Employee Benefits in Cranston, RI
As an employer, you have a significant amount of responsibility for the well-being of your workers—something employee benefits can help with. Benefits can also be a great way to attract and retain talent and stand out from competitors. Offering a robust benefits plan shows you are invested in your employees’ health, happiness and future.
What Is Employee Benefits Coverage?
Employee benefits are compensation for employees in addition to their base pay. Some common employee benefits include family and medical leave, health insurance, vision insurance, dental insurance and disability insurance. Employers should understand how these benefits can help their employees and their company as a whole.
How Does Employee Health Insurance Work?
Health insurance plans provided by employers are often called group insurance plans. Organizations typically purchase and set up group health insurance plans to benefit their employees. Usually, a certain percentage of the organization must opt into the plan. Employees can accept or decline coverage when an organization offers group health insurance. Plan premiums are split between the organization and its employees, with the employer typically paying most of the costs. Coverage may also extend to an employee’s immediate family and/or dependents for an added cost, depending on the policy.
What’s Including in Employee Benefits?
The following are common coverages that may be included in an employee benefits package:
- Health insurance
- Vision insurance
- Dental insurance
- Retirement benefits
- Life insurance
- Disability insurance
When Do Health Insurance Benefits Start?
Some businesses immediately offer employees benefits, while others may have a waiting period. Generally, it is up to you as the employer to decide exactly when coverage will take effect; however, under the Affordable Care Act, certain employers must provide coverage within a specific time frame.
Contact Cormack-Routhier Agency, Inc. to build a benefits package to add value to your current compensation plan.