Group Benefits in Albany, CA
As an employer, you bear legal and ethical obligations regarding the health and wellness of your workers. Furthermore, your employees may view certain incentives and programs you make available to them as more valuable than wages and salaries. With these things in mind, it’s essential for your organization to thoroughly understand the advantages of attractive group employee benefits.
What Is the Purpose of Employee Benefits?
Employers that offer employee benefits can help ensure their workers can access financial resources and essential services in response to various situations life may throw at them. These benefits may help employees manage work-related and nonwork-related situations alike. Typical employee benefits your organization may consider offering include the following:
- Health insurance
- Life insurance
- Vision insurance
- Dental insurance
- Accident insurance
- Disability insurance
- Financial wellness programs
- Leave management programs
- Retirement plans
- Employee assistance programs
- Employee stock options
- Loan repayment plans
How Do Group Health Insurance Benefits Work?
Group health insurance benefits can provide your organization and employees with certain advantages. For example, group health insurance may allow employees to save on their premiums compared with what they might have to pay for a plan they find on the open marketplace. The costs of group health insurance benefits are generally shared between your organization and members who opt in; coverage can often be extended to spouses and dependents.
Your company may also be able to ensure compliance (e.g., affordable care act requirements) and access certain financial incentives, such as tax benefits, by offering group health insurance benefits. Many group health insurance benefits arrangements may require a certain percentage of eligible employees to elect coverage. Eligibility for group health insurance benefits is generally determined by who is part of your organization’s payroll. As such, independent contractors and temporary workers may not be eligible.
What Is Included in Group Health Insurance?
Like policies that might be found on the open market, group health insurance plans can vary significantly in their capabilities and details. Your organization may offer employees various options and coverage levels suitable to their needs and circumstances. A worker’s benefits selections will determine what treatments, facilities, providers, medications and other services may be covered.
We’re Here to Help
At Freeman Insurance Services Inc., our agents have the knowledge and experience to help your business understand employee benefits at a high level. We will work with you to assess your circumstances, explore options and build an optimal employee benefits portfolio. Contact us today to get started.