thank you
Yeah, no problem. So before we get into that, tell us a little bit more about you. How did you get into selling employee benefits.
Tina Craft 2:05
So I’m born and raised here in Orlando, Florida, one of the only one of the only, and I’m still here. And so after graduating from UCF go nights charge on, I had a contact to invited me to come to work at their company, and it was with an insurance company. And in working there, I met brokers in the community, and made a career change on to the broker side, and fell in love with employee benefits and insurance if you can believe it. I mean, people fall in love with everything they do. So I believe it. I love it. It’s an opportunity every single day to help somebody with something complex. It’s very contract oriented and challenging at the same time.
Jordan Ostroff 2:54
So what from that drew you in like, what was the What were you seeing where you’re like, Oh, my God. I want to do that.
Tina Craft 3:01
So once I once I got my feet wet and I figured out what the industry was really about, I learned very quickly as a sociology major that my commitment was to help humans. And so in learning a foreign language, ie insurance, you have the opportunity to educate, navigate, and advocate to help people with their Employee Benefits Program, which has a direct impact on their health and their wealth.
Jordan Ostroff 3:27
So when we’re talking employee benefits, what are we talking about here?
Tina Craft 3:30
So, when it comes to employee benefits and fringe benefit plans, thank you is very specialized strictly on Employee Benefits insurance, very different from commercial insurance. So with that, we focus on the group medical plan, the dental division, life insurance disability, which is paid paycheck protection and retirement plans. So any any of the programs that correlate for an Employee Benefits Program.
Jordan Ostroff 3:56
And so what separates fringe benefit plans apart from People that provide the same, I don’t want to say same service who offer the similar products.
Tina Craft 4:07
So really what makes us special in the community is that we are 50 years privately owned and operated. The majority of our industry is owned by private equity. And so we are able to leverage the private ownership in order to serve at a very high concierge level. The employers that, you know, have 20 employees to hundreds of employees. So our service model is very nimble for the smaller employer, which consists of most in Central Florida.
Jordan Ostroff 4:40
So when you’re talking smaller employer, you’re talking 20 people. I mean, that’s going to be about the low end,
Tina Craft 4:45
any anything under 50 lives is deemed small group. Okay, from a definition standpoint. When you get into the larger employer groups, you’re going to stay all of the large agencies taking a lot of interest in those employers, but the smaller ones typically go underserved.
Jordan Ostroff 5:03
So what? Or is who? Who is your ideal client that I mean, what’s that ideal business out there, that’s the, you know, the unicorn that you want to help.
Tina Craft 5:12
So any business that is looking to leverage recruiting and retention and their business model and right now with the low unemployment rate, everybody is looking for good talent. And employees today are not only looking for their compensation, they’re also looking for their benefits program. So an employer who is dedicated to support their business model with recruiting and retention goals, and really, it’s an exchange of dollars from cost of turnover to investing in their human capital. See, I
Jordan Ostroff 5:45
like that. I like that way to phrase it.
Tina Craft 5:47
Jordan Ostroff 5:49
So are they, I mean, if somebody’s got three employees, they could still utilize your services.
Tina Craft 5:56
So based upon the rules by the insurance company, as long as they have fun employees, we can help them. Okay,
Jordan Ostroff 6:01
so if they have workers comp insurance they can they qualify for? Well, I guess you can get that for so all right, so five or more
Tina Craft 6:09
five or more in order to have a broker or an agency help you, if you have less than that you can go direct to, let’s say Florida Blue, and work through their 800 number for that assistance.
Jordan Ostroff 6:22
And so is that five including owners or that’s five not including owners,
Tina Craft 6:26
it would be five enrolled employees and the owners can be included in that count.
Jordan Ostroff 6:31
Okay, full time, part time,
Tina Craft 6:33
full time, which in the state of Florida is defined at 25 hours, on average.
Jordan Ostroff 6:38
Didn’t notice that I thought it was higher. Okay. Yes. Is that that’s just for this purpose. That’s for everything.
Tina Craft 6:44
It’s for the purposes of of insurance, but the state of Florida does define that for full time purposes.
Jordan Ostroff 6:49
Hey, learn something new every day. So when you got that owner, I mean, what are how does somebody know that they need to sit down with you? What are the indicators to them?
Tina Craft 7:01
Well, the number one indicator is do they have employees, okay? Because if they have employees, then other employee ORS need them as well. So you’re trying to build a program to attract and retain good human capital. And if you don’t have benefits, is the employee going to stay? And if they don’t stay, what is the impact on your business model? Okay. And if they don’t have insurance, then we challenge the employer to think about absenteeism because they don’t have the tools to stay. Well. presenteeism, are they coming to work every day and actually working? Are they coming to work and they don’t feel well. So are they just giving half of their commitment. And then you have Monday morning, work comp claims, which can be a potential if somebody gets hurt over the weekend, and they don’t have benefits. They may come to work and the next thing you know you have a work conference. On your hands interesting,
Jordan Ostroff 8:02
but obviously your ideal client, somebody that’s going to be looking to bring you all on board prior to having these problems.
Tina Craft 8:09
Absolutely. Okay, absolutely. We, our ideal client is an employer who is really looking to do right by their employees, because they’re taking care of them. They’re taking care of their families. And, and, you know, medical is a product that lacks a lot of transparency, of course, and it has, it goes up dramatically. So, if you don’t have insurance, and you go to the urgent care center, you’re looking at, you know, a couple hundred dollars just to be seen there. Right? And then you get into pharmacy expenses and things of that nature. So and that’s just day to day. If you go into the hospital, you can incur debt that you may never be able to overcome.
Jordan Ostroff 8:52
Yeah, now that’s a you know, unfortunately, hear this kind of stories all the time, especially for some of our personal injury clients who just you know, don’t have any protection. So when you’re dealing with the employer on this, I mean, is it I guess walk me through the process of that, you know, first or second meeting, you’re going to sit down with them and kind of go over what their needs are and put a proposal for them. And is that how it works?
Tina Craft 9:16
It is exactly how it works. So typically, we’d like to go in for an introduction because you definitely want to have a rapport and a relationship built a white glove services, as opposed to just somebody 77,000 emails to every employer. Absolutely. So that that is another key differentiator with fringe benefit plans is that we are not transactional insurance is transactional. But the human who is the consumer of the product is the human being. So we try to remove the transaction and put that service into play. So definitely interview the employer to find out what their goals are. Insurance, especially employee benefits is typically the second or third largest line item. So discussing the budgetary aspect with them,
Jordan Ostroff 10:01
that’d be so like payroll, rent or mortgage and then Employee Benefits
Tina Craft 10:07
typically, okay. Yes. Yeah, we typically Oh, wait, well, I mean, we always follow payroll. And then you know, depending on their industry, it could be, you know, work comp, but we’re typically their second or third largest line item. And then we collect their census, which is the demographics of their company. And then we send that to the marketplace, we come back with different solutions. Clearly, the less the premium, the higher, you know, the out of pocket costs, the deductibles for the employees, but we’re a big believer in choice so you don’t just have to offer one program. So we walk through the solutions aspect and then once we support the employer with a decision on what works best for their budget, and their employees, we then roll out of communication curb campaign because how you communicate and how you educate sense the value to the employee. If you offer it and you don’t spend a lot of time on communicating and educating, they may never really see the value that you’re investing in them. And then from there, Jordan, we help them with compliance. There’s a lot of compliance in the world of insurance. shocker, shocker. It’s
Jordan Ostroff 11:17
those dang lawyers just ruining Absolutely. The lawyers ruin everything.
Tina Craft 11:23
actually, you know, you guys help us in some respects as well. So, we’ve definitely stepped in because we always want to be ready in the event of a deal a lot it and, and or the IRS, right, because you’re pretty taxing your benefits typically under Section 125. So you want to make sure that you’re following all of the rules. So we step in as a complimentary part time employee to help with the plan administration. We also handle all of the communication with the employees because if you’re an employer and you engage in a conversation with With an employee, many times HIPAA and personal health information will come into that conversation. So when you learn issues like that, and then you have a performance issue, then attorney step back in under retaliation and discrimination
you ever watched the office? Yes. I always loved the episode where they put Dwight in charge of the new health plan. And he’s like, who has this? Who has this medical problem? We’re not we’re not you know, we’re not going to cover it if you don’t admit to being the one who has it. Yeah. Again, you know, lawyers are and everything. Um, but so what you’re talking about us a couple of acronyms. So there was an audit, the Department of Labor, Department of Labor, and so basically, most most or all of this employee benefits are going to be tax deductible
or pre tax. Most are definite. Yes, you want to post tax your life and your disability because you don’t want the beneficiary at time of claim to be hit with Texas.
Jordan Ostroff 12:56
Okay, so there we go. So those So in that respect, so From that standpoint, then there’s I guess the potential for fraud. I mean, to be writing off too much, I mean, what’s the Department of Labor’s interest?
Tina Craft 13:08
So it goes back to a restaurant in 1974. That says, if you’re offering a plan as the fiduciary, there are rules to follow, okay, have to have plan documents. It really was put in place a very long time ago for the purposes of discrimination, making sure that everybody’s being treated in a like manner.
Jordan Ostroff 13:27
What does it stand for?
Tina Craft 13:29
Oh, stop. I don’t know. I don’t know either. I don’t know. At the top of my head. I go, I go Google
Jordan Ostroff 13:34
it really quickly, like employee rights. Information safety actor. I don’t know.
Tina Craft 13:40
I think I answered that question on my insurance exam back in 1996. And never use it again. I use the acronym like crazy. There we go. Yes.
Jordan Ostroff 13:49
But someone out there is sitting in a trivia you know, like a bar trivia next week and will be like, what is Arista stand for? Yes. And will we will know, we can’t help you.
Tina Craft 13:58
We can we can google it for you. You can call me, I’ll help you
fair. All right. So jokes aside, so you so I like the Europe, you guys, I can’t talk you all are coming in as an employee to be able to kind of override some of those issues they’d get with HIPAA and employers knowing because obviously if you know, an employee suffers from something and you take negative action against them, that can be a huge problem for you. So don’t do that. And I’ll be but it’s interesting, because this gives you a way to collect the data, you need to make sure you’ve got the right plan without violating, you know, state and federal law.
Absolutely. And it gives the employee a layer of confidentiality to
Jordan Ostroff 14:38
write, right. So when you’re doing this proposal on me, I’m assuming it’s going to be you know, these are the three or four plans we think would be best for your employees. You want to offer all of them, some of them whatever,
Tina Craft 14:51
so they’re there. Depending on the size of your group, you can offer different quantities of programs of choice. We typically recommend two to three options, depending you don’t want to get too complex, right? Because insurance is already confusing enough. So we are here to make the complex, simple. So we look at the demographics to determine maybe by the salaries, or you know, the gender where people are going to go, we kind of have an indication. And choice is important. And then we roll that out and explain it in detail, which really, that’s your superpower. That is the superpower. I mean, education is the key, right? If you don’t understand, then you don’t find value in it.
Jordan Ostroff 15:36
I just love when they were like, we’re going to make this simpler. We’re going to have gold plans and silver plans and bronze plans and you’re like, Great. Now I don’t understand anything in all three of those tiers.
Tina Craft 15:45
Exactly. Or, or we’re going to call it dl j k 10. Right. So, but at the end of the day, how you make your determination can have a big impact, not knowing because insurance is a Right, you’re making decisions. And January, let’s just say for illustrative purposes on something that could happen to you in September. Right,
right. Well, and, and insurance is a gamble that you ideally always want to lose. Absolutely. Like, I never want to actually have to use my insurance because that means I’m injured or dead or something along those lines, right? Absolutely. So you’re, you know, you’re given the option to the employer, you’re sitting down with the employees, you’re giving them the training information on it. What else is going into that? I guess, before it really goes into effect process?
Well, so the implementation so once you make the decisions, you communicate with the employees, you educate them, and many times it’s the spouses that are calling us or even the parents today, and helping their children that are employees and or their spouse
Jordan Ostroff 16:52
will How old is how old is the average employee that’s got the parent calling for him?
Tina Craft 16:56
Well, so in the state of Florida, pendants can be on the program in some cases through the age of 30.
So just if you’re a 28 or 29 year old person out there, please, please, please don’t make your parents call your employer to ask about your health insurance plan. Just don’t make them do that they gave birth to you. They cared for you. You’re old enough to make that call.
But if they if they don’t have the right information and make it, it can have a devastating effect on their
income, their credit score, by all means, talk to your parents about it, get their advice, but don’t make them be the one who call for you. Like I don’t want to hear like Billy wants to know if he’ll get massages under this plan for physical therapy. Don’t make your parents do that.
Okay, I would agree with you.
Jordan Ostroff 17:46
But get the info and then talk to them about it. They know better,
Tina Craft 17:49
or call us direct and we will help you because it’s really nice when you learn how to adult to know how to become resourceful and to call to people who can help you
Jordan Ostroff 17:59
and so People never learned that.
Tina Craft 18:02
Well, we we excel at that, and we invite them to call us so that we can help them because making a determination can save thousands of dollars.
Yeah, no, absolutely. See where you know, we’re at the age where everybody’s the maybe having their first kid maybe having their second maybe not. And then obviously, with a lot of the health insurance stuff, it’s okay, well, we’re not gonna have a kid this year. So we don’t have you know, we don’t have prenatal coverage this year. Now we need to get next year we’re trying whatever. So it’s just it’s, it’s very interesting to me where the bargains that we have to make for health insurance these days.
It’s true, and the inflation is rising higher than any other product. So if you can plan your surgeries, or you can plan your babies, you know, we always advise on that, but it doesn’t always work like that.
I know. Well, that’s like if you’re going to have the kid you either want them like December 31 to get the tax credit or you want to January 1 to get the deductible for the whole year. Absolutely.
Jordan Ostroff 19:00
we’ve got our our producers are laughing and nodding along at my comments. So we’ll go from there,
Tina Craft 19:08
but my children were due. And they they arrived five weeks early, right. So you can even if you have them planned out appropriately as an insurance professional, your plan can backfire?
Well, I would hope that you have good employee benefits because that would be
I do, and I know how to navigate correct. So
yeah, I have a couple of friends that I worked with the State Attorney’s office that had, you know, they got the cheapest plan to give birth and they got the Aflac rider and they got this and they’re like, you know, I made 100 bucks a day in the hospital from the athletic payments, I got FMLA I got paid 60 whatever. 70% 66% they’re like, I’m just gonna have more kids. I made money off of it. And I was like, that’s a cool way to look at it, go for it.
Well, and it’s true. And as we have a lot more of the California influence coming into the state of Florida, we now see a trend where some influence are offering five months paid paternity leave. Whoa, yes.
Jordan Ostroff 20:07
I, you know, I, my wife and I took like three days of maternity and paternity leave. So you know, I love you employees, I wish I could do more for you. So let’s, let’s change a little bit. So we’ve got this plan implemented. And then obviously, you know, you’re keeping in touch and whatnot. But I want to go from the way that we get the most value out of this, I think is telling people about the mistakes that they’ve already made or going to make. So when you’re reviewing, I’m assuming some of your clients already have a plan somewhere else, they’re looking at change, some of them are coming in with nothing. But when you’re having those people looking to make the change, what are some of the biggest mistakes that you see companies making when it comes to these employee benefits?
Tina Craft 20:49
So when we start to speak with an employer, we always want to understand where their current situation is right? And, and but the hardest, the hardest piece of the The puzzle for the employer is that you don’t know what you don’t know. So when we start looking at it, they may be in a relationship that has been in place for a long time. So maybe documents just have not been updated. So as I said, there’s a lot of compliance in check. So making the right plan for the budget, super important, educating the employees and keeping them happy to recruit and retain talent, very important, but compliance is very important. So if you are over 20 employees, have you implemented Cobra? Are you doing your annual Centers for Medicare and Medicaid disclosures and notifications? Are you giving all of the notifications to your employees that you’re required to do? Do you have your plan documents in place? So the list goes on and on and on. So if you are working with a relationship, making sure that you are understanding your fiduciary responsibility, because at the end of the day, if you have a Department of Labor, audit and your information nation is not in check, you’re at risk right for being fined. So do you have like a cheat sheet or a website that we can go to, we can post it on the page. And the page notes for this that has the at this number, you need this, this number at this this number, you need that. So I have a compliance checklist for sure that I can share with you. Absolutely.
Jordan Ostroff 22:18
Alright. So we’ll touch on the show notes, because that’s something that we get that question all the time. And that’s one of those where it’s like, it’s not legal advice. So let me hypothetically put you in the right direction. But sure, talk to somebody else. I guess it’s legal advice, but it’s not our legal advice.
Tina Craft 22:33
So a good example is yesterday, I got a phone call, I’ve been helping an employer, and they’re a not for profit, and they were penalized $110,000 for not properly offering benefits under the Affordable Care Act. And so that’s a lot of money and that’s just a penalty for 2016. The penalties for 2017 are now out and 2018 are coming so We worked very closely with the client and the IRS to help them dispute and get some forgiveness. And in this case, we got notice yesterday that the IRS forgave $110,000 that their penalty
Jordan Ostroff 23:17
that they have got to be your favorite people right now, right? Or you’re their favorite people right now.
Tina Craft 23:21
You know what, I’m just so excited for them that we were able to step in and help them and help they’re not for profit, because helping them that $110,000 correlates to them being able to care for six patients in their business model. And so I think that’s a win in and of itself.
Jordan Ostroff 23:40
Yeah, I mean, this isn’t, you know, you get the Gulfstream seven instead of the Gulfstream six with the extra money. This is Yeah, you know, half a dozen people in our community get help.
Tina Craft 23:49
Correct. Correct. But, so, if you don’t handle your benefits correctly, and you are at that limit, you know, over over the 50 lives to you, there’s a lot of risk. involved.
Jordan Ostroff 24:01
So other than the compliance potential issues, what are the other what are some of the other major problems you see people having?
Tina Craft 24:09
Well, Jordan when it comes to insurance, right, if you look at a word cloud, there’s not a whole lot of positive people don’t love their insurance. People don’t love insurance companies. So we’re kind of right there with lawyers.
Jordan Ostroff 24:21
That’s that would be a good study. And when like more insurance people are lawyers, right? So in a civil case, really the jury hates everybody
Tina Craft 24:29
correct? Right. So it’s always my goal every day when I wake up to change somebody to have a paradigm shift to love your insurance
Jordan Ostroff 24:40
advocate. You got to get a shirt I need one you know it can’t say friend with benefits it can say
Tina Craft 24:46
stay friends with benefits but it can say paradigm shifting paradigm paradigm shifter,
Jordan Ostroff 24:51
love your insurance company law
Tina Craft 24:52
your insurance agent
Jordan Ostroff 24:54
like it like that’s that’s that you know, Monday motivation every day like I’m gonna make somebody love my entire industry. Right now?
Tina Craft 25:00
Absolutely, absolutely. Because if you have the right resources and you have the right professionals around you, then challenges just turn into solutions.
Jordan Ostroff 25:11
So being in the same boat, you know, wanted to be a paradigm shift Love, love lawyers and love your lawyer. What are some of the ways that you use to break through those preconceived, you know, negative note, notions, emotions, whatever, and really get people to realize that you’ve got their back.
Tina Craft 25:27
Well, you know, honestly, it really comes down to compassion, right? You have to listen, you have to care, you have to have a passion to help people. And when you have that, you use the knowledge that you have and being in the business, you use the contacts that you have and being in the business and use the contract to make sure that not only is the insurance company being treated fairly, and the provider is getting reimbursed for their services that they’re rendering, but that the consumer is treated well during the process. It’s amazing how many people go to the doctor and they get a bill. And they think that they wait. But in a font, you know, number four is this, this is not a bill. Or now providers, sometimes we’ll just send things directly to collection, but it’s never been filed with the insurance company. So just knowing that they never have to call an 800 number, they can come directly to us, we’ll do the research, we will advocate and we will make sure that at the end, they can trust the process. I think that if you can trust the person that you’re working with, you think differently about them as a professional
Jordan Ostroff 26:38
in the industry. I mean, you’re putting a face on this, you know, faceless, amorphous, the the insurance industry, oh, yeah, Cookie Monster type thing.
Tina Craft 26:48
And you hear so many. You hear so many horror stories about you know, the big bonuses of the C suite or, you know, double billing commissions are You know, all this stuff that’s dirty and yucky. And that definitely exists in our business. So I just take pride in being a servant leader in the business and knowing that I’m doing everything for the right reasons.
Well, it always cracks me up. You know, you had the I think it was a mortgage company that gave out like $20 million in bonuses, but like to everybody. And they had employees that were making like $40,000 a year, they got a $20,000 bonus. And everybody’s like, Oh my god, this is so amazing. And I was like, well, what’s amazing is it’s so unique, like here, all these people in this company that had a billion dollars in profits, so they cut, you know, 20 million in checks as opposed to all these other companies that had a billion dollars in profit, so they cut 20 millions in Jax but to like the six people at the top
true, right? There’s something wrong with that. Yeah, absolutely.
Jordan Ostroff 27:43
So then let’s let’s change hats. flip sides here for a little bit. Are there any tips or tricks or advice you have for an employer when they sit down for the employee benefits like, these are the things that we found to be the most helpful or something along those lines?
Tina Craft 27:58
You know, I would say definitely make sure that you’re partnered with the right strategic partner who understands your business. A commercial agent is very well versed in work comp and general liability. You really should partner with a specialist who understands Employee Benefits intimately. Number one, there’s a lot of costs involved. Number two, there’s a lot of compliance risk. And number three, your largest asset in any business model is your human capital. So at least it should be it should be. And knowing that the employees and their experience is equally as important as the employer experience. Make, make sure that you have the right partner who’s going to fulfill both of those goals.
Jordan Ostroff 28:44
Okay. I like it. So it’s really, I mean, everything’s like dating. You know, you got a million people out there that will do something, you got to find the one that’s right for you.
Tina Craft 28:53
It’s true. And so many consumers and healthcare have come to just think Assume that nobody is going to help them. And they’ve got to stay on hold with an 800 number, right? And that somebody is going to read a screen to them and automatically tell them that they don’t have coverage. They’re not equipped to make those phone calls, they don’t know what answers they’re looking for. So don’t even go that path, I would always just encourage an employer to choose a partner who is going to serve their employees in the same manner that they serve what the goals are for the company.
Jordan Ostroff 29:28
Well, that’s the thing you know, we have a lot of clients, but really, I guess potential clients who get no car accident, they’ve got great coverage, but they don’t have your own coverage. The other person has terrible insurance and we can’t help them, you know, with with any sort of health, you know, any sort of viable amount because they’re only covered for the $10,000 another person, you know, a lot of respects your insurance is is protecting the rest of the world against you. But with health insurance, that’s, that’s the biggest one where you’re protecting yourself against everything else that you need. So I love the concept. I mean, I get stuck on the All the time with phone trees upon phone trees upon phone branches The problem is trying to get some question for somebody on pulling medical records to do this do that. It’s great that you guys are just you know, you’re going to be that that middle person that face
that they advocate.
Tina Craft 30:16
So we do we advocate and we help navigate, right because it’s how do you navigate a system that you have no idea where you’re going?
Jordan Ostroff 30:26
Yeah, no, I,
Tina Craft 30:27
I love your analogy on just the tree. Right? It’s you’re just going to wherever, whoever will answer right,
Jordan Ostroff 30:33
well, and how often how many other industries Do you go in and you don’t know if it’s gonna cost you $10 or $1,000 or $10,000 but it’s like my arms missing like please reconnect it you know, what do I do? I’m not going to negotiate price now
Tina Craft 30:46
on and it’s sad because so many consumers fear that that they just forgo their care. Yeah, because they’re intimidated and they don’t know what to do. And so they just don’t take care of themselves.
Jordan Ostroff 30:56
Well, I’m I’m totally that one. Not not over money. I’m just like, really stubborn Like, you know, everything’s still attached, it’ll be fine. I’m not going to die from this. I don’t even go but then like, my kid will cough twice, like, we’re going to the doctor, it’s sure you’re gonna get checked up. Let’s make sure you’re okay. Meanwhile, I’m like Hawking up along for the my third week, and I’m like, it’s fine. I’ll deal with it.
Tina Craft 31:16
Well, and you know, something cool that we do, too. We had a consumer call us a couple of months ago when their child was sick and needed to see the dermatologist and it’s hard to get fit in with a pediatric dermatologist. And so we called and got the appointment scheduled for them. And then we also recommended that in the interim, that they take them to the salt room. Right. So there you go, not a traditional covered under their medical program, but it’s absolutely something available in the community that’s affordable and effective. Right, right. So you know, even from a consulting standpoint, we can help them with other other solutions that are available in our community.
Jordan Ostroff 31:56
So I know we focused I mean pretty much exclusively on you know, the health insurance. That is Ability type stuff, walk me through some of the other benefits employers keep in mind I know we talked about retirement but you know what else?
Tina Craft 32:07
So if you if you really look at what’s important to all employees today, and we talk so much about the millennials, but the millennials have the same typical priorities as adults as the other generations. So medical is always number one, right? Because of the cost and the need and the risk. Dental is extremely important for everybody which is kind of silly in some respects because you know, there’s only so much risk associated with dental but yeah, but
Jordan Ostroff 32:38
my all time favorite ad so there’s a guy sitting there smiling and he’s missing a tooth and the ad says you know, make sure you go see a dentist because what you don’t realize is this guy doesn’t have eyebrows and sure enough like you look a second time no eyebrows but you’re just focused on like the one little you know gap tooth or that missing the missing tooth and it’s just so true.
Tina Craft 32:55
It is and I’m a huge believer in dental I mean the plaque on your Teeth is the plaque in your heart. So you definitely want to take care of yourself. But dental is very important. Vision is extremely important. I always say to the consumer, don’t elect the dental envision if you’re not going to go, okay, but if you elect it, use it, right. It’s ultimately all of your healthcare correlates. Now, today, they can detect diabetes, as well as different cancers by doing your refractive eye exam. Really, really, really, there’s a lot of value in your annual refractive eye exam. And a lot of people have issues because they don’t realize that they’re having visual issues, right? So when it comes to headaches and things of that nature, so refractive eye exam and making sure that you have the proper prescription are very important. Life Insurance very important, although, for everybody else, for everybody out there shooting, you’re dead. Exactly.
Jordan Ostroff 33:49
Well, I guess, technically, if you get the you know, you’re going to die within 12 months diagnosis. Some of the plans will let you cash them in to use them for the end. But
Tina Craft 33:57
typically, those are going to be individualized Policies where you have a cash value, okay associated with like a universal life policy, but employee benefits, so term insurance very affordable. And quite frankly, employees don’t have to be old to have medical conditions today. So you may have a 20 year old who has medical conditions and maybe uninsurable. So employee benefits may be the only way for them to get life insurance. And what we find today, Jordan is that if they don’t have life insurance through their employer, they don’t have it at all, like the good old days of the insurance professional coming to your home to sit and do life insurance policies. It’s just not the same anymore.
Jordan Ostroff 34:41
I mean, you know, there’s so many fewer door to door salespeople, so you really have to go out and find it. And I guess that’s not something that everybody budgets for.
Tina Craft 34:47
And then disability insurance so important because statistically speaking, you’re going to become disabled and use that long before you use your life insurance. Right? Well,
Jordan Ostroff 34:57
I don’t know for my job, you know, it’s always Funny every time I workers comp comes out, I’m like, What do I have to do to get a worker’s comp claim as a lawyer? Like I need that, like a railroad spike through my head or something?
Tina Craft 35:07
Yeah, or I guess, fall in the office.
Jordan Ostroff 35:09
Yeah. But like, I can go to court hobbling, you know, right. Slam my fingers and desk But no, I, for most people, obviously I get the disability thing is gonna be huge because most of us, or most other most real normal people have a job that requires them to be abled in some manner. Whereas for a lawyer, as long as you’re not, you know, terribly mentally disabled, you’re okay.
Tina Craft 35:28
Right. Well, and it’s paycheck protection at the end of the day, right. So, and most consumers don’t have three to six months of income set aside, in the event of an emergency. Yeah, no different than an employer, I’ll say to an employer all the time, you know, how much money do you reserve for Department of Labor and IRS, you know, reviews and penalties, and they’re not reserving for that. So, disability typically, although very impressed goes, you know, far after the medical the dental in the vision gotcha. And then you’ve got retirement plan and we’re always educating on financial wellness.
Jordan Ostroff 36:11
And the way I mean, all this is going to work where if you offer to one employee have to offer the same benefits to everybody, or can you do different categories? Or how does that work?
Tina Craft 36:21
So as long as you treat everybody the same by classification, you’re okay.
Jordan Ostroff 36:25
And what do you mean by classification?
Tina Craft 36:27
So, let’s say that you have
management versus non management, all management has to be treated the same or non management has to be treated the same. Gotcha.
Jordan Ostroff 36:36
Okay. So But doesn’t that allow an owner to be like, All right, I’m going to be the only manager and everybody else will be non management and I can do all this stuff for myself and nothing for you all.
Tina Craft 36:45
Well, that’s why you have non discrimination testing, okay, on your sexual in 25 in your retirement program, so
Jordan Ostroff 36:52
Tina Craft 36:53
well, as under reset or a fiduciary said they have they’re governed by Arista to make sure that they don’t disrupt Okay, and then there are checks and balances with non discrimination testing to make sure that they’re not just pre taxing benefits to to help the highly compt right that it’s across the board, and some employers will fail right?
Jordan Ostroff 37:17
Are you cool that’s going to explicit on this podcast? Sure. Rule number one Don’t be an asshole. Like that’s really what so much this boils down it does it Don’t be an asshole.
Tina Craft 37:25
Right? And let’s be real, right? employee benefits, especially retirement programs are a great, a great tool for employers, right? If you’re the employer having those programs are great. As long as you still share the passion that you’re doing it to help your employees at the same time. Right, right. To your point Don’t be an asshole. Yeah, do things for the right reason.
Jordan Ostroff 37:47
I did jump them with you. Of course. It’s true though. I mean that like there’s so many things that we talked to people like oh, well there, you know, you get in trouble for this and trouble for that intro and all boils down to like they were trying to be a jerk. They’re trying to be an asshole about it. You know, it’s just we’re all in this together. You know as, as the Earth orbits the Sun, it’s, you know, all of us as humans.
Tina Craft 38:04
And at the same time, I feel the same way about the employees that are always looking for a fraudulent work comp claim or looking for, you know, to exploit the employer to the employee the same message Don’t be an asshole. Yeah, just come to work. Thank them for giving you an opportunity and do your job and be excellent and help somebody during the day.
Jordan Ostroff 38:26
That’s how we’re gonna tagline this. Okay, good. So, Alright, so now that we’ve gone through, what do we have 40 minutes of this. Um, so somebody just have to rewind. What’s your contact information again, now that you know you you’ve given him the pitch about how wonderful you are and the services you offer and you know, they’re interested.
Tina Craft 38:43
So the best way to contact me would be either by mobile phone for Oh 74635513 or an email, t craft CRA f t at f be plans.com. And that stands for fringe benefit plans, not Facebook,
Jordan Ostroff 39:02
not Facebook, not Facebook. Alright, so before we wrap up, I’m going to make the slightly different pitch than I normally do. We had somebody reached out to us a while ago asking for basically more information on mergers and acquisitions. And so we had one of our previous people come in and talk about it. So if you’re listening to this, and there’s a topic you want to hear more about, please, please, please let us know. You can email me directly Jordan, Jr. Da n at Jordan law FL as in florida.com. So Jordan at Jordan law FL com. If I don’t know the answer to a question, which I probably won’t, I will find the person who does or the person who’s been through it so that we can have a wonderful sit down conversation here for our wonderful business owners. All right. So if somebody has paid no attention to the rest of this, they don’t remember anything that you’ve talked about. But they remember this one last thing. What is that one piece of business advice you want as many business owners as possible to remember
Tina Craft 40:01
Choose your strategic partners wisely. many business owners will work with a friend or somebody that they’ve just had a long term relationship, but they may not have their best interest and their business model may not be protected appropriately.
Jordan Ostroff 40:19
So find someone as excellent their job and then make them your friend. Instead of find someone who’s your friend and hope that they’re also really good at their job.
Tina Craft 40:27
I’m taking that that is absolutely articulated. Well, perfect.
Jordan Ostroff 40:31
Thank you. It’s, it’s because I’m smart enough and dumb enough to make good metaphors depending upon which one is
I love it. That’s gonna be a T shirt. We got a lot of shirts coming out. We have a lot of shirts. All right. Thank you so much. Thank you Have a good day.
You’ve been listening to let’s get up to business from Jordan LA. We hope you enjoyed the podcast and would consider sharing the show. We would also love an honest five star review through iTunes, Spotify, Stitcher, or whatever pod catcher you use. If you are interested in being a guest on the podcast, please contact producer Mark through email at mark at Jordan law, FL. com. Use this subject line podcast guests in your email. Thank you. We look forward to speaking to you again soon.
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