Tag Archives: group health

The Importance of Offering Group Benefits to Your Employees

As a business owner, it is important for you to offer your employees the protection they deserve and make your company a place where people want to work. Group Benefit plans are particularly helpful because it allows employees to track, identify and treat any issues on the spot.

The reality is simple; your workers will not be able to give you their best performance unless you make sure to provide them with the right coverage and guidance. Luckily, you are not alone. Companies like Lewis & Palmer are here to help you offer your hard working employees the assistance they need. With the proper plan, every employee can maintain a good health and stay away from conditions in the long term that may limit their work performance.

It is not easy to get the best value without the right coverage, and this is why it can be imperative to hire a group benefits company to intercede. After all, nowadays, employees do desire and expect higher benefit levels. If you are a business owner or if you are in management, it is important to have a clear understanding of the benefits that are valued the most by employees. Here is a list of group benefits that are available for you to provide to hard-working employees.

•    Group life insurance and AD&D
Group Life Insurance can provide financial assistance when an employee faces an unexpected event and needs relief. The proper insurance can make sure that the employees family members are financially protected in case of a tragic event. This kind of insurance is also in a position to provide coverage against serious accidents, which cause the loss of body parts including limbs.

•    Group long term and short term disability
The employees are always concerned about the loss of income in case of a disability. They don’t even wish to think about it. However, accidents can happen anytime, anywhere, and employees might have to face such unfortunate incidents in life. They are unavoidable, but group long term and short term disability have the ability to provide an excellent financial assistance to them in such situations. Therefore, a working person must be provided with some sort of disability insurance.

•    Group medical insurance
It is the responsibility of the employers to take care of their hard working employees. Therefore, it is crucial to provide them with a reliable group medical insurance. When employees fall ill, they will have to spend a considerable amount of money out of their pockets to go for treatments. Group medical insurance can keep them away from that hassle. This would provide an ideal environment for them to focus on their responsibilities instead of anything else.

•    Group dental care
If you want your employees to maintain proper oral health, you should encourage them to visit the office of the dentist on a regular basis. However, dental visits can cost a significant amount of money for the employees. That’s where group dental care insurance can help them with by taking care of the financial expenses that they will have to bear at the office of the dentist.

•    Employee assistance plans
Lastly, you need to consider about providing group employee assistance plans. This would provide them an excellent support when they encounter frustrating situations in life such as divorce, the death of a loved one and parenting. In such instances, your employees would require additional finances to get through the difficult stage in life. The employee assistance plan is in a position to cater that financial requirement and help the employees to stay away from frustration.

Overall, productivity is crucial for your business, and giving your employees the proper guidance to approach any struggles can be incredibly beneficial for your regarding productivity and growth in the long term.

For more information about Group Benefits Plans available, contact Lewis & Palmer and set an appointment for a free consultation to find out more.

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Don’t miss out on small business health care tax credits

If you own or manage a small business, you should know that covering at least one-half of employee health insurance premiums might make you eligible for a tax credit. This tax credit, known as the “small business health care tax credit”, applies to many small businesses as well as certain tax-exempt employers.

Small Business Health Care Tax Credit Details

The small business health care tax credit had a ceiling of 35% for small business owners in the tax years from 2010-2013. It topped out at 25% for diminutive tax-exempt employers in this time span. Yet the maximum credit jumped to 50% for small businesses that provided employee health insurance in the tax years 2014 and beyond. Small-sized tax-exempt employers enjoy a maximum credit of 35% from 2014 onward.

Which Types of Small Businesses Qualify for the Credit?

Small businesses that have 25 or fewer full-time employees qualify for the small business health care tax credit. Those that pay an average annual salary of $49,999 or less qualify. These employers must pay at least one-half of employee health insurance premiums in order to take advantage of the credit.

Breaking Down the Math: How the Small Business Health Care Tax Credit Helps

Consider a scenario in which a small business qualifies for a considerable small business health care tax credit. Let’s say the business in question is eligible for a 20% kick-back. If the business pays $50,000 per year to cover a portion of employee health care premiums, it will save a whopping $10,000 per year. The beauty of this tax credit is that small business employers that do not owe tax throughout the year are still eligible to carry the credit on to other tax years.

It gets even better: The amount of the health insurance premiums paid by the employer will be greater than the total credit, allowing the small business to claim a business expense deduction for cost of the premiums that exceed the value of the credit. In a nutshell, eligible small businesses can benefit from the small business health care tax credit in two ways: the credit itself and through a deduction.

 

Employee benefits programs for small business owners

When your business is in its early stages of growth, employing between 2 and 99 employees, the opportunity exists for you to establish what type of company you are in your staff’s mind. One of the primary ways they’ll form their conclusions relates to the type of benefits they’re offered. Small business employee benefits programs can offer a variety of coverage types and levels, but your staff will welcome any plan options over none at all.

Many people find themselves going from self-employed to working for a company, not for the additional earnings but for the health benefits available for employees. There are a multitude of benefit types available and most insurance companies will work with you to develop packages that reflect the demographics and desires of your staff.

Typical employee benefits types offered by small businesses:

  • Health
  • Disability
  • Life
  • Dental
  • Vision

Every insurance plan you offer doesn’t have to be compulsory, in fact, many will be optional. The self-selected benefit packages that your staff may choose to opt into are known as voluntary benefits. In most cases you, as the small business owner, will have a number of conversations with your insurance benefits provider to determine what type of products are going to be best for your employees relative to your allocated benefits budget.

Your insurance provider will also assist you after the enrollment process. They’ll also be there to assist you with any billing concerns you or your staff may have.

Certainly, in the arena of insurance coverage, there is power in numbers. Every employee in the company can expect to pay less and enjoy a higher level of service with a group employee benefits package than they would had they opted to pay for their own insurance plan out of pocket.

If you’re a small business owner, talk to us about a benefits package that fits your budget.

 

Does your employee benefit program motivate your organization?

While most entry-level employees simply concern themselves with the salary that they will make, more seasoned ones understand that the associated benefits package can also provide a significant boost to their financial health and overall well-being. With that said, it is up to the HR people in your organization to communicate this concept to each and every employee. Here is what they should focus on:

Health benefits – In addition to the standard healthcare, dental and vision insurance programs will leave your employees free to concentrate on their work duties and not be constantly consumed by worries about the health and welfare of their families. It is a benefit of immeasurable worth as priorities can be properly assessed and dealt with – employees will deal with their responsibilities while healthcare workers will tend to any sick or injured member of their family.

Retirement benefits – While long time employees will inevitably turn their attention to such investment vehicles as IRAs, 401Ks and annuities, it is also beneficial to point out their benefits to less senior employees. In both cases, their financial future is secured to some degree with a minimal loss of current income.

Insurance coverage – Similarly, life insurance, disability and long-term care aim to protect an employee against the unimaginable – permanent sickness, a significant injury and even death. It is another benefit that allows an employee to place another worry on the back burner so that they can focus on their more immediate duties.

Profit sharing – If you really want to motivate an employee to see your company grow and thrive, give them a “piece of the action” through profit sharing. Even a relatively minor position or small number of shares in the company can mean a significant boost to their earnings and to their concern for the welfare of the company. It is almost guaranteed that everyone will pull together as a team.

There is nothing particularly complicated about understanding employee benefits but their implementation is a significantly more complicated matter especially when the government gets involved. For more on this topic or for help in motivating the folks in your organization in other ways, please contact us at Lewis & Palmer Benefits. We can be found online at LPBenefits.com or reached directly by phone at 954-308-7204.