What are the four major types of employee benefits?
The main benefit that you can and should be offering your employees is medical insurance. There are several laws and regulations around group size and mandatory contribution rates, however no matter the rules, we have consistently seen that offering medical insurance to your employees promotes loyalty, increases happiness, and is one of the top motivators for a workforce.
Unfortunately, medical insurance offers little to no coverage for any dental procedures for adults. Also, a lack of proper oral care can lead to several overall health issues, which is why dental insurance is increasingly important. As you may know, even with regular trips to the dentist, and proper dental hygiene practices at home, one can still find themselves needing to have some work done.
Vision insurance is another important benefit for the overall wellbeing of your employees. After all, chances are that some of your workforce is looking at a computer for much of the day, which has been shown to damage our eyes. Having vision insurance allows for preventive measures to be taken such as annual eyes exams.
Disability and Life Insurance coverage acts more as financial protection for your employees rather than an active benefit. Disability insurance offers coverage for an individual in case they are ill or injured and can no longer work. Depending on the plan, they will receive up to 66% of their wages for a number of years or until retirement.
Life Insurance offers coverage for an individual’s loved ones in the event an employee loses their life. There are great options for group life insurance where the benefit amount can be reflected based on someone’s salary or a set amount.
GAP Insurance isn’t included with the four major benefits; however we believe it should have an honorable mention. While GAP Insurance does not offer a particular benefit, it may be one of the most advantageous benefits you can offer your employees. GAP insurance is paired with medical. The purpose of GAP Insurance is to supplement a portion or up to the out-of-pocket costs of the medical plan, reducing the overall amount of medical expenses for your employees.
Selecting the right health insurance plan for you or your employees can be a difficult task, but the experienced insurance brokers at MHG are glad to help you sort through the terminology and key features to determine the best health insurance plan for your situation. Our Insurance Specialists will help you assemble a complete insurance offering that includes health insurance, gap insurance coverage, life insurance, disability, and more. Call us today at 954-828-1819 or visit us online at mhginsurance.com for help in selecting the ideal health insurance plan for you and/or your employees.