Different Types of Employee Benefits and How They Work

One of the greatest ways to appeal to qualified professionals when you’re hiring for open spots in your business is by offering an all-inclusive employee benefit plan. This is also the best way to retain employees and to create a happier work environment. Offering employee benefits is one of the biggest perks professionals look for when they’re out job hunting. It provides them with a less expensive way to care for the wellbeing of their families and selves.

Types of Insurance and Benefits Available

If you go through a dependable insurance broker, you’ll find that your options are endless. There are many different types of employee benefit plans to choose from. If you cannot find a plan that fulfills all the needs of your employees, your broker can modify your plan while negotiating costs.

• Health Insurance
• Dental Insurance
• Vision Insurance
• Short- and Long-Term Disability Insurance
• 401k
• Retirement and Pension
• Section 125 Cafeteria
• HSA
• Life Insurance
• Long Term Care
• ACA (Affordable Care Act)
• Vacation Options
• Unemployment Plans

Basic Plans to Consider

HMO- This basic health plan encourages employees to find health care within a specified network of providers and facilities. Although this plan doesn’t give much freedom to those that take advantage of it, it is much cheaper.

PPO- This more lenient plan gives all those that qualify at your company more freedom. They can choose their doctors and healthcare facilities. However, if they choose to go through in-house providers, they can save money on the healthcare services provided to them.

HSA- A tax-free savings account that’s used to provide financial relief when insurance doesn’t cover all health expenses.

FSA- A tax-free, flex spending account provided through the Section 125 cafeteria plan.

Of course, these are just the basic plans listed above. You can include anything you desire in your plan as long as you contact an insurance broker with a longstanding history in the industry. They’ll be happy to tailor your plan to suit your needs.