Employee benefits are a critical piece of your company’s employee compensation package.
The staple of any benefits package is the health care benefits, often considered the crown jewel of the package.
Healthcare benefits are the most popular benefits along with PTO and time-off benefits for employees.
The Basics of Employee Benefits
The law requires employers to provide employees with certain benefits. You must:
Your business must comply with all state laws regarding workers’ compensation requirements.
Your business must comply with FMLA (the Federal Family and Medical Leave).
Your business must contribute to state short-term disability programs in states where such programs exist.
Your business must give employees time off to vote, serve on a jury, perform military service, and vote.
Your business must pay state and federal unemployment taxes, thus providing benefits for unemployed workers.
Withhold FICA taxes from employees’ paychecks and pay your own portion of FICA taxes, providing employees with retirement and disability benefits.
Should You Offer Employees Health Care Benefits?
Offering health insurance is one of the most beneficial value-added benefits that contribute to high employee job satisfaction according to most surveys.
This is because healthcare products in the United States are so expensive and as my father says “We’re all one medical emergency away from total financial ruin!”
Why are healthcare benefits important to employees?
Many younger employees want to learn the reason healthcare benefits are so important to them.
The reason is because “healthcare cost in 2021” are reaching record levels and without adequate protection, your financial picture can change dramatically.
We are all 1 financial medical emergency away from total financial ruin!
Offering health insurance as an employee benefit is generally one of the simplest but most effective steps you can take to reward and attract talent. Health benefits can also deliver a range of benefits, such as increasing productivity, boosting morale, and helping shape a positive company culture