Small business owners have many choices to make when it comes to employees. You not only need to choose the right employees, but also select the best benefits that attract and retain the right employees for the long haul.
What health benefits should you offer? Here is a list of the usual health benefits available to small business owners:
Medical Insurance – This is a must-have for any business. Keeping your employees covered for medical expenses is one of the most basic and essential benefits you can offer. Small business owners have many choices when it comes to group medical plans, including the split between employer/employee premiums, co-pay, and amount of benefits. Talk to an insurance agent to help you find what you need at the right price.
Dental Insurance – Most large businesses offer this health benefit, as do many small businesses. This also ranks high on the list of important benefits for employees. There are many affordable group dental plans available offered by national insurance companies. Do some research and find one that may suit your employees.
Vision Insurance – Not a “must-have,” but vision coverage is a nice perk to offer to your employees. Many insurance companies offer combination dental/vision/disability insurance. Talk to your agent to see if this is a possibility for you.
Disability Insurance – When employees become injured or sick off-the-job, worker’s compensation does not pay. However, a good disability plan can assure that your employees receive a portion of their usual income if they cannot work. Disability plans are usually very affordable at just a few dollars a month for employees. Talk to an agent to review potential plans.
Life Insurance – Life insurance is also an important benefit for employees, especially those with families. Many major insurance companies offer affordable life insurance by “grouping” many small businesses together in order to form a large group and reduce premiums. Talk to your agent about these types of plans.
Health Savings Accounts – Another possible benefit is setting up Health Savings Accounts for your employees. It costs you nothing but the cost of administering the account. Employees may opt into this account by setting aside a portion of their regular income pre-tax into the account and using it for health related costs, such as paying high deductibles or medical bills not covered by insurance, vision, dental, etc.
Employee health benefits may add to the usual expenses and reduce your bottom line, but they are highly desirable from an employee’s standpoint, and you could ultimately save money by keeping your staff longer and attracting more talented staff.