Major Medical
Major Medical is the core benefit offering and can be structured as a fully insured, partially self-funded, or fully self-funded plan, depending on dealership size and loss experience. High deductible consumer directed health plans (CDHP) are an additional tool used to control consumer spending and employer costs.
Medical Gap
Medical Gap coverage allows dealers to leverage increased deductible savings in the core program and can provide a partial buy-down of common exposures which helps mitigate out-of-pocket employee costs.
Limited Medical
Limited Medical coverage provides basic health benefits to new, part-time and expense conscious employees that would otherwise not participate in the dealership health plan. This coverage provides a tool for addressing the needs of the 30% of the average dealer population that is unable or unwilling to participate in the dealership healthcare offering.
Consumer Directed Health Plan (CDHP)
Consumer Directed Health Plan is a high deductible health plan that raises the employee’s share of health care costs and increases the responsibility of the employee in his/her health care cost management.
Health Savings Account (HSA)
Health Savings Account is a portable tax-advantaged medical expense savings account used to pay for qualified medical expenses in conjunction with a high deductible health plan. HSAs are portable, employee owned and can be funded by the employee and/or employer.
Health Reimbursement Arrangement (HRA)
Health Reimbursement Arrangement employer sponsored plan that reimburses employees for qualified medical expenses. Funds are set aside by employers to reimburse employees for qualified medical expenses. HRAs are employer owned and funded and any unused funds are rolled over for the next year.
Flexible Spending Account (FSA)
Flexible Spending Account allows employees to set aside pre-tax dollars for the reimbursement of IRS approved expenses to pay for out-of-pocket health care and dependent care expenses.
Ancillary Benefits
Ancillary Benefits are non-healthcare benefits that are partially or full-subsidized by the employer.
These include:
- Dental
- Life
- Disability Short-Term
- Disability Long-Term
- Vision
Voluntary Benefits
Voluntary Benefits are non-healthcare benefits available at the employee’s expense.
These include:
- Dental
- Life
- Disability Short-Term
- Disability Long-Term
- Vision
401(K) and Wealth Management
401(K) and Wealth Management are part of a service-driven financial services program which includes customized retirement plans designed specifically for automotive dealerships.
Program availability varies by region, for more information contact a GMAC account representative, GMAC Insurance dealership insurance specialist, GMAC Insurance account executive, or call us directly at 877-357-8477 (option #6). You may also email us at gmaci.dps@gmacfs.com - we’ll contact you promptly.