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Formed in 1944, The Teare Group continues to be an innovator of benefit plan design concepts. The clients we represent are as diversified as our many employee benefit services.
Our history lends claim to many unique and colorful projects that include providing Key Man Life Insurance on the lives of Bob Hope and Perry Como in the ' 50s for NBC, and life plans for notables such as Leon Hess, Dave DeBusschere, Julius Irving, Dr. Joyce Brothers, John Lindsay and Halston. In 1968, we found a solution for the Long Island Railroad's over-funded relief plan, a plan dating back to the 1870s that was in danger of losing its tax-free status. Today this plan serves as a funding solution for FASB 106 concerns.
In the ' 70s, The Teare Group realized the importance of computerization and extended its services to the design of special insurance plans for a diverse selection of companies such as W.T. Grant, Texas Instruments and the New York State Bankers Association.
As the cost of providing group welfare benefits began escalating at unprecedented rates, The Teare Group focused on how to put the brakes on runaway benefit costs. Our success in designing plans using managed care resources and flexible benefit plan designs resulted in our concentrating on group benefits management. The growth of health care networks and flexible benefits became a major consideration that required hands-on knowledge and continual updating because the benefits arena changed often and dramatically.
Managed Care, thought to be the salvation of runaway benefit costs, has run its course. Not only are we experiencing double-digit inflation once again, but we, the employer and the industry inadvertently created a workforce that believes a doctor's visit only costs $10 or $20 dollars. The newest "buzzword" in plan design is Consumer Driven Health Plans (CDHP's). CDHP's are designed to enable the employee to help make the best choices for his/her medical care and to be a wise consumer when it comes to purchasing medical services. We have gone the full circle, and returned to deductibles/coinsurance coordinated with in-network contracted benefits.
Although we are returning to employees sharing costs, there are a host of new benefit laws which can help employees design, pay for and save for current and future medical expenses on a tax-favored basis. Some of these plans incorporate the Health Reimbursement Accounts, the Health Savings Accounts, and more extensive use of Flexible Spending Accounts with debit cards. All these new plans can be used effectively in moving towards a successful CDHP. However, the tax-laws must be followed and understanding how to coordinate each of these options into a new (old) type of medical reimbursement plan is critical. Once a plan is developed, a coordinated communications program needs implementing in order to work with employees in understanding and using the new plan. The Teare Group has the expertise to help your company transition to benefit plans that best meet both your corporate budget and employee needs.
Over the years our services changed and evolved to meet rapidly changing business and legislative agendas. We continue to add services that augment and help the business of our clients.
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