Originally Published by: Fine Lifestyles Kingston
Employers investigating a new employee benefits plan are often impressed by the comprehensive insurance coverage and reasonable cost.
From prescription drug and dental coverage to life, long-term disability and critical illness insurance, a benefits plan can be designed to protect what’s most important to you.
Here are a few key reasons employee benefits are a valuable addition to your business
COST-EFFECTIVE: Employee benefits are a cost-effective way to provide business owners, employees and their respective families with insurance protection. The main reason employee benefits cost less is due to the risk spread amongst a group of people. Many business owners assume group insurance is too expensive and out of reach, but coverage can be very affordable. Why assume benefits are too expensive? Instead, find a benefits specialist who will help you design a plan and obtain pricing. A qualified benefits specialist will offer this service free of charge without any obligation to purchase.
TAX EFFICIENT: Group insurance is a tax efficient way to compensate your employees. The business is able to deduct the portion of the premium it paid on behalf of the employees. In addition, reimbursed health and dental expenses are tax-free to the employees.
NON-MEDICAL INSURANCE: Group insurance can provide coverage to those who are otherwise not insurable. That’s right — even people with a significant health history can often be covered for prescription drugs and long-term disability insurance through their benefits plan.
ATTRACT AND RETAIN GREAT EMPLOYEES: Employee turnover costs a business time and money; keeping good employees helps grow the bottom line. Not only is a benefits package an incentive to stay with an employer but it is also an excellent way to attract new, high-quality employees. When a company offers employee benefits, it becomes a feature of their job postings. Why? Employers who offer employee benefits know its effectiveness in attracting new talent.
As in any industry, employee benefits are continuously evolving. Small and medium-sized businesses now have more plan design, administration and funding options than ever before. Evolution enhances the need to review your plan and its overall design. If it’s been three years or longer since your last review, then it’s time! A simple review can help ensure you understand the options you currently have and guarantee your plan keeps pace with the latest trends.
Watch for next issue’s article when we review the different ways individual insurance can complement your group benefits package.
Benefits Consulting Plus Inc is an independent employee benefits and insurance advisory firm. Bryce Parisotto, CFP, works with local businesses to design and implement tailor-made employee benefits solutions. Shannon Bennett-Parisotto, CHS, has 15 years of specialized knowledge with life, disability and critical illness insurance and works with clients on their personal and corporate insurance planning.
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t: 613 546-2282