What Are Some of the Most Important Employee Benefits?

Thursday, March 28, 2024 20:07 Posted by Admin

There are many different employee benefits that can be included in an employee benefits plan. Here are some of the many options you can choose from:

• Workers compensation
• Cafeteria plans
• Day care
• 401k plan
• Short term disability insurance
• Long term disability insurance
• Sick leave
• Paid time off
• Paid holidays
• Stock investment options
• And more.

You can offer every employee benefit under the Sun if you would like. However, there are a few employee benefits which practically every employee wants. Include these, and you will have a solid employee benefits plan.

Health Insurance

Health care coverage is the cornerstone of employee benefits. It is one of the most popular ones, and one of the most used as well. This is why the passage of Obamacare/the Affordable Care Act (ACA) in 2010, required the inclusion of essential health benefits in all health care insurance plans.

Common inclusions in employee health insurance benefits include:

• Coinsurance
• Drug coverage
• Subsidies
• Copayment
• Outpatient care
• Life insurance
• Accidental insurance

Dental Insurance

Dental insurance is another important inclusion in employee benefits plans. Employees and their families need coverage for dental checkups and screenings, as well as dental surgery like root canals and dental extractions. While most dental insurance benefits cover these necessities, other insurance goes further and covers cosmetic dental work like braces and retainers.

When it comes to dental work, the after effects can be very painful. If you are considering providing dental coverage to your employees, make sure the plan has coverage for prescription drugs and coverage for family members.

Vision Insurance

Vision insurance is a welcome addition to any employee benefits plan, especially if your employees are in their 40s, 50s, or older. As we age, our vision deteriorates. Employees who need vision insurance will be appreciative of this addition to their benefits package.

Vision insurance can cover:

• Eye exams
• Prescription eyeglasses
• Contact lenses
• Visits to optometrists and ophthalmologists
• Corrective eye surgery like LASIK

Tuition Reimbursement/Sponsorship

Tuition reimbursement is vital, especially as tuition rates rise and the ability to pay off student loans in a timely manner diminishes. The majority of Americans have less than $1000 dollars saved up. Americans with student loans will need years, if not decades, to pay it all back. Offering tuition reimbursement, or even sponsorship for future degrees and certifications, is a great idea to attract more educated and more experienced employees.

Gym Memberships

Gym memberships may not see like an important addition to your employees’ benefits, but they are. Employees who go regularly to the gym are healthier and happier. Exercise is a vital need when it comes to living a healthy lifestyle.

A form of preventative care, providing employees with gym memberships will lead to reductions in the use of health insurance as well. Besides annual checkups and normal doctor visits, healthier individuals do not have as many health issues as non-gym goers. By becoming healthier, employees reduce their own out of pocket medical expenses, and reduce the likelihood of developing preexisting conditions as well.

The Key to Successful Employee Benefits Planning

You need to survey your employees and find out which employee benefits they are interested in receiving. From there, formulate a list and determine which benefits are within your budget to offer them. You may not be able to offer them every benefit they want, but if you offer them great coverage on the basics, like health, dental, and vision insurance, your plan will be appreciated nonetheless. To learn about your options regarding employee benefits, contact an independent insurance agency like Taylor Benefits Insurance today.