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Did you know that offering benefits is one of the best ways to attract and retain top employees? Not surprisingly, health insurance is the top benefit that job seekers look for. According to some surveys, offering benefits, especially medical insurance, may even tempt some applicants to accept a position at a company that offers them over another one with higher pay and no benefits available.
With the rising costs of healthcare, it is no surprise that job seekers value various medical insurance options so much. Private health insurance can be costly, if not completely unobtainable by some. To stay on the cutting edge of employment trends and attract the most suitable candidates, it is wise for businesses to offer group health benefits for employees.
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.
Many questions come up before implementing a group benefits plan.
Just pondering these questions can feel overwhelming. Add to that the support it takes to make sure each employee's benefit plan is in order and offering benefits at all can seem like an impossible undertaking.
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.
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:
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.
Certified Financial Planner
Managing Partner, ChFC®, Financial Professional
Retirement Account Manager
Client Relationship & 401(k) Specialist
Group Benefits Account Manager
We live in a busy world where everyone is constantly on the move. Between work and family time, there aren't many hours, if any, left at the end of the day. Asset management, investing, and keeping up with market trends can be time-consuming. But, it's still important to save up for retirement and whatever it is you desire in life. That’s why our financial professionals are here to help keep you informed and make the right decisions about your investments and savings.
Ready to take advantage of our individual and family financial planning services? Give our team a call or send us an email to get started!