When we think about employee benefits there are several benefits that come to mind: health insurance, life insurance, retirement plans, paid leave for vacation or illness, and possibly disability insurance. All of these benefits are common to most companies that offer an extended benefit plan to its employees. Employers often select this particular combination of benefits because they feel that they cover the basic concerns and needs of their employees.
Health Insurance
Health insurance is perhaps the most sought after employee benefit in the nation today. This is mostly due to the ever-increasing price of private health care in the United States. Getting individual health insurance is very expensive and beyond what most workers can afford, especially if they have a family or have a preexisting medical condition. To help reduce the cost of purchasing health insurance, employers can buy into a group health care plan that offers the employer a sizable discount if they are able to enroll a large number of employees in the program. Employers can offer to pay all or part of the monthly insurance premium allowing even entry-level employees the opportunity to be covered.
The benefits that health insurance creates for the employer is that is (1) attracts qualified employees, (2) it encourages employee loyalty, (3) it provides employees with a piece of mind that they have coverage in case of a medical emergency, (4) it provides employees with the resources needed for preventative medicine, and (5) it reduces absenteeism due to untreated illnesses or medical conditions.
Optional medical coverage plans like dental and vision can also be added to the standard medical program, or it can be offered as an optional or supplemental option for every employee that qualifies for health insurance.