Which Employee Benefits Should Employers Provide?
There are a lot of employee benefits out there, and, the benefits you provide your employees can have a direct result on what kind of work environment your company has. Today, many employees are working remotely and that can be a positive or a negative, depending on the individual.
Aside from retirement programs, like 401Ks and other types of company pension programs, the 3 categories of benefits every business owner, HR benefits coordinator, and frankly, every employee should understand the basics of are, major medical, ancillary, and voluntary benefits.
The first benefit most people are familiar with, but might not full understand how it works, is, health Insurance.
Health insurance is also known as major medical. When offering group health insurance, this is the first program that employees will ask about. This is also the one that comes with some legal requirements. More on that in our Major Medical page.
Next, we get into ancillary benefits, which is a fancy word for dental and vision. Although these are commonly thought of as health insurance, which they are health related, they are categorized as ancillary.
Dental and vision are not a part of major medical health insurance. Just as with Medicare, dental and vision are not a part of Medicare. However, if you wish to offer dental and vision, and/or your employees want it (They usually do) you must add a separate program.
Lastly, let’s look at the voluntary benefits. They are referred to as voluntary because they are traditionally offered/marketed as benefits that are 100% employee paid. However, with the competitive landscape of attracting and keeping employees, many employers are providing employer paid voluntary benefit programs on top of the major medical and ancillary benefits.
There’s a long list of voluntary benefits out there, and it’s not getting any smaller. But let’s start with the most common programs and then work our way down. Voluntary benefits include, but are not limited to:
- Life Insurance
- Disability insurance (Short and Long Term);
- Long term care coverage.
- Gap coverage,
- Wellness programs.
- Accidental Insurance,
- Hospital indemnity,
- Critical illness.
- Cancer insurance.
There are more, but these are some of the most traditional voluntary insurance benefits employers are offering their staff. The vest number of programs can be overwhelming to say the least, and some programs might not generate any interest from the employees of the company and they don’t need to be offered.
Our Job As Group Benefit Brokers
At Westfall Insurance, our job is to consult with the benefit decision makers to put a program together that:
Employees and Employers will love. Ultimately we believe that this will contributes to the growth and longevity of the company.
We provide ongoing benefits communication to employers detailing their expenses and savings, and overall effectiveness of the programs implemented.
We utilize email and text videos, surveys and newsletters for employees, so they can provide feedback for us.
Ongoing communication as allows us to act as an outsourcing program for HR to provide ongoing education on the programs being offered to staff members to remind them how much their company appreciates them and how their coverages actually work.
For more details on each of the programs listed above, click on the link to learn more. If you would like Westfall Insurance to help with your company’s benefit program, fill out the form on this page or any of the pages involving employee benefits and we will get back to you as soon as we can.