Employee benefits are the additional perks a company can offer its workers, in addition to wages. This can include everything from overtime to health insurance coverage.
These types of perks aren’t just necessary for the employees, they also have a direct impact on the company. Many of the included benefits aim to alleviate certain burdens from the employees, which ultimately make for happier, healthier, longer-lasting workers. When employees are pleased with the packages, the company’s bottom line and culture can be positively impacted.
However, knowing what to offer employees in a benefit package can sometimes give managers and business owners pause. DesignTM Health is your trusted groups benefits advisor and is here to help you make sense of your employee benefits options!
What Is Included in Most Employee Benefit Packages?
Typical benefit packages will include key perks that every employee looks for to achieve a fulfilling work-life balance:
- Health Insurance
One of the first things potential hires look for in an employment opportunity is the type of business health insurance the company has to offer. Apart from it being truly necessary, good health insurance coverage is a way for businesses to show their employees they care about their wellbeing even beyond the confinements of the office.
- Retirement Plans
Even those at the beginning of their career want to know they can have a comfortable and financially secure retirement. These types of long-term benefits are stable when it comes to a comprehensive employee benefits package.
- Dental Insurance
Dental coverage is another nice addition to any benefits package that many employees can benefit from. Dental procedures—even routine/preventative—can be quite a financial burden for a lot of people, so having the company help them with these costs is a huge perk. This benefit can even be the difference between choosing to work with you versus your direct competitor.
- Vision Insurance
Similarly, coverage for vision health insurance is also highly sought-after by employees, particularly office workers who may be required to use a computer during much of their job.
- Disability Insurance
Employees want to know that should something happen to them and they get hurt, the financial burden is at least partially covered through a comprehensive disability insurance plan. It’s a way of planning for a rainy day.
- Life Insurance
Life insurance isn’t just the responsibility of the employee. The company can also offer additional assistance to the surviving family should one of their employees die. In most cases, it comes in the form of double the salary, paid to the family.
- Flex Spending Account (FSA) and Health Savings Account (HSA)
Healthcare coverage may not always be enough to alleviate the burden of health expenses, which is why many employee benefits packages also include the option to contribute to a Flexible Spending Account (FSA) or a Health Savings Account (HSA). This way, the employee has extra funds to fall back on when it comes to medical expenses.
How Can You Choose the Right Employee Benefits?
As an employer, finding the right business health insurance to offer your workers can be a long, difficult process. There are a lot of different options out there, but not all of them will help your employees. The group benefits advisors at DesignTM Health are here to help you craft an individualized plan for your employees.
Instead of having fixed solutions businesses can choose from, we believe it’s important to address the needs of both the company and employees directly. Our team of insurance brokers can assist you in choosing the best types of coverage and benefits to offer your employees so that they can truly be happy with what perks your business offers them.
With our services, much of the hassle of managing these benefits is removed as well, thanks to our technology-first approach that utilizes various solutions to empower businesses to easily monitor plans.