Group Employment Benefits for Businesses

Whether you're still considering offering group benefits to your employees or are ready to implement a plan, Benefit and Financial wants you to be as informed as possible. Below you will find the type of group benefits our professionals can help you with and important considerations of each for you and your employees.

While offering benefits in the form of health insurance and even disability coverage is a key component in attracting and keeping employees happy, it can be a hassle for any business to manage itself.

Health insurance is the most sought-after benefit job seekers look for when considering a new place of employment. The advantages to the employee are obvious. Everyone needs access to health care, even if it's just for preventative care. However, there are other advantages for the business owner offering it.

• When employees have medical coverage, they miss fewer days of work.
• Business owners can avoid health care reform assessments.
• Companies can receive an income tax deduction. Small businesses (25 employees or fewer) may also qualify for a tax credit.
• Can't or don't want to contribute anything toward your employees' health insurance? You can still offer group rates.

These are just a few examples of how medical insurance can benefit employers.

Fact: Unplanned dental visits costs workers 92 million hours of missed work each year. This comes as no surprise due to the high costs of dental care without insurance. This number could be cut down drastically if more employers implemented dental care plans for their employees.

Worried about the cost of providing this coverage? Consider the following:

• Some dental plans cost less than $1/day/employee.
• Flexible coverage options are available to fit any budget.
• Voluntary/employee-paid plans will get workers the coverage they need without requiring the employer to pay anything.
• If you have 25 employees or fewer and pay 50% or more of their dental coverage, you may be eligible for a tax credit.
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Life insurance is sometimes overlooked, but just as important for everyone to invest in. A life insurance policy can lift a huge weight off anyone's shoulders: Making sure your family is taken care of financially after you pass away. And when workers aren't concerned about financial affairs, their productivity tends to improve.

There are two main types of life insurance policies: Term and whole. It's important to research the advantages and drawbacks of each. Some other questions for employers to consider when it comes to offering a life insurance policy include:

Will you allow employees to purchase extra coverage?

How much of the premium are you willing to pay?

What length of coverage will you choose for a term life insurance policy?

Life insurance is sometimes overlooked, but just as important for everyone to invest in. A life insurance policy can lift a huge weight off anyone's shoulders: Making sure your family is taken care of financially after you pass away. And when workers aren't concerned about financial affairs, their productivity tends to improve.

There are two main types of life insurance policies: Term and whole. It's important to research the advantages and drawbacks of each. Some other questions for employers to consider when it comes to offering a life insurance policy include:

Will you allow employees to purchase extra coverage?

How much of the premium are you willing to pay?

What length of coverage will you choose for a term life insurance policy?

Offering disability income insurance can feel like an unnecessary expense. However, doing so shows that you care about the well-being of your employees. And, since law requires business owners to hold jobs for a specified amount of time while a worker is on disability, that employee is more likely to return after their disability period is over. This helps out with turn-over rates and prevents having to train someone new.

Disability plans can be a financial burden for businesses, especially smaller ones. Fortunately, like the other types of medical insurance, you can still offer both short-term and long-term insurance as a voluntary group benefit, alleviating your costs, but offering the coverage they may need at a trying time.