Employers purchase benefits to attract and retain quality employees. Benefits can divided into two broad categories, regular group benefits and voluntary benefits. Regular benefits require a percentage of eligible employees to purchase coverage. Typically it is 75% of eligible employees. These benefits include medical, life, dental short term and long term disability. The carriers will also require that the employer pay a portion of the premiums to make the coverage more affordable and to increase the number of people covered.
Voluntary benefits include life insurance, dental, vision, short and long term disability coverage. Most carriers require a certain number of employees to purchase coverage. Typically this coverage is not available away from the employer. Other advantages of this coverage is that it typically requires little or no medical information to be revealed to get coverage. The coverage may or may not be continued after the employee retires or leaves.
Many employee premiums can be paid using before tax dollars by using a simple and legal technique. Employer premiums are generally fully tax deductible.
Effective employee benefit planning takes experience to maneuver the plethora of options available today. A true one size fits all solution is not available. We use multiple companies to maintain the best premium for the coverage desired as well as maximum flexibility for the employer and employee.
Bruce Kantor wrote his first employee benefit package in 1970 shortly after entering the insurance business. Everything has changed but the mission remains the same: Attract and retain high quality employees.