Month: August 2017

If you run a business with employees, employee benefits are a matter of major concern. Small, medium, or large company – if you have employees, you need to be well acquainted with your benefits options.

We know that great workers are drawn to firms that offer
attractive employee benefits. So what are the right benefits that will be most appealing to the kinds of workers you are trying to attract? And for that matter, what are the most relevant benefits you can offer based on your current employees?

The following are key employee benefits guidelines that will
help you hire and retain the best cost-effective workers:

1. Determine the kind of benefits required

The kinds of benefits you consider should be relevant to the kind of activities and risks your employees face. Benefits like wellness, life, vision, dental can be in the mix. It’s a good thing to talk with your employees, and develop a solid sense for what they will find most valuable.

2. Your Insurance Coverage Responsibilities

Working with an independent insurance agency and benefits specialist will help you find suitable benefits at a great rate. But finding and implement a benefits program requires more work.

The following are 3 important steps to follow to ensure employee benefits are to implemented successfully:

a. Deductions from the salary

The common practice today is that employees pay for benefits via their paychecks. It is your responsibility to ensure that this is done. Failure to follow up on this can have serious ramifications. Imagine a situation where the employee’s deductions haven’t been made for a number of months or even years. This can leave your company wide open to lawsuits and prosecution.

b. Workers who have Exited

The insurance coverage provider should be informed when an employee exits the company. This needs to be updated in a reasonable period of time. Otherwise, you may end up paying for benefits for employees that don’t exist.

c. New Employees

It is very important that you have a clearly defined process for new employees to become enrolled in your benefits plan. You also need to have excellent record keeping that tracks the benefits offered and the employee’s response.

3. Legal Compliance

Implementing a benefits plan can be fraught with legal implications. Laws governing benefits require that employee benefits must be offered by a company in a consistent manner. Things like ERISA, COBRA, and Medicare can all have an impact. Working with a rock-solid benefits consultant will ensure you navigate the benefits process while minimizing your risks associated with offering benefits.

And if you aren’t leveraging the expertise of a Benefits expert, please reach out to our team with questions. We’ll be sure to help connect you with the resources you need to help your company with whatever benefits challenges you face.

Employers are finding it increasingly advantageous to offer a life insurance benefit to their employees. It has immense value for both the employer and the employee.

On one hand, the employer gets to attract and retain top-notch, high-quality workers. On the other hand, employees are made to feel secure in the knowledge that they are well covered in case of any fatal eventuality. Based on this, life insurance policies as a benefit have grown in popularity.

Interestingly, life insurance benefit has not always been this well received. A couple of years ago, it was quite difficult to convince employers and employees alike to invest in life insurance. Data released following studies commissioned by LIMRA in 2015 and again in 2017 put this into perspective.

The 2015 study found about 57% of adult Americans indicated that they had zero interest in taking a life insurance policy that year.
Contrast this with the findings made public earlier this year. It shows 58% of workers strongly feel that life insurance benefit was important and essential in their work environment.

Indeed, indicators show that life insurance benefit is more valued and desired than many other perks. It has recently come to be ranked in the same category with retirement plans and medical coverage/prescription drug benefits.

The increased interest in life insurance as a benefit has been enhanced by several factors:

Increased employee security and a sense of well being when they know that they have a life insurance policy in place. This appears to have a positive impact on productivity and profitability while also retaining top talent.
Improving attitudes toward the economy. Workers are more confident they can handle their share of the premiums.
Workers are becoming more sophisticated in their understanding of finances. This includes understanding the benefit of having a life insurance policy.

The Role of Financial Advisors in Helping Companies…

As a company considers offering Life Insurance as a benefit to employees, it is helpful to work with a financial advisor who can serve as an advocate within the company for broad adoption of the benefit.

Selecting the right financial advisor means working with someone who can help educate employees. (It important that the team has a clear understanding of the benefit and its advantages.)

This will also help the employees fully appreciate the value of what the company is offering through the life insurance benefit.

It’s always a good time to begin exploring your options for the benefits you offer and Life Insurance should be in the mix. Please call or Email us with questions and we’ll put you in touch with the best resources available.