Health insurance is the foundation of any comprehensive employee benefits package that employees want and need, and it is the preferred employee benefit of the majority of people who work.
Quality health insurance marks an employer as an employer of choice when desirable candidates select job opportunities. If you can afford to offer only one employee benefit, make that benefit health insurance for employees and their families. They will be grateful.
Short-term disability insurance ensures that employees will still receive a percentage of income if they cannot work due to sickness or a disabling injury. Short-term disability insurance, as part of a comprehensive employee benefits package, is recommended
Disability insurance is an insurance policy that protects employees from loss of income if they are unable to work due to illness, injury, or accident.
Disability insurance is one of the most significant components of an employee benefits package.
Dental insurance plans are available for employers to offer as part of a comprehensive employee benefits package. Dental insurance plans are designed to help cover the costs employees experience in obtaining necessary dental care, both preventative and emergency.
Dental insurance is often available from the employer’s health insurance carrier at reduced rates.
Vision insurance is often an optional addition to a comprehensive health policy. It pays for employees to have regular vision examinations and pays for a percentage of the cost of corrective equipment.
Life insurance is an appreciated component in a comprehensive employee benefits package. Sought-after employees expect life insurance as a component in an attractive employee benefits package.
Health Care Flexible Spending Accounts As health care premiums continue to increase at a rapid rate, employers are continually shifting costs to employees in the form of higher co-payments, deductibles, and out-of-pocket costs. To help offset some of the sting associated with these higher out-of-pocket expenses, many employers are implementing Health Care Flexible Spending Account (FSA) plans.
An FSA plan allows employees to pay for certain unreimbursed healthcare and dependent care expenses with before-tax dollars.
401(K) Retirement Savings Plan A strong retirement benefit can help you recruit employees and reduce turnover. Yet these programs are somewhat rare at private companies.
A 401(K) is a voluntary retirement savings plan into which employees can contribute a portion of their pre-tax or post–tax earnings. Employers administer and control the plan, and many companies match 401(K) contributions on a tax-deductible basis. (Fees may also be deducted, but employers can be held liable if exorbitant fees are allowed to go unquestioned, or in the event of some other form of mismanagement.)
Employees can borrow against the value of a 401(k) plan, withdraw funds at a penalty prior to retirement, or wait for tax-free distributions when they retire.
When employees move from one company to another, rollovers are common. Given the care you must take to administer a 401(K), it is a capital- and time-intensive way to reward workers. But it is appreciated by employees, largely because it offers them greater financial independence.