Whether you are a start-up or established business, an Employee Benefits package should be considered. Employees are valuable to a businesses success, and without them, the business may not survive.
Things to consider are what would happen if an employee got very sick and was unable to work? First, if the employee had no insurance they would have to pay their medical expenses out of pocket. These expenses can be extremely expensive, especially with a hospital stay or advanced testing.
If an employee is out of work due to an accident or illness, how long are you going to be able to pay them their wages? Maybe you can’t pay them at all if they are out of work. If an Employee Benefits package included Disability Insurance protection, then your employee could receive a portion of their paycheck while they are at home recovering.
With an Employee Benefits package, employers and employees both benefit. An employee who receives benefits is automatically given a sense of job commitment, and their view of the business is better as a whole. Many employees have families and so being able to have insurance for their spouse or children is a huge asset to them.
The Healthcare Reform Act requires that businesses with over 50 employees provide mandatory health benefits to their full-time employees, or pay a hefty penalty. This does not apply to every business, however.
Employee Benefit plans can include many lines of coverage, such as health, dental, vision, disability, life, accident, critical illness and cancer. To learn more about an Employee Benefits package for your business, contact us today.