With so many options available, how do you choose the employee benefits package that is right for your employees and your budget? The answer to this question is important. In fact, the success of your business may depend on it. Why? Because your benefits package addresses some of the greatest concerns that your employees have. The better that you are able to address your employee’s needs, the better the chance you will have of achieving a happy, productive workforce.
In a recent study of employee benefit trends conducted by MetLife, the largest percentage of employees (76%) surveyed are concerned with having appropriate health insurance for themselves and their family, followed by job security (71%) and having enough money to make ends meet (69%). In addition, there was significant concern regarding a continued income stream in the event of a disability, saving enough for retirement, and saving for a child’s college education.
As an employer, you have the ability to address many of these needs for both yourself and your employees. Channel Financial specializes in helping you put together the employee benefit package that is right for you.
Recently, there has been a trend in the health care industry moving away from HMO’s and more towards Consumer Directed Health Care (CDHC). Consumer’s want choice and flexibility in how they receive care. Prescription drug programs are changing to encourage greater use of generics. The popularity of HRA’s and HSA’s is increasing rapidly. The employer needs to make many choices for Health and Dental plans including types of plans to offer, level of coverage, networks, funding alternatives, and how the plan should be administered. Employers are looking for ways to offer multiple plan options for their employees in order to meet individual needs and circumstances.
There are many options available when choosing a life or disability plan. Should the coverage be funded by the employer, the employee, or a combination of both? Careful attention should be paid to the definitions in disability plans which can greatly affect the benefits available. In addition, the way the disability program is administered and paid for can have a dramatic effect on after tax benefits available.
The evolving changes in health care coverage and new HRA’s/HSA’s have placed additional importance on administration capabilities. By implementing the appropriate programs, you can save on payroll taxes and help your employees pay for certain expenses on a pre-tax basis.
As employers strive to expand their programs to stay competitive, and in response to employee needs, many non-traditional benefits may be considered.