Smartbankbenefits

Smartbank's benefits plans covered 589 active participants in 2024, providing health · life · dental · vision · short-term disability · long-term disability · death benefits · other. Insurance premiums totaled $358,997. Insurance brokers and agents were paid $104,535 in commissions and fees, costs that ultimately come out of what the employer and employees pay for coverage. That works out to 29.1% of premiums. That is $177 per covered person, below the median for employer plans that report broker pay. Brokers were paid 3.8x the $27,586 reported for 2023.