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With over 76 years of experience, The Jordan Insurance Group is an industry leader in Life Insurance strategies and Employee Benefits. We strive for excellence through our due diligence in selecting products to satisfy our clients’ needs with proven benefit designs and tax strategies. Our Team utilizes a diversified multi-level approach in preserving, protecting and growing wealth for our business and individual clients.
Why you need a review of your employee benefits package
The Jordan Insurance Group, MD, Employee BenefitsOffering an employee benefits package as an employer is a large step towards keeping those employees as happy, as healthy and as motivated as possible. Studies have shown that employee benefits packages are one of the main things that individuals look for before deciding to take a job with any one particular employee. Employee benefits packages maintain high morale throughout those employees, which ultimately keeps them more motivated and allows them to turn out higher quality work. Additionally, employee benefits packages will ultimately pay for themselves, as your employees will be healthier with preventative screenings and routine doctors appointments and will end up making fewer claims in the long run. Offering an employee benefits package isn't the end of the process, however. Your employee health benefits need to be reviewed periodically for a large number of different reasons. For starters, state employee benefits and federal employee benefits are often governed by certain rules that you will have to adhere to as an employer. The Affordable Care Act, for example, has brought into law the idea that you can't just offer any old employee health benefits package and be done with it. Any package that you offer has to meet a certain set of criteria to be considered of high quality or you will be penalized. As that criteria is likely to change over time, you would need to perform a routine audit of the package that you're offering every so often to help make sure that you are always following the most current rules and regulations. Secondly, the needs of your employees are likely to change over time, which will require you to change your employee health benefits, as well. If certain employees underwent major life changes or were diagnosed with certain conditions, you should do your best to make sure that your health package is providing the type of care they need. Additionally, if an employee with a certain type of condition left the company, you wouldn't necessarily need to offer those types of benefits any longer. You could make the appropriate changes and possibly decrease the overall cost of healthcare for your business. Content provided by Transformer Marketing.
William Jordan
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