SentryWest Insurance offers a team of experts to service business owners with their health care benefits plans. In today’s health care environment, it is more crucial than ever before for businesses of every size and type to have guidance in employee benefits packages. With our help and our competitive rates, which come from well-established relationships with the top health insurance carriers in the state, you can be sure you’re getting quality coverage for your employees at a cost that works for you. And, we specialize in taking the time to understand your unique business style before designing a custom benefits package to fit the needs of your business.
Dental
Oral health may be improved by regular visits to the dentist, and dental benefits play an important role in ensuring people make those visits. After all, a dental exam twice a year costs much less (and is much less painful) than a root canal after five years of oral health neglect. With a focus on preventive care, dental benefits help detect and treat problems early before they develop into more complicated, more expensive conditions.
Appropriate, yearly dental care and maintenance are important. Without them, employees may work inefficiently, make costly mistakes, or miss work. It’s also a basic health benefit provided by many companies; you wouldn’t want to miss out on a great employee simply because they can’t afford to give up the dental benefits provided by another employer.
Vision
Most vision insurance plans cover one comprehensive eye exam each year, as well as the cost of contact lenses or eyeglasses, as needed. Annual eye exams also provide early detection of potentially serious eye problems such as cataracts, glaucoma, or macular degeneration.
Employers that offer vision coverage for their employees can save money that might otherwise be lost in low productivity. Think about the mistakes that may be made by an employee who can no longer afford the proper corrective lenses.
Life Insurance
Life insurance is a financial planning product designed to provide economic relief to beneficiaries in the aftermath of a death. Employees may purchase life insurance as part of a group plan offered by their employer. For an employer, group life insurance is a convenient way to offer employees affordable life insurance coverage. It’s just another benefit that can appeal to the experienced employees you’ll want to hire to be a part of your business.
Long-Term Disability
If an employee is hurt off the job and cannot work for an extended period of time, a long-term disability plan can help cover a portion of the employee’s salary. Employers can choose how much coverage to elect for their employees, with most plans covering 50 to 70 percent of an employee’s monthly salary.
Voluntary Benefits
As business owners strive to stay ahead of their competitors, they’re looking for ways to add value in the eyes of potential employees. One way of doing that is through offering voluntary benefits. Since voluntary benefits are offered on a group basis, employees pay less than they would for an individual plan and don’t have to worry about eligibility requirements.
Cafeteria Section 125 Plans
One of the most underrated and underused employee benefits available for businesses today is outlined in section 125 of the United States tax code. A section 125 (or “cafeteria”) plan allows employees to withhold a portion of their pre-tax salary to cover certain medical or child-care expenses. Because these benefits are free from federal and state income taxes, an employee’s taxable income is reduced, which increases the percentage of their take-home pay. And because the pre-tax benefits aren’t subject to federal social security withholding taxes, employers win by not having to pay FICA taxes or workers’ comp premiums on those dollars.
Utilizing the tax code for your business can be an incredible way to enhance your employee benefits package while simultaneously boosting your margins.