Employee Benefits

Keeping Your Employees Happy & Healthy

What Are Employee Benefits?

As an employer, you need to provide your employees with benefits to stay competitive — after all, good employees go where they can get good benefits. That said, what is an employee benefit? Is it a nice office? Is it a cool building gym? Is it a coffee shop voucher? Sure, but the real benefits that employees look for are the ones that will protect them and help them secure their financial future.

Benefits like healthcare, life insurance, disability insurance, and more are the real benefits that high-quality employees look for when leafing through a job description. If your company does not offer quality benefits, what is to stop your potential hire from taking a job elsewhere? If your company does not offer quality benefits to current employees, what is to stop them from looking for something new? If you would like to discuss employee benefits, we urge you to contact us today at Powell Insurance Group. A Member of our team would be more than happy to discuss our plan options with you.

Group Health Benefits

Group health insurance is coverage provided to a group of individuals who are employees of a company or members of an organization. Group health policy members usually see a reduced cost because the insurer’s risk is spread across a group of policyholders. As an employer, you can offer group health benefits to your employees as long as a certain amount of employees decide to become policyholders. In most cases, this threshold is around 70% participation. Because of the difference in insurers, plan types, costs, and terms and conditions, no two group health policies are the same. Be sure to reach out to your insurance provider to discuss a unique policy for your business.

Group Health Benefits
Medical

Medical Insurance

As an employer, there will come a time that you need to choose between a group medical plan or individual medical insurance. Depending on the size of your company, the industry you operate within, and a variety of other different factors, one policy might be more beneficial for your company and employees than the other. Because of this, it is important that you speak with a member of our team at the Powell Insurance Group. We would love to discuss medical plans and policies with you to find the perfect match for your unique situation.

Dental Coverage

Dental coverage is another important benefit to offer to your employees. Because dental and vision coverages are often left out of medical benefits, it is important that you choose a dental benefit that your employees can pair with their medical benefits. Like any other forms of insurance, dental coverages vary greatly in cost and coverage. Because of this, it is important to speak with an insurance professional who can point you in the right direction towards an equitable benefit for your employees and your company.

Dental
Life

Life Insurance

Life insurance is an incredibly important employee benefit because not only does it protect your employees family, but it also protects them financially so that they can achieve their long-term goals. Life insurance benefits are designed to protect the income of an employee’s loved one for years to come should something happen to them. Not only does a life insurance payout protect a family’s expenses day-to-day, but it also can help them maintain their standard of living, cover end of life expenses, cover outstanding debts, and invest in their children’s education.

Disability Coverage

When employees are unable to work because of sickness or injury, it can be devastating to them and their families. By providing your employees with comprehensive disability coverage, they can cover their living expenses, lost wages, bills, tuition, and other expenses while they are unable to work. By offering your employees the benefit of disability coverage, they can invest a small portion of their income towards financial stability should they become sick or injured as they try to recover and get back on their feet.

Disability
FSA

FSA

Flexible spending accounts (FSA) is one of a number of tax-advantaged financial accounts that can alleviate payroll tax savings. In short, a FSA is a logistical way to control and minimize employee-related expenses. If you are considering the value of FSAs for your company, be sure to reach out to an insurance professional at Powell Insurance Group. In doing so, you can maximize your payroll tax savings with the help of an industry professional.

HSA

Health Savings Accounts (HSA) are health-related accounts where an employee can contribute money towards future healthcare costs without having the money be subject to federal income taxes at the time of deposit. Because of this, it allows employees to budget their health savings, tax-free in relation to their medical needs and future medical expenses. HSA accounts are beneficial because it gives your employees control over how much they save for their future medical expenses without having to worry about the money being taxed.

HSA

For Your Employee Benefits, Contact Powell Insurance Group

At Powell Insurance Group, we are here to help you find and manage desirable employee benefits for your employees or organization members. If you have any questions about employee benefits, benefit rates, or how a benefit could benefit both your company and your employees, we urge you to contact us today.