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Health and Financial Services

Honig Conte Porrino offers a complete line of insurance and financial products and services ranging from life and disability income to group life and health insurance. These products and services are designed to provide solutions to your personal and business financial needs, including:

Honig Conte Porrino provides the following types of Individual Insurance Options:

Annuities

An annuity can help you accumulate tax-deferred earnings as part of your overall retirement plan. Annuities offer the opportunity for lifetime payments and tax-deferred earnings, and provide a guaranteed death benefit for your beneficiaries. All guarantees are backed by the continued claims-paying ability of the issuing insurance company.

You may want to consider investing in an annuity as part of your long-term financial plan if:

  • You’re in a higher tax bracket, and want to defer additional income.
  • You’ve reached your deductible limit on all your retirement accounts and wish to save more for retirement.

An annuity is different from most other retirement savings vehicles — it’s actually a contract between you and an insurance company. In return for making one or more premium payments, the insurance company agrees to provide you an income stream — usually during retirement. You can elect to receive payment all at once or as a series of payments, even for the rest of your life.

Dental Insurance

Don’t let the cost of dental care get between you and the health of your teeth and gums. If you or your family are not covered on a group dental insurance plan, supplementary dental insurance may be right for you. Without insurance, any trip to the dentist’s office could be costly, even if it’s just for routine, preventative care.

Individual Disability Insurance

If you own your business, individual disability income protection is critical. It’s also highly recommended for executives. If you’re a business owners, you should consider purchasing both group and individual policies. Executives should be sure to obtain group coverage if it is available. Did you know that only 43% of large companies provide group long term disability insurance?

Employees of small companies are even less likely to get long term disability insurance at work. When your employer provides you with a plan, the cost is usually lower than if you obtained coverage on your own, and you can usually bypass the medical qualification. If your employer doesn’t offer disability insurance, you should consider purchasing an individual disability policy.

Individual Health Insurance

Individual health insurance programs are meant for individuals and families who cannot obtain health insurance through an employer. As medical care costs continue to rise, health insurance has never been more important. Honig Conte Porrino offers health insurance programs that offer extensive coverage, as well as high-deductible options that are designed to protect against catastrophic financial losses.

As an independent insurance agency, Honig Conte Porrino can provide plans from numerous health insurance companies, ensuring that you’ll always get the most competitive rates possible.

Individual Life Insurance

Protect your family’s financial future by securing an adequate life insurance plan from Honig Conte Porrino. Your life insurance policy will provide your family with the necessary funds to cover burial expenses, uninsured medical bills, pay off your mortgage and other outstanding debts, and maintain a comfortable standard of living.

We have a variety of life insurance policies to suit your needs. Choose between:

Term Life

Term life insurance is a low-cost way to provide maximum coverage for your family. This type of plan provides protection for a limited number of years, and expires without value if the insured lives beyond the policy period, which is usually 5-20 years. Some policies offer different life periods, such as one year annual renewable term.

Term life insurance premiums do not increase during the guaranteed policy time period (term) that you select. However, your insurance will only pay a death benefit if you die during that term. Term life insurance usually provides the largest insurance protection for your premium dollar.

Universal Life

The key benefit of universal life insurance is its great flexibility. As a policyholder, you can choose how much and how often you pay into the plan, which means the more you pay, the less time you’ll need to continue paying.

Whole Life

Whole life insurance, as its name suggests, provides permanent protection from the date that the policy is issues until the date of the insured’s death (provided that premiums are paid). Once the plan’s premiums are set at the time the policy is issued, they do not change over the course of the policy’s life.

Unlike term life insurance, whole life combines insurance protection and savings or cash value, which builds over time. Cash value buildup may provide a source for living benefits, such as helping to pay off a mortgage, a child’s education, or cash surrender value if the policy is ever canceled.

Individual Long-Term Care Insurance (LTC)

When an individual requires assistance with daily activities, such as bathing and dressing, due to an accident, illness, or advancing age, long-term care provides for that type of care either at home or in a facility.

As life expectancy rises, the potential need for long-term care grows, too. There’s a good chance that you or a loved one will require long-term assistance due to a prolonged illness, disability, or general deterioration of your health and ability to perform daily activities, so it’s important to prepare for that day, should it come.

Most long-term care expenses are not covered by Social Security, Medicare, Medicare Supplement (“Medigap”), or private health insurance. Medicaid will pay for nearly half of all nursing home care, but you must meet federal poverty guidelines in order to be eligible, and may have to “spend down” most of your assets on health care.

Honig Conte Porrino provides the following types of Group Insurance/Benefits:

401(k) Retirement Plans

401(K) plans are tax-deferred retirement savings plans for employees. They are set up by employers, and each company has a slightly different 401(k) structure. They are classified as “defined contribution” plans, because the amount contributed is defined by the employer or employee.

When you join a 401(k) plan, you decide the amount of money you want to contribute to your account. This amount is deducted from your salary before taxes are applied, meaning you pay less income tax. More importantly, the money is deducted before you ever receive it, which makes it easier for you to save.

Another especially beneficial aspect of a 401(k) plan is that your employer may match a portion of your contribution. The money is then invested by the plan administrator, on your behalf, into mutual funds, bonds, money market accounts, etc. You choose the investment options to which you’d like your money allocated from a list of investment vehicles provided by the plan administrator. You will also receive some guidelines for the level of risk you’re willing to take to help you make your decisions.

Due to the fact that this plan is an incentive for retirement savings, there is one condition: if you withdraw the money before you’re 59 ½ years old, you’ll have to pay the tax that had been deferred, as well as a 10% penalty fine to the IRS.

Buy / Sell Protection

This type of insurance is imperative for individuals who own a business with a partner. In the event of death or disability, buy/sell protection will provide you with the necessary funds to buy your partner’s interest without having to take out a loan or liquidate company assets. This is also important when children and taxes are involved.

Dental Insurance

Dental insurance is one of the benefits that employees request most often. Many employers provide dental insurance plans for their employees, but the number of employers who offer dental as a voluntary benefit that is paid 100% by the employee through payroll deductions continues to climb. Most dental plans provide full coverage, with a 100% benefit for preventative exams and cleanings, an 80% benefit for basic services, such as fillings and root canals, and 50% benefit for major services and prosthodontics, such as dentures, crowns, etc.

Some dental insurance companies provide a dental buy-up plan, which allows the employer to purchase a base plan, while employees can purchase additional benefits as needed. Another newer option for dental insurance is a dual option plan that allows each employee to choose a basic plan or a more comprehensive plan based on individual need. This is a voluntary benefit, which means that each employee gets the coverage needed individually and for any dependents.

Flexible Spending Accounts (FSA)

Employer-sponsored flexible spending accounts are benefit plan arrangements that allow employees to pay for certain health care or dependent care expenses on a pre-tax basis. There are two FSA options: health care FSAs or dependent/childcare FSAs. A health care FSA is an alternate way of paying your share of your health care costs. Likewise, a dependent/childcare FSA will reimburse you for expenses for dependents and childcare, which are necessary to allow you or your spouse to work.

When creating an FSA, you choose to have a specific amount of your annual salary withheld from your paycheck and deposited to your FSA. These withholdings are on a pre-tax basis, which means you ultimately pay less in taxes. You’ll then be able to use pre-tax dollars to pay for qualified health care expenses that are not reimbursed under any healthcare or insurance plan, or for qualified dependent/childcare expenses. FSA funds are not interchangeable, so you need to have the type(s) of plans that will adequately cover your needs.

Flexible spending accounts are beneficial to both the employer and employee when it comes to tax advantages. While the employee doesn’t pay federal income, state income, or FICA taxes on the salary contributed to a FSA plan, employers don’t pay matching FICA (7.65%) and FUTA taxes because the employee’s gross income is significantly reduced.

Group Health Insurance

At Honig Conte Porrino, we are committed to providing health insurance for the individuals and families who need coverage, and also our commercial customers, who need group coverage for their employees.

The face of health insurance in today’s market is rapidly changing, and you need a company that stays ahead of the curve to depend on. Honig Conte Porrino is always on top of the latest developments that affect health insurance coverage. Trust your health insurance needs to the independent insurance agency that is dedicated to providing you the most competitive and cost-effective plans in this dynamic marketplace—choose Honig Conte Porrino.

Group Life Insurance

Life insurance is an integral part of most employee benefits packages. When provided by an employer, employees appreciate the value of life insurance coverage, as well as the additional security it provides to their families.

Employers have a wide variety of options to customize the group life plan they offer their employees. Optional coverages include voluntary life insurance, supplemental life coverage, accidental death and dismemberment policies, and dependent life insurance. The premium paid for a group life insurance plan is generally considered a business deduction, and this stand-alone contract is usually less expensive than the life insurance coverage provided in conjunction with your medical insurance.

Group Vision Insurance

Group vision plans are especially attractive for employers, because they’re inexpensive to offer, and are also often requested by employees. These separate plans provide coverage for eye exams and/or for frames, lenses, and contact lenses. Basic health plans will sometimes cover routine eye examinations, but any vision-related costs beyond that will be on the individual to pay. That’s when a separate vision policy comes in handy.

Health Savings Accounts (HSA)

Much like flexible spending accounts, health savings accounts are tax-free savings plans to help with healthcare expenses. The funds that you contribute to your HSA are tax-deferred, and are able to be used for qualified medical expenses. However, unlike FSA funds, which expire if not spent, HSA funds roll over and accumulate year after year. These funds can also grow through investment earnings, similar to an IRA, and can accumulate as tax-free savings for your retirement.

Once the health plan’s annual deductible (which is often quite high) has been met, the coverage resembles conventional insurance, typically in the form of a preferred provider organization (PPO) with little-to-no cost sharing for in-network services, and limits on total out-of-pocket costs.

Key Person Coverage

The key employees in your organization are your most valuable business asset. Their skills, knowledge, and experience are your real profit makers, and as such, without them the success and growth of your business could be in serious jeopardy. Key employee insurance is designed to protect your business from the adversities associated with the loss of a key employee, manager, or executive. The death or disability of a key employee could result in substantial financial loss due to hiring and training a replacement, lost sales, and/or slowed production.

Long-Term Care Insurance (LTC)

When an individual requires assistance with daily activities, such as bathing and dressing, due to an accident, illness, or advancing age, long-term care provides for that type of care either at home or in a facility.

As life expectancy rises, the potential need for long-term care grows, too. There’s a good chance that you or a loved one will require long-term assistance due to a prolonged illness, disability, or general deterioration of your health and ability to perform daily activities, so it’s important to prepare for that day, should it come.

Most long-term care expenses are not covered by Social Security, Medicare, Medicare Supplement (“Medigap”), or private health insurance. Medicaid will pay for nearly half of all nursing home care, but you must meet federal poverty guidelines in order to be eligible, and may have to “spend down” most of your assets on health care.

Long-Term Disability Insurance (LTD)

If an employee is ever kept from working for an extended period of time due to an accident or illness, the financial impact can be severe for both the employee and the employer. Long-term disability protection is designed to help cover the employee’s expenses while his/her regular income is interrupted. Flexible plan options are available to meet specific needs. This valuable protection is available with low-cost, tax-deductible premiums.

Short-Term Disability Insurance (STD)

A steady income is essential for most people. If an accident or illness interrupts that income, it affects both the employee and employer. Short-term disability protection is designed to replace a portion of the wages lost when a short-term disability occurs. An affordable, flexible STD plan can provide necessary benefits to both the employer and employee.