Page 42 - Delaware Medical Journal - July/August 2020
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WORKSITE BENEFITS:
Offer Employees More Options While Containing Costs
There is no absolute minimum number of
program, although most vendors will
begin offering a package to groups with
participation requirements will vary based on the number of eligible employees and the type of products offered.
COMMON WORKSITE BENEFIT OPTIONS
Although there are more than a couple of
available to most employers, these are the programs offered most commonly and most needed by employees:
Life Insurance: Term Life is the most common type of life insurance program policies are usually offered to all employees, regardless of health, up to certain guaranteed issue limits. Once the guaranteed issue limits are reached (based on group size and other factors), an employee can purchase higher amounts, subject to underwriting (health questions). Permanent forms of life insurance, such as Whole Life and Universal Life are also available, although their costs are higher than the cost for Term Life insurance. Unlike Term Life, however, both Whole Life and Universal help employees decide which is best for their
Disability Insurance: After good medical insurance, income replacement (or, more commonly, disability coverage) is the next most important insurance for most people to ensure they are adequately protected. Both short-term and long-term disability products are typically available, as is supplemental disability insurance.
Accident Insurance: Expenses build quickly with an accident and this policy provides type of insurance are typically paid based
Sharon Ruth
W effective way for employees to pay for a wide range of expenses not covered
As a business owner, the ability to
carefully chosen, employee-paid, voluntary
critical talent, enabling you to successfully grow your business.
As insurance premiums continue to rise
deductible and co-insurance levels, worksite
coverage levels they need. Whether your company is large or small, there is a providing additional coverage and protection
demographics of your practice’s workforce.
There are many advantages of worksite
employees at little or no cost to the company (employers can pay none or any part of the cost). Employees are presented with a portfolio of products to supplement the traditional medical, dental, vision, life, and disability programs that make up the employer’s core package is an effective way for businesses to recruit and retain employees. For employees, additional products at lower prices than what they would pay if they had to obtain them on their own. Additionally, since premiums can usually be paid via payroll, pre-tax dollars can providing the employee with even greater savings.
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Del Med J | July/August 2020 | Vol. 92 | No. 4
