Employee Benefit Types
Why do employers offer benefits?
To attract/Retain top talent, help protect employees & their families, tax deductions for plan contributions, some employee benefits are required by law (Social Security, Medicare, Unemployment, Workers Comp)
What is the most common type of employee benefit plan offered by employers
The Cafeteria Plan (Section 125 plan)
What is the danger of complexity when it comes to brokers
They may not realize the impact that their complex recommendation will have on the employee experience
What is the Cafeteria Plan?
Allows employees to withhold a portion of their pre-tax income to pay for qualified benefits offered by employers. This results in tax savings
What are group benefits plans?
Everyone in the group pays the same premium regardless of individual health. Employees typically pay less for group insurance because employers cover a large portion of the premium costs for them
What is the value of simplicity when it comes to brokers
We work with the broker to make sure that they understand what recommendations will work best on an enrollment platform
What are some of the required employee benefits that employers must provide.
Time off for voting, jury duty, workers compensation insurance, social security, unemployment insurance, Health insurance
What are some of the non-required employee benefits that employes can provide.
Paid vacations, paid holidays, paid sick leave, dental, vision, hearing, life insurance, retirement plans
Where can you find the latest information on carrier integrations?
Sharepoint- LiveKinnect
What is the difference between defined benefit plan or defined contribution plan?
The employer determines the specific list of benefit options available for employees to select and typically helps cover the cost of premiums. The defined contribution plan, the employer gives each employee a fixed amount of money to spend on benefits. Employees choose how they would like to use those funds.
What are individual benefits plans?
They are purchased on an individual basis but can still cover family members as well. Will pay different premium amounts based upon the health risks each person poses.
What are some examples on how we can leverage our compliance resources?
Visit the corporate compliance team page, Businessolver Way, Email compliance team
When does group benefit coverage end?
When an employee terminates his or her employment
What are some of the most common benefit types offered by employers?
Medical Benefits, Dental, Vision, Hearing, Wellness plans, Retirement, Basic Life, Voluntary
Which team can best provide you with support on understanding which carriers are easier to implement and are proven to be reliable partners?
Data integration team