Employee turnover costs companies millions of dollars in lost productivity. An effective way of having low employee turnover is to have a competitive employee benefits package. Your employees probably don't have private health insurance, nor will they seek any out, so offering them group health benefits is also a way to protect your employees, whom you depend on to sell and produce your products and services.
Health benefits include coverage for prescription drugs (60-80% reimbursement of prescription costs), healthcare phone assistance and coverage for specialists (chiropractors, osteopaths, acupuncturists, psychologists and physiotherapists). Certain drugs are not typically covered by these plans, like birth control pills, fertile drugs or over-the-counter medication.
Health benefits are only part of the equation. You can also add dental coverage, orthotics, life insurance and short-term/long-term disability insurance. Employees will typically pay for part of the costs of this program, though it may be more advantageous for you to front all of the costs from a fiscal standpoint.
At BrokerTeam, our licensed life agents are well versed with the ins and outs of group benefit plans. If you're thinking of offering benefits to your employees, or you're shopping around for a better plan, please contact one of our agents for a free consultation.
We've only scratched the surface here. Don't hesitate to contact a BrokerTeam agent to get more information on group benefits.
These are just a few things to look out for. Call a BrokerTeam life agent today to get all of our recommendations.