If you like your employees and want to keep them happy, offering them better incentives than just a paycheck and a monthly pizza party could show them you actually care. For that reason, employee benefits can be the perfect way to say, “Thank you for doing stuff here.”
Our expert independent agents will walk you through a handpicked selection of top options to find the benefits that make the most sense to you and your employees.
Basically, employee benefits are designed to offer additional compensation beyond a regular paycheck, and to protect employees in an efficient way. The business will contribute a specified amount of money towards a certain type of insurance or retirement fund (or both) for qualifying employees.
Well, if you'd like to make your job offers more competitive (in addition to salary), having good benefits is a great way to get someone to practically beg you for a job. Benefits offer employees assistance in paying for some of life's annoying expenses. The extra help on your part could lead to a more appreciative team of workers.
An employer may offer these benefits in one of two ways - through group insurance plans, in which all qualifying employees are able to opt-in to the same specific plan the employer selects, or through reimbursement, which works sort of like an allowance for employees to pay towards their own individual plans.
The following benefits operate a bit differently from those above:
Unfortunately, there's no clear-cut answer to this. Eligibility varies widely from employer to employer - and businesses can basically make up their own rules.
Here are several examples of eligibility rules:
In most cases, they are not required by law, but it’s kind of a jerk move not to have them. However, larger companies can face potential penalties if they don't offer health insurance.
Well, many types of benefits (medical, dental, vision, 401(k) and HSA/FSA) can be deducted on a pre-tax basis, meaning that having them will reduce tax liability (you and your employees will be subject to less tax because the amount earned will be less with benefits deducted). So in that sense, they'll have a positive impact. Also, since the amounts deducted for each benefit will have been predetermined by you or the employee or the plan, they'll come out automatically each time.
Benefits are super-complex. They draw in several intimidating factors, including taxes, laws, different insurance carriers, company rules and different employees' needs. An independent agent's role is to simplify the process.
Independent agents are there to make sure you get the absolute best deal, and the one that meets your unique needs. They shop and compare insurance quotes for you, and they'll break down all the jargon so that you understand exactly what you're getting.
Our supremely wise agents will review your needs and help you evaluate which employee benefits make the most sense. They'll also compare policies and quotes from multiple insurance companies to make sure you have the best protection out there. They'll hook you up - in a comprehensive and affordable way.