Supplemental Employee Benefits – What exactly are they and should we be looking at them for our Business?

Why do employees want to work for you?  More importantly, why do they want to stay?  If you have as little as one employee, you should be thinking about benefits.  We offer a variety of benefits with our Gusto payroll system, but one additional benefit you can offer, at LITTLE TO NO COST to the business, is Supplemental Employee Benefits.  Let’s take a look at what you can do for your employees:

Accident, Cancer, Critical Illness, Hospital Indemnity, Disability, Life

Benefit to Employers

Employers who offer supplemental benefits provide a valuable financial safety net to their employees.  Offering these products allows you to enhance your current benefit package at little to no cost to the business, and gives your employees a wide array of options to choose from to help protect their financial security.  It takes the burden off of the employer to make difficult decisions on whether or not to financially assist employees through a difficult financial time, caused by injury or illness.

Offering supplemental benefits can help reduce worker’s compensation experience and assist you in attracting and retaining quality employees. There can also be some payroll tax savings when combined with a Section 125 plan.  When employers make supplemental coverages available at the workplace, employees respond favorably toward their employer.  It is truly a win-win situation for both parties.

Benefit to Employees

Supplemental benefits provide cash directly to your employees when an unforeseen accident or illness strikes an employee or one of their family members. Payments can be used to pay non-medical expenses in addition to deductibles and co-pays.  Benefits are payable over and above any other insurance they may have, including group medical.  (No coordination of benefits required).  These cash payments assist your employees in dealing with out-of-pocket costs and loss of income.  Since most employees today live on virtually 100% of their paycheck, any unexpected, sudden reduction in income can have serious consequences to their lifestyle.  Even with disability coverage, families can experience a severe hardship when they are unable to work due to an injury or illness.  Many times, it is a family member who is injured or sick, and this is not covered under the employee’s disability plan.  Having a menu of supplemental benefits to choose from allows you to customize your benefit package to meet your employee’s family’s specific needs and concerns.

For Hampton Roads Accounting Clients, we have a special agent standing by to discuss your particular needs and see how Supplemental Employee Benefits can be offered in your company.

To get started, call Tammy at 757-499-1880 or 757-499-3515, and tell her you were referred by Hampton Roads Accounting.