Have you thought about offering additional benefits to your employees? Have you had trouble attracting or retaining the employees that you need because you aren’t offering a comprehensive benefits package? The rising cost of benefits is a harsh reality when employees are consistently seeking more. The experienced benefits professionals at Kamm Insurance Group take the time to understand your business and will help you offer a competitive employee benefits package at a rate you can afford.Listed below are a few options that you can offer that won’t put your business in the red:
- Group Voluntary Benefits
- Level-Funded Health Insurance
- Flexible Spending Accounts
Group Voluntary Benefits
At Kamm Insurance Group, we know that not all employers can afford to pay for health and life insurance plans for their employees.Even if you’re unable to offer these benefits, you can give your employees the opportunity to secure valuable coverage at significantly lower rates by signing up for group voluntary benefits.
These can include:
- Dental insurance
- Vision insurance
- Disability insurance
- Voluntary life insurance
- Accident insurance
- Critical illness insurance
- Hospital indemnity insurance
Through group voluntary benefits, we typically see lower premium costs per individual. The employees who opt to enroll in these insurance plans will frequently save money compared to buying the same insurance individually. These benefits are of no cost to the employer.
Level-Funded Health Insurance
Level-funded health insurance options are a great option for smaller businesses seeking to manage health insurance costs. The plans offer predictable and consistent costs by allowing the employer to pay a “level” or fixed amount to an insurance carrier each month.
If you have fairly healthy employees, and the amount you pay exceeds the employee claims during the year, you will receive a reimbursement. If the claims exceed what you pay in that year, there is built-in stop-loss coverage that protects you, the employer, from having to pay anything additional.This is also known as excess insurance.
Flexible Spending Accounts
Kamm Insurance Groupcan enhance your employee benefits package with a flexible spending account that helps your employees save money on everyday healthcare expenses.
Employees can decide how muchmoney to put in their flex spending account, up to a limit set by the employer. The money deposited is tax-free and can be used for things including insurance copayments and deductibles, qualified prescription drugs, and medical devices.
The three options above are all ways to increase employee satisfaction, which in turn, decreases employee turnover. Not only will you be protecting your employees, but you will also be doing so at little or no cost to you or your business.
There is no better time to improve your employee benefits package. Contact one of the benefits advisors at Kamm Insurance Group to review your information and determine the solution to your employee benefits needs.