Employee benefits are insurance plans that employees gain through a business they work for.

They provide these benefits on a group plan that covers all employees in the company. This costs the business money, but it can provide a significant return on investment. By paying a premium, an employer typically gets insurance at lower rates compared to an individual employee finding their own coverage on the market.

Using group employee benefits, companies can attract the best, highly qualified workers to their business in a competitive job market. With a group benefits plan, businesses can reduce the amount that they will pay to cover individual employees. They are often customizable, so the plan can include the key areas that the employer wants to cover and that are attractive to the team.

 

Benefits Of Group Benefit Plans

For Employees

There are benefits to group insurance for employees. They include:

• Gaining standard coverage without having to prove eligibility or affordability.
• Lower costs compared to an individual searching for insurance coverage on the market.
• Ability to share costs with the employer, leading to cheaper plans for each individual.
• Access to benefits that are not available outside a group benefits plan including recreational options exclusive to workplace employees.

For Businesses

Group benefits also provide significant benefits to the employer or the business owner, including:

• Protection of the investment made in their employees. If an employee gets injured or falls ill, expenses can be covered to ensure they can return to work as quickly as possible.
• Improved levels of tax compensation. Benefits are paid before tax is taken from income, providing more money to employees.
• Helps improve productivity by eliminating outside burdens for staff.
• Positive employee satisfaction, commitment and loyalty to your business because they feel they are taken care of.

Primary Benefits Available

There are some standard options businesses can provide to their employees on a group benefits plan. You can watch our video summary below or continue reading:

Health

Health insurance offers support to employees who are dealing with health issues including long-term conditions. It guarantees that employees can get the treatment they need for different medical conditions. It improves their quality of life and ensures that they can get the support they need to be a vital member of the business team. 69% of private industry workers can access this through their employee while it is available to 89% of local and state workers.

Dental

This is one of the most sought after benefits according to employees. Dental allows employees to get regular oral checks and hygiene treatments. It also ensures that they can get the treatment they need for painful conditions such as a root canal.

Vision

Issues with vision can severely impact an employee’s ability to work. Eye strain can cause pain and headaches that impact an employee’s level of productivity, ability to work and their general level of wellbeing. With vision insurance, employees can gain treatment including glasses and contact lenses. Sometimes, coverage may also provide for the costs of permanent solutions including laser surgery.

Life

This benefit provides support for the people whom employees leave behind. Life insurance is an attractive possibility for employees who have families and want to make sure that their descendants receive support if they suddenly develop a terminal illness or suffer an accident. 57% of employees working in private companies can access life insurance benefits from their employer.

Disability

Ensures that if an employee suffers from a disability while working for you, they can get the support they need for improved quality of life. This includes the cost of medical expenses, changes they may need to make to their home and the cost of long-term living.

Additional Benefits For Employees

Aside from the main options, there are a variety of other benefits that you should offer your employees.

This includes paid time off, or PTO. Paid time off can include anything from days where an employee is sick to time that they want to take on vacation. Typically, the employer will determine a set number of vacation days employees can take each year, which the benefit plan covers. If an employee wants to take further days, they may, but they will be without pay.

Certain businesses may include telecommuting plans in employee benefits, which come in the form of cell phone plans. It’s usually the case where remote workers need to be in contact with the main business office or other colleagues throughout the day.

More businesses are now including wellness programs in group employee benefits to keep their work team healthy and fit. This leads to higher levels of productivity and ensures that job satisfaction improves as employees feel more comfortable and taken care of.

Childcare benefits are another popular option. Childcare can take the form of compensation for employees who need to take time off to care for their children. Alternatively, a business may also set up an on-site childcare system for parents who need options for care while they are at work.

Overall, group benefit plans provide financial advantages for both businesses and staff. They help boost morale and make a company more attractive to new employees. It can reduce staff turnover since employees feel safe and valued in their position. This means they have less reason to seek other opportunities, particularly if the benefits provide long-term support to their families.