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What Are Employee Benefits?

November 16, 2020 by New City Insurance

generous health benefits can help an employer attract talentsEmployee benefits are important for multiple reasons. As one of the best ways to gain and retain employees, what a company offers in terms of a benefits package matters more than some might think. Second to treating employees well on a personal level, comprehensive benefits show your employees that you care about them and their quality of life both at work and at home.

Types Of Employee Benefits To Consider Offering

401K & Retirement Plans

Everyone wants a dream retirement and that looks different for everyone, if you don’t invest in a retirement plan early on in your career, the idyllic retirement may slip through your fingers. If being able to afford to retire is a concern for you, it is absolutely a concern for your employees.

A 401(k) plan is the most popular retirement plan option and is offered by employers. The employee chooses a percentage of their wages to be automatically deducted and deposited into their account. The employer can match whatever percentage they want of that contribution. Contributions to 401(k) plans are tax-free until they are disbursed, which is usually when the employee retires.

Another common retirement investment plan is an IRA. There are several different types of IRA, including Traditional, Roth, SEP, and SIMPLE. These are tax-advantaged retirement plans and have different tax liabilities. IRA’s have contribution and income limits which are prone to change.

Your New City Employee Benefits Consultant will be able to explain these retirement plan options in more detail and help you decide which is best to offer your employees.

Group Health Insurance

employees can know what benefits they can opt for during the onboarding processOne of the first benefits that employees ask prospective employers about is health care.The costs of healthcare are constantly increasing, and no one is immune, making health insurance a large part of employees’ compensation. It is not uncommon to see people leave better paying jobs for lower pay if the health insurance offering is more robust.

Group health insurance helps businesses cover health care costs for their employees. It is a more affordable option than an individual plan and typically offers medical, dental, and vision. The premiums for group health insurance are paid with pretax dollars, allowing your employees to pay less in taxes. As an employer, your payroll taxes are reduced when you enroll in a group health insurance policy.

There are three types of group health insurance plans. HMO, PPO, and EPO. Each plan has different requirements and premiums attached to it.

PTO

Statistics show that across the board, regardless of industry or job title, the average American is likely to work overtime on any given week. Eventually, employees will need some kind of break. Offering Paid Time Off (PTO) is a very popular incentive that has a lot of benefits for both the employee and employer. The ability to accrue paid time off is an incentive for hard work. Having a bank of PTO also encourages employees to schedule time off instead of calling out, which causes staffing issues.

Wellness Plans

Wellness plans are a more up and coming offering by many employers. In the current social push for preventative services, to include mental health services, wellness plans have exploded in popularity. Similar to PTO, wellness plans go a long way for employee morale. Access encourages employees to be healthier, which results in fewer sick days, more job satisfaction, and increased efficiency.

These plans generally focus on things like weight loss, exercise, cessation of smoking, and wellness assessments. Weight loss and exercise can be turned into competitions, which have the added benefit of social interaction as well. Incentivizing preventative care has the potential to also lower health care costs. This would be especially beneficial for a group health insurance model.

Speak To Experienced Employee Benefits Consultants

employer providing competitive employee benefits is a good way to keep employees happyThe experts at New City Insurance have over 10 years of experience assisting employers like you successfully utilize benefits to increase employee retention and satisfaction. Contact us today to learn how we can set your company’s benefits up to increase employee morale and retention.

Filed Under: Benefits

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Corporate Headquarters 350 10th St, Ste 1000 San Diego, CA 92101
888.210.2759
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Insurance Products

  • Commercial Insurance
  • Pay-As-You-Go Workers Comp
  • Group Health Insurance
  • Workers Comp
  • Self Funding
  • Minimum Essential Coverage

Benefits Consulting

  • 401k & Retirement
  • Benchmarking
  • Executive Benefits
  • Group Health Insurance
  • PEOs
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HR & Technology

  • Benefits Technology
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  • HR Support

Industries

  • Aerospace Industry
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  • Cannabis Industry
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  • Oil & Gas Industry
Google Rating
4.9
New City Insurance
New City Insurance
4.9
Mary Jane Deyette
Mary Jane Deyette
00:57 11 May 20
Jeff Stoltey is so awesome...even thru my company had only two employees, he took the time each year to research and find the best plan for us. The only reason I am leaving New City Insurance is because we no longer have any employees. Thank you Jeff
Tricia DeYoung
Tricia DeYoung
19:49 13 Feb 20
I was very thankful I inquired about this info. with Brendan. He was very helpful so I understand the benefits available much better now. Thank you Brendan.
Alma Ortiz
Alma Ortiz
22:25 23 Feb 20
Brendan was awesome! I couldn't figure out how to pick my plan and he returned my call on a weekend to help me. Outstansing service!
B Bayer
B Bayer
17:43 24 Sep 19
NCI handled almost everything from start to finish. Clayton and Brendan made the plans easy to understand and walked me through the application process. They got me my ID numbers before my cards arrived so that I could keep an appointment I had already scheduled. My last broker wouldn't have done that. 5 stars!
jessica kavanagh
jessica kavanagh
19:53 13 Feb 20
Brendan was so helpful I definitely recommend him if you’re in need of good help and getting it done promptly. Thankyou so much again.
Jessica Lehr
Jessica Lehr
03:36 07 Jun 19
Our staff was interested in a health plan, but we didn't know how beneficial a solid employee benefits package would be for our business to expand. We'd lose prospective employees because they had more options for their medical insurance which was sometimes more valuable than more pay. The New City team was amazing and gave us as many affordable options as possible so that everyone had their needs met.
T W
T W
22:32 30 Aug 20
I love New City Insurance. I never had a good experience dealing with insurance brokers until I started working with Brendan. He’s awesome! He is patient with me and takes the time to answer all my questions. I’m very grateful for all his help and hard work!
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