Giving your team the best employee benefits possible goes a long way towards helping everyone feel better. Given the current pandemic that shows no signs of slowing down or abating, your team members are going to need more assurance than ever before that you are striving to take care of them. Here is a look at some of the most popular benefits that other companies offer and that you should do as well!
Health Insurance Policies
Without a doubt, health insurance policies are one of the most fundamental types of employee benefits that you can extend. The premium can vary depending on the plans you want to backstop so talking it out with the carrier and your financial department (or advisor, depending on the size of your company) will matter more than you might think. Reputable insurance brokers will do everything they can to help you understand what you need to do to keep your employees well-covered in case they or one of their dependents should fall ill.
Life Insurance Coverage
Life insurance should not be taken for granted, either. Most of the time, the life insurance coverage is matched to employee salary but the workers are not charged for this arrangement. However, one alternative many businesses choose is to partially cover life insurance while the employee picks up the rest if they want to opt-in.
Comprehensive Dental Programs
As we have discussed before, dental coverage is important. Comprehensive coverage when it comes to dental and vision programs are much harder to find. They aren’t typically part of any benefits packages but promising these benefits to prospective employees can draw their attention especially if they are looking for strong compensation.
Planning for Retirement
The majority of the workforce (whether or not they are considered to be part of the gig economy) tends to be younger; that said, there are many employees who are closer to retirement age and will need to start planning for their future even before they transition out of the workplace. Common retirement plans include 401(k)s and 403(b)s – it all depends on if you operate as a for-profit business or a non-profit organization.
Flexibility for Savings
Finally, flexibility is just as important as all of these other aspects of creating the best employee benefits packages. Flexible spending accounts (FSAs) are indispensable as are health savings accounts (HSAs). FSAs often have a so-called “use or lose it” rider attached to them – whatever money goes unused or unclaimed at the end of the year is gone forever. Even so, HSAs are permanent and will never end – money simply piles up as the years pass and the savings are consumed as needed. Even after switching to a different plan next year, the HSA remains valid.
Another Customer Testimonial
Here at MWE Partnership, we are committed to providing the best customer service we can for all of our clients. This week, we want to tell you about Donald T. Morrow of Spiniello Co. Donald’s experience filing an insurance claim was soured by an unexpected delay; this delay caused his claim payments to be late. However, “MWE helped correct [the] delay.”
Get Your Voluntary and Supplemental Insurance Policies with the MWE Partnership!
Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. When you choose The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet the needs of all your employees. With over 17 years of experience, The MWE Partnerships is your one-stop-shop for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, then contact us today! Also, be sure to like our Facebook page and follow us on Twitter and LinkedIn for all the latest voluntary benefit news!