Tailored Corporate Benefits
Benefits Consulting
The advantages of offering health benefits to your employees
Benefits are a critical piece of an employee compensation package, and healthcare benefits are often the crown jewel. Health care benefits, along with time-off benefits, are usually the most popular of benefits to employees.
Every employer must at least consider whether to offer these types of benefits and in some cases, employers must offer health care in order to remain competitive with other businesses for the most talented employees and avoid penalties imposed by health care reform.
After salary, healthcare benefits are one of the most powerful tools for attracting and retaining employees.
Ultimately, offering robust health benefits in a cost-effective manner is one of the strongest incentives for attracting and retaining the best workers.
ATTRACT
Attract and retain the most qualified employees.
Whether health insurance is absolutely necessary to attract and retain the most qualified employees will depend upon factors such as whether your competitors or other similarly sized employers in your area are offering health insurance.
TAXES
Gain tax advantages.
You can offer employees something that increases their compensation package and yet allows you an income tax deduction for the contribution so that your out-of-pocket cost is less than the value of the benefit to the employee.
If eligible self-employed individuals can deduct 100 percent of their health insurance premium costs as a business expense. You can always deduct 100 percent of premiums for your employees. If the business is incorporated, all costs for your own insurance as well as your employees are generally deductible.
Here are all the tax savings you get by offering group health insurance:
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Employer contributions are generally tax-deductible
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payroll taxes are reduced by 7.65 percent of premiums for employees
Paying for health benefits instead of higher salaries can also save you money because you don’t pay payroll taxes and workers compensation premiums on money used towards health benefits.
HAPPY
It makes your employees happy
Employees said health insurance is, by far, the most important benefit they receive from their employer. That’s why employers should offer health insurance as their first company benefit, then add on additional benefits over time.
If health benefits are a top priority for your employees, it should be a top priority for you. Offering it can help with recruiting and entice them to stay longer at your company.
The top three benefits that make employees the most satisfied.
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Health insurance
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Vacation and PTO
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Pension plans, 401(k) & other retirement plans
MORALE
It helps boost employee productivity
Based on my experience, I have seen that employers offering health insurance has led to higher productivity levels
As an employer, you want your employees to focus on being their best productive, and successful selves at work.
Insurance plans offer preventative care that can keep employees healthy and working.
If employees don't get preventative care and yearly physicals (which they might not do if they don't have insurance), you could end up having more employees out for long periods of time with serious illnesses.
What we do
Jonathan offers a robust program of benefits strategies
We offer employer-sponsored health plans providing full medical benefits coverage. The challenge in today’s market is acquiring and maintaining a quality benefits package that is economically viable. Regulatory complexity can add to your overhead expense and consequently your bottom line.
At Benegenie we implement an annual review process that maintains the most thorough and diligent examination of your benefits. We focus on a variety of health plans that have the potential to help control costs. we work with the leading carriers throughout the nation.
We focus on the following strategies:
"We strive to provide our clients peace of mind knowing that any recommendation we make is appropriate for your company and your employees"- Jonathan
level-funded plans
A level-funded plan is a type of self-funded plan in which the employer contributes a steady monthly payment to cover costs for administration, claims payments, and stop-loss insurance. Level funding has its advantages when compared to fully insured plans and programs.
traditional fully insured plans
A fully insured health plan is a traditional type of insurance option sponsored by an employer. The employer pays monthly and yearly premiums to the insurance company, with fixed annual amounts based on how many employees are enrolled in the health plan.
health reimbursement
arrangement
Health Reimbursement Arrangements (HRAs) are employer-funded group health plans from which employees are reimbursed tax-free for qualified medical expenses up to a fixed dollar amount per year. Unused amounts may be rolled over to be used in subsequent years. The employer funds and owns the arrangement.
health savings accounts
A type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. By using untaxed dollars in a Health Savings Account (HSA) to pay for deductibles, copayments, coinsurance, and some other expenses, you may be able to lower your overall health care costs. HSA funds generally may not be used to pay premiums.
