Employee Benefits
Employee Benefits Information
Employee benefits can help play a pivotal role in attracting and retaining talented individuals within an organization. Such benefits are designed to provide employees with additional perks and support beyond their wages, which can ensure their well-being and job satisfaction.
What Are Employee Benefits?
Employee benefits are any kind of tangible or intangible compensation given to employees apart from base wages or base salaries. These benefits enhance the overall compensation package and foster a positive work environment. They serve as a means to reward, motivate, retain and support employees in various aspects of their lives, personally and professionally.
What Is Included in Employee Benefits?
Employee benefits can encompass a wide range of offerings, varying from one organization to another. Some common offerings include the following:
- Retirement plans (e.g., a 401(k) or IRA)
- Employee assistance programs
- Educational and training opportunities
How Does Employee Health Insurance Work?
Health insurance is often a critical component of an employee benefits package. It can help provide employees with financial protection against medical expenses and help encourage proactive use of health care, including hospital visits and medications. Here’s a simplified breakdown of common health insurance aspects:
- Premiums—Often, both the employer and employee contribute to monthly premiums, which maintain an employee’s coverage.
- Deductibles—This is the amount employees must pay out of pocket for health care services before their insurance coverage kicks in.
- Co-pays—These are fixed amounts employees pay for specific services, such as doctor visits or prescription medications.
- Out-of-pocket limit—After employees have paid out of pocket for total health care within a single plan year, all covered services will be fully covered by their insurance.
Employees who have health insurance through their employer may be able to expand their coverage to include spouses and dependents. Additionally, group health insurance rates through an employer are often more affordable for individuals, making such coverage a powerful retention tool.
When Do Employee Health Insurance Benefits Start?
The start date of health insurance benefits for employees depends on several factors, including the employer’s policies and the employee’s eligibility criteria. Generally, health insurance benefits may start after a probationary period or upon reaching a specific employment milestone, such as completing a certain number of days or months of service. Employees should review their employer’s policies and consult with the human resources department to determine the exact timeline for accessing health insurance benefits.
We’re Here to Help
At Two River Benefits Consultants, we have over 20 years of experience helping employers understand and optimize their employee benefits portfolios. Contact us today to get started.
Two River Benefits Consultants offers a comprehensive selection of employee benefits which cover a wide range of care and touch your employees in every facet of their life. Two River Benefits can customize plans to meet your needs in programs ranging from Healthcare to Worksite benefits.
Contact us to learn more on our customized plans which reduce company cost and improve employee satisfaction.
Medical Plans
Fully Insured Medical Plans
Popular Employee Benefits:
Can be either employer paid, employee paid (voluntary) or contributory with both employer and employee paying the premium.
Group Dental Insurance
There is a reason your employees want and need dental insurance. Without good oral care, statistics reflect people are 67% more likely to have heart disease; 50% more likely to have osteoporosis, and 29% more likely to have diabetes. So it’s no surprise that 75% of employees consider dental coverage very important. There are several types of Group Dental Insurance. Dental insurance, a dental plan, is a form of health insurance designed to pay a portion of the costs associated with dental care. There are several different types of individual, family, or group dental insurance plans grouped into three primary categories: Indemnity, Preferred Provider Network (PPO), and Dental Health Managed Organizations (DHMO).
Group Vision Plans
Group vision plans help your employees keep their vision healthy so that they can keep helping your business grow and succeed. There are two main types of group vision insurance;
Group Life Insurance
With group life insurance, a single contract (master plan policy) covers an entire group of people. The employer or an entity such as a labor union is the policyholder, and the employees or members of the group are the ones covered by the group policy. Such coverage is often part of an employee benefits package, with the employer paying the premium. There are three basic types of group life insurance: group term life, group universal life and variable group universal life.
Worried about the financial stress your employees may face? Reach out to a Two River Benefits consultant to customize a package of voluntary benefits which will reduce stress and improve both productivity and satisfaction.
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