Employee Benefits Information
Why are employee benefits important?
We know that it’s a competitive market and employee benefits are an important part of recruiting and retaining valued employees. As the second most expensive item next to salaries, employee benefits can drastically influence a company’s bottom line with medical inflation at the mercy of the insurance carriers. Finding the right program can be difficult as you weigh the needs of the company and employees who are looking for an attractive but affordable benefits plan.
Offering a quality medical plan can be more complicated than you think but it can be administered in a manner that creates a seamless benefits program that you and you employees can understand and appreciate. As an administrator for all available carriers, we work with traditional insurance plans and alternate carriers through private or public exchanges. Finding the right fit can be complicated but with the right broker, you can find an affordable plan that provides a straightforward program that is appreciated by you and your employees.
There are also several tax breaks with employer sponsored plans that are not available to individuals seeking benefits. As an example, Section 125 Premium Only Plans(POP) allow for premiums paid by the employees to be on a tax-free basis. This is a huge benefit that is overlooked since it can also be offered for voluntary programs that can be paid 100% by the employee and run through corporate payroll, which has state and federal taxes based on net payroll. This is also an advantage for employers since net payroll is used to pay workers comp premiums and payroll taxes.
What types of employee benefits are available?
- Flexible Spending Account
- Ancillary Benefits
Life and Disability Plans
- Basic and supplemental life
- Long Term Care
- Business travel
- 401(k) savings plans (often includes company matching)
- Profit Sharing Plans
- Defined Benefit Plans
- Cafeteria Plans
- Tuition reimbursement program
- Paid holidays
- Vacation days
- Sick and bereavement days
Get started today
Call us today to begin a review of your employee benefits package. Offering quality, competitive benefits can be simple but only with the right broker to support your specific needs.