Many businesses rely on ‘group employee benefits’ to provide employee benefits. While there are many companies that provide these kinds of services to their employees, it is important to understand the details of these programs. In a nutshell, there are five basic types of benefits you should consider for your employee benefit package.

1. Health Insurance

Health insurance is the most basic type of insurance, and state laws require all employers to provide their full-time employees with this type of insurance.. Health insurance companies offer many options, some good, some not so good. It is important to do your research before selecting a company because the right plan can mean the difference between satisfied employees and disgruntled ones.

Many companies choose HSA plans because they come with significantly lower premiums. These plans also allow employees to open up qualifying bank accounts and make contributions to the plan. Contributions that are not used in the calendar year are carried forward to the next year, creating a win-win situation for employees and employers.

2. Vision Plans

These are offered as an additional option to the general health plan, but employers can choose to purchase them as standalone programs. Vision plans provide healthcare companies with reimbursement in exchange for vision services. The best time to use this insurance would be when visiting an optometrist or ophthalmologist for services such as eye checkups, spectacle purchaase, or contact lenses procurement.

3. Dental Coverage

Dental coverage is another insurance that is offered as a secondary benefit to the general health insurance plan. Dental insurance provides patients with insurance for dental care. While many dental plans vary, they mostly cover fillings, endodontics, X-Rays and periodontics. Some plans might cover more extensive procedures such as oral surgery.

4. Group Life Insurance

Employers can purchase life insurance on a group that has a set limit by job. The coverage is economically priced and is available for as long as the individual is employed with the company. Group life programs can be availed in both standalone form and as a part of the entire benefits package.

5. Disability Benefits

This insurance provides support to people who sustain injury or illness during their tenure with the company. When the injury goes so far as to prevent them from working, the disability insurance starts paying a percentage of a disabled person’s paycheck for a certain period of time depending on the insurance.

Short-term periods include a waiting period of 7 to 14 days, while long-term periods can extend for several years. It is obvious that the latter is more popular with employees. In the case of short-term periods, the precise time duration is dependent on a state by state basis. Some states may require short term insurances to be provided for as long as 26 weeks.

The amount of money they receive depends on their role in the organization and which program their company provides.

Are you designing employee benefits plans for your employees, but don’t know where to start? At JS Benefits Group we give you access to experienced professionals to help you design the most efficient employee benefits packages. Learn more by visiting our contact page here.