For an employer, offering a comprehensive employee group benefits package can make a big difference in how your company is perceived by current and potential employees. When employees are offered group benefits it can improve employee morale and give them a sense of security along with loyalty to that company. In our last blog, we featured some of the most popular benefits that most employees look for. Read more here. Below are some more benefits.
Group Vision Insurance:
Group vision insurance helps in keeping employees’ eyes healthy, which in turn leads to lower absences and improved productivity. Regular eye exams can help detect early signs of diseases and other conditions. In addition, eye exams, glasses, and contacts can be expensive, and vision insurance helps cover these costs. Vision insurance is an important benefit to offer employees, and employers should consider adding it to their benefits package. Learn more here.
Group Life Insurance:
Group life insurance is a type of insurance plan that is purchased by an employer to cover an entire group of employees. A basic employee group benefits life insurance package usually provides $10,000–$50,000 worth of coverage. However, the employer may decide to calculate the benefit amount based on the employees’ earnings, which can provide coverage that is worth one or two times the individual’s annual salary. Often, this insurance is offered to employees as a perk with little to no cost to the employee.
Health Savings Account:
A Health Savings (HSA) is a type of personal savings account an employee can set up to pay certain health care costs. An HSA allows the individual to put money away and withdraw it tax free, to use for qualified medical expenses, like deductibles, copayments, coinsurance, and more. Employees appreciate this because it offsets some of their medical expenses for them and their families. In addition, the money that employers contribute to their employees' HSAs, is 100 percent tax deductible.
Flexible Spending Account:
A flexible spending account (FSA) is a type of savings account that allows employees to set aside a part of their earnings on a pre-tax basis to pay for qualified medical care expenses. There is usually only a small administration fee for an employer to set up these types of accounts and employers can contribute to employees’ FSAs which can also give the employer financial benefits.
LHUI in Seattle can help you plan and develop the right employee group benefits for your organization. We keep up to date and comply with all the latest regulations and policies. We can also help educate and guide your employees in understanding the value of each benefit.