Employee Benefits Quote Forms
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Employee Benefits Information
Employee benefits are a crucial element of your business as they can significantly impact your employees’ well-being. There are some coverages that employers are required to offer by law and some that can only make your package more appealing. Our agents at Poteet & Poteet, LLC are here to assist you in creating a perfect package to offer your employees.
Types of Employee Benefits
Certain employee benefits may be required by law. An agent can help you understand which benefits your company must provide to remain in compliance with current federal and state laws that apply to your organization.
The following are the coverage you can provide to your employees:
- Health insurance is required by federal law if your company has 50 or more full-time employees and is classified as an applicable large employer (ALE).
- Vision plans or dental insurance may be offered as an optional addition to health insurance.
- Retirement plan options may include a 401(k) plan, Roth 401(k) plan, defined benefit pension plan, 403(b) plan, 457 plan, Savings Incentive Match Plan for Employees (SIMPLE) IRA or Simplified Employee Pension (SEP) IRA plan.
- Life insurance may be available for employee purchase with a rider for family members. Employers often provide a life insurance policy with a face value equal to an employee’s annual salary.
- Paid holiday leave, vacation days and other paid time off (PTO), bereavement, medical, and maternity/paternity leave.
- Wellness programs may include gym membership reimbursement, smoking cessation programs, lifestyle and behavioral coaching and more.
- Supplemental insurance may include critical illness insurance, accident insurance, hospital indemnity insurance and more.
- Child care/dependent care benefits may consist of on-site childcare or reimbursement for a portion of child care costs. Many companies provide access to childcare reimbursement through a tax-deductible dependent care flexible spending account (FSA).
- Employee assistance programs (EAPs) typically offer specific types of assistance for employees, including tax planning, financial planning, mental health counseling, drug and alcohol counseling and other kinds of support.
- A health savings account (HSA) may be offered to employees with a high-deductible health plan per IRS guidelines. Employees decide how much money they’ll contribute pre-tax out of their paycheck. HSA funds can be used to pay qualified healthcare expenses from one year to the next.
Start Offering Employee Benefits
Our agents at Poteet & Poteet, LLC are here to help you navigate your employee benefits options. No package is the same, just like your employees’ needs. Reach out to get started with benefits today.
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