Group Health & Benefits

Employers more than ever before are trying to provide/offer competitive employee benefits to help hire & retain good employees.

There are a number of coverages employers consider when setting up a benefits package for their employees. Some policies the employer will/can contribute to the premium of the plan, and some policies are paid fully by the employee. For example, on an employer sponsored group medical plan, the employer is obligated to contribute to the premium, along with having a minimum number of employees participate in the plan. Then there are other coverages where the plan(s) are simply offered to the employees as a “voluntary” benefit, where the employee is 100% responsible for the premium. Below are common examples where the employer will typically contribute to the premium, or in some cases pay the entire premium.

• Group Medical Plans
• Group Dental Plans
• Group Vision Plans
• Group Life Insurance Plans

Also, there are examples of coverages that are offered as “voluntary”, again where the employee contributes 100% of the premium. Examples include:

• Voluntary Short Term Disability
• Voluntary Long Term Disability
• Voluntary Employee Life
• Voluntary Dependent Life
• Critical Illness
• Accident
• Cancer
• Stroke

Other decisions when setting up a benefits package include things like probationary periods. When you hire a new person, how long would you like to see them work for you before offering them your benefits? 30, 60, 90 days? If they leave employment at some point, do you want their coverage to cease immediately? How will you handle enrollments & terminations? Who will help you with claims processing? Are you getting the information you need on how to address the Affordable Care Act? Are you getting regular updates on compliance issues?

So as you can see when you are evaluating employee benefits, there are many decisions to consider on how it will impact your hiring practices, retention, etc. CK Ash Insurance can help.