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In today’s competitive job market, offering a comprehensive employee benefits package is crucial to attracting and retaining top talent. From health insurance to retirement plans, employees in Folsom, CA, expect their employers to provide a range of benefits that support their well-being and financial security. In this blog post, we will explore the essential guide to employee benefit packages Folsom CA, and how you can maximize your workforce by providing tailored and competitive benefits.
Folsom, CA, located in Sacramento County, offers various employee benefit packages, including health insurance, retirement plans, and dental and vision coverage. Working with an independent insurance agent or broker gives businesses in Folsom the advantage of professional expertise, unbound to any single carrier, broker or health plan. This allows employers to identify suitable group benefit options and assess available choices, ensuring their employees receive the best possible coverage tailored to their needs.
Companies in Folsom, CA, can choose from a variety of business health insurance service options, including:
Folsom businesses can benefit from the industry knowledge of independent insurance broker and agents who can help clients evaluate diverse carriers and health plan options available within the state. This service ensures that businesses can provide their employees with health insurance tailored to their company and specific requirements, ultimately improving employee satisfaction and retention.
Retirement solutions and financial security options, such as Public Employees’ Retirement System (PERS) benefits and 401(k) plans, are essential and valuable components of a complete and comprehensive employee benefits package. Offering PERS benefits and 401(k) plans can help attract and retain talented employees, provide a tax-advantaged way for employees to save for retirement, and ensure financial security for employees.
To enroll or learn more about PERS benefits and 401(k) plans, employees in Folsom, CA, can visit the City of Folsom’s Human Resources department or the CalPERS website.
Including dental and vision coverage in employee benefits packages plays a key role in promoting employee health and wellness. These benefits are highly sought after by employees and can help a company attract top talent. Moreover, dental and vision insurance plans are usually priced lower than medical insurance, rendering them a cost-effective enhancement to an employee benefits package.
Providing employer dental and vision coverage can also positively impact company and employee health and wellness by:
A competitive employee benefits package for small businesses typically includes:
Small businesses in Rancho Cordova and Folsom, CA, can navigate the Affordable Care Act (ACA) by becoming familiar with their obligations under the law, signing up and seeking assistance from local resources, such as HealthCare.gov, which offers both assistance and affordable rates.
Moreover, presenting Flexible Spending Accounts (FSAs) can yield tax benefits, boost employee satisfaction, generate more income and cost savings, and give small businesses a competitive advantage.
The Affordable Care Act (ACA), also known as Obamacare, affects small businesses with fewer than 50 employees by increasing access to health coverage and prohibiting discriminatory health insurance rates based on health status. Although small businesses with fewer than 50 employees are not mandated to provide health insurance, they must make it accessible to all employees working 30 hours or more per week (not just workers on a temporary or seasonal basis) and to workers and their dependents if they choose to do so.
For small businesses to comply with the ACA, they need to:
Failure to comply with aspects of the ACA can result in penalties, including a $100 excise tax and ERISA penalties.
Adhering to the ACA can provide several advantages for small employers, such as eligibility for the Small Business Health Care Tax Credit, stabilizing health costs, and offering affordable coverage to full-time employees.
Flexible Spending Accounts (FSAs) are savings accounts that enable individuals to designate pre-tax funds for particular expenses, predominantly healthcare costs. FSAs are provided by employers and enable employees to:
FSAs are valuable benefits for both employers and employees.
A Flexible Spending Account (FSA) can be tailored to respond to the needs of Folsom businesses by providing:
Disability coverage and life insurance options are vital components of an employee benefits package, ensuring employees are protected in the event of illness or injury. Offering short-term and long-term disability plans allows employers to ensure financial stability and peace of mind for their employees, manifesting their commitment to employee well-being.
Moreover, life insurance options can appear appealing to employees with families as they offer a form of financial security and protection for workers and their loved ones.
Short-term disability (STD) is defined as an employee’s incapacity to perform the duties of their usual occupation. Benefits can start as early as the first day of disability. Generally, they are paid for up to 26 weeks. Long-term disability (LTD), on the other hand, typically commences after the short-term benefits have ended and continues for the duration of the disability or until normal retirement. Both short-term and long-term disability plans offer employees income protection should they be unable to work due to illness or injury, ensuring they can maintain financial stability during periods of disability.
The average cost of short- and long-term disability insurance plans for employers in Folsom, CA, is approximately $0.15 per employee, per hour worked, or around 1% of their overall compensation cost. By offering disability coverage, employers can:
Life insurance is an essential component of a serious employer’ comprehensive employee benefits package, providing financial security and peace of mind for employees and their families. By offering life insurance, employers can:
The average cost for employers to provide life insurance to employees can vary significantly, with companies expected to pay between $5,000 and $30,000 annually.
When determining the cost of providing life insurance as part of an employee benefits package, factors such as:
should be taken into consideration. By offering life insurance, employers can not only protect their employees and their families but also enhance their overall employee benefits package and remain competitive in the job market.
Cafeteria plans are a type of benefits plan that allows employees to select from a range of supplemental coverage options or benefit packages. This flexibility enables employees to choose the benefits that best suit their individual needs, resulting in higher satisfaction and a more customized benefits package.
Employers in Folsom, CA, can offer cafeteria plans to their employees, providing a range of benefits such as retirement savings and health insurance. Offering cafeteria plans enables employers to craft a more personalized and attractive benefits package for their employees, boosting employee satisfaction and retention.
Self-insurance is a strategy in which a business assumes the risk of paying the healthcare claim costs for its employees, paying for a portion or all of the medical expenses of its employees. This approach can be cost-efficient, as it removes insurance company overhead costs and allows companies to have greater control over their insurance plans. However, self-insurance strategies also carry risks, such as financial exposure and health risks to employees.
Employers in Folsom, CA, can consider self-insurance strategies for their companies, but should be aware of the legal framework and requirements for employer self-insurance in California.
Efficient processes for employee benefits enrollment and management are vital to confirm that employees fully comprehend and make use of their benefits. Technology-driven solutions, such as online benefit administration platforms, can streamline the health plan enrollment process and make it easier for employees to review, compare and select their benefits.
Folsom, CA, employers can also offer continuous support and resources for existing employees, through services like employee assistance programs (EAPs) and counseling services, to aid them in managing their benefits effectively.
Automated enrollment service is a technology-driven solution that streamlines the process of enrolling new employees in benefit programs. By automating tasks such as scheduling office tours, for new hires to complete orientation and training sessions, and sending comprehensive descriptions of benefit programs to new employees, automated enrollment services can enhance the onboarding experience, reduce errors, and increase accuracy.
Additionally, best practices for explaining benefits to both clients and new employees include:
Providing ongoing support and resources for existing employees is crucial to ensuring they fully understand and utilize all aspects of their benefits. This latter service can include offering links to employee assistance programs (EAPs), counseling services, and other resources that can help employees manage their benefits effectively. Employers in Folsom, CA, can also utilize various tools to manage employee benefits, with services such as Ceridian Dayforce HR, Zenefits, and Optum EAP.
By offering these resources, assistance and support, employers can help their employees make the most of their benefits and improve overall satisfaction with their benefits package.
In conclusion, offering a comprehensive and customized employee benefits package is essential for attracting and retaining top talent in Folsom, CA. From health insurance and retirement solutions to disability coverage and life insurance, employers have the opportunity to create benefits packages that cater to the diverse needs of their employees. By utilizing technology-driven solutions and providing ongoing support and resources, employers can streamline the benefits enrollment and management processes, ensuring their employees fully understand and utilize the benefits available to them. Ultimately, a well-designed employee benefits package can lead to increased employee satisfaction, loyalty, and overall productivity.
In California, legally required employee benefits include paid sick leave for diagnosis, care, or treatment of the employee or employer’s own medical or a family member’s existing medical conditions, preventative care, or domestic violence, sexual assault, or stalking. Employers must provide their workers with at least 24 hours (or three work days) of sick leave per year.
Employee benefits usually comprise health insurance, life insurance, paid time off, profit sharing, and some form of retirement benefits. Other forms of indirect pay may be offered as part of the package too.
Benefits make up an average of 29.4% of an employee’s total compensation, according to the U.S. Bureau of Labor Statistics. This is equivalent to $12.06 per hour, or around 30% of the total cost per private industry employee. However, employers can contribute different amounts toward benefits, making it important to know how much of your company’ salary is allocated to them.
The CalHR Benefits Division provides comprehensive coverage for state employees, including dental and vision plans, flexible spending accounts, wellness programs, employee recognition and retirement, life and long-term disability insurance, and other benefits.
Employee benefit packages available in Folsom, CA include health insurance, retirement plans, dental and vision coverage, short-term and long-term disability plans, and life insurance.
Todd Taylor oversees most of the marketing and client administration for the agency with help of an incredible team. Todd is a seasoned benefits insurance broker with over 35 years of industry experience. As the Founder and CEO of Taylor Benefits Insurance Agency, Inc., he provides strategic consultations and high-quality support to ensure his clients’ competitive position in the market.
Todd Taylor with Taylor Benefits gives our small business the kind of personal service we need. Insurance benefits are important to our employees and Todd helps us find a balance between benefits and value. Todd responds immediately to my phone calls & e-mails. He has even gotten in touch with me on a Sunday when we were in need of coverage answers immediately. We are very pleased with the hands-on service Todd and his staff provide.”
-Ken and Linda Orvick, Orvick Management Group, Inc.
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