Many people say that running a business is expensive. But that really depends on the type of owner you want to be. It’s much cheaper if you don’t offer benefits. Unfortunately, sacrificing employee benefits to save a few bucks means endangering your company’s future. If you want to be a great owner and trusted leader, you must keep your employees happy, loyal, and productive. But doing that will require at least some benefits. In this respect, healthcare is something everyone wants. AndRead Full Article Here
There are two fundamental ways for employers to pay for health care for their employees: Fully insured means buying health care insurance at a fixed cost with no annual opportunity to save money if your employee population experiences low usage. The alternative of self-funding offers the possibility that the company could spend less under some circumstances. In a fully-insured scenario, the employer assumes no risk after paying the premiums negotiated with the insurer. In contrast, self-insured companies mustRead Full Article Here
Benefits, particularly health insurance coverage, are a vital part of the compensation and satisfaction formula for employees. Most companies recognize the importance of providing affordable and comprehensive options for their staff and the need to fulfill their obligations under the Affordable Care Act. Since the ACA requires employers with 50 or more full-time employees (or the equivalent in part-time staff) to offer health insurance and allow dependents to remain on their parents' insurance plans longer than was previously possible,Read Full Article Here
People know that retirement isn’t always easy from a financial standpoint. But there are also plenty of reasons why not enough employees take advantage of retirement plans. Emphasizing the main benefits of retirement plans on employees early in life can help people make better decisions with their money. It can help them develop better spending and saving habits to plan for retirement without making too many sacrifices.
Helping employees save money for their golden years is an admirable effort. But that’s not the only reason to consider offering different types of retirement plans. These days any extra financial benefits aside from salaries are expected by most employees. Serious employers must have several employer retirement plan options when presenting job offers. Of course, workers should have flexibility and be able to choose retirement plan options that benefit their lifestyle, projected earnings, and ability to save. For that reason, it’sRead Full Article Here
A health savings account (HSA) offers several benefits to your employees. These accounts are portable, meaning they can keep them even if they leave your company. Plus, employees can use the accounts like savings accounts, allowing them to cover qualified healthcare expenses while generating interest on the money saved in the HSA. With such obvious advantages, it seems the decision to add HSAs to your benefits package is a simple one. What isn’t so simple, however, is theRead Full Article Here
Your company’s benefits package doesn’t have to be limited to bonuses and insurance. It can help your people make significant tax savings that benefit them financially in the long run. Several plans allow you to accomplish this feat, including a Section 125 benefit plan. Also called “Cafeteria” plans, Sec 125 lets employees set pre-tax earnings aside in an account that they can withdraw from at a later date. But before you rush into setting up one of these plans, you needRead Full Article Here
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