The employee benefits landscape is changing dramatically, causing employees to utilize worksite benefits to enhance their employer-paid offerings. Worksite benefits represent a new trend in employee benefits for employers who want to offer their employees a wide range of care options while preventing personal costs from skyrocketing. Should an unexpected medical event arise, these benefits allow employees to access coverage for critical illness, hospital indemnity, accident plans, and more.
Even when companies offer comprehensive benefits packages, most medical plans have high deductibles and copays, meaning that employees could still spend excess money due to an illness or accident. Worksite benefits offer a lower-cost alternative to covering employees’ health care costs. The costs of these new products are modest, with a weekly cost typically below ten dollars. Additionally, they are usually a pre-tax deduction, which drops out of pocket costs by approximately 30%. These discounts also succeed in benefitting the company by cutting FICA tax contributions and, as a result, reducing corporate taxes.
Your primary assets are your valued employees, and the best way to improve company performance is to keep them happy and in good financial shape. By having the right benefits in place, your company can create a happier, healthier workforce and take a crucial step towards achieving this goal.