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Do your new employees ask about your benefits plan options? Do you want to expand your offering, but don't want the extra hassle of administration.
Here are some tips on how any small business can offer as many benefits as large corporations without the high costs and admin headaches...
1. Core Benefits - Decide on a couple of core benefits that the company can contribute toward. Usually it is Medical and Dental. Usually the starting amount is $100/employee per month.
2. Voluntary Benefits - You can offer all other benefits on a voluntary basis, which allows the employee to get a group plan and discounted rate, and the company does not have to contribute toward the plan.
3. Range Of Options - After selecting your Core Benefits, you can offer: Dental, Vision, Short and Long Term Disability, Group Term Life Insurance, Accident Insurance, Hospital Reimbursement plans, Critical Illness, 401k, and more. You will be surprised how many employees take advantage of these benefits when made available to them.
4. Administration - Your Benefits Broker can set up a Benefits Admin System that explain the benefits, show the employees their costs for selecting them, calculates payroll deductions and generates reports. Some Benefits Admin Plans have a fee, and some will connect back to payroll and communicate the payroll deductions. You can even use it to help with your hiring process.
5. Additional Benefits - By setting up an expanded benefits plan, the Business and the employees gets some additional benefits that are sometimes overlooked. First, the Company and Employee will pay less in payroll taxes, as many of the premiums are deducted on a pre-tax basis. Next, Employees benefit by getting better benefits and group rates that are not always available on an individual basis.
6. Competitive - Now, all businesses can have a competitive benefits plan with any large corporation. Ask your Benefits Insurance Broker for more information.
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