Why are employee benefits important? A robust employee benefits package is a crucial part of retaining employees and maintaining employee satisfaction and overall job satisfaction. Some employees or potential hires are even willing to forgo additional compensation for a better, more comprehensive benefits package!
In addition to base salaries, many employers offer benefit plans (sometimes called “fringe benefits”) to their full-time employees. An online survey conducted by the Alabama Department of Labor found that 81% of all companies offer medical insurance to full-time employees.
Employee benefits include dental, vision, and health insurance, disability insurance, life insurance, retirement benefits and retirement plans, mental healthcare and wellness programs, and even profit sharing. Some of these group insurance options may require employees to opt-in to pay for some or all of the cost; these are known as voluntary benefits. The specific benefits that a company offers will vary depending on the size of the company, the industry, and the location. That’s where our benefit consultants come – we can help craft the best solution for your organization.
Whatever they happen to include, employee benefits are typically discussed during interviews or onboarding and should be clearly outlined in your company’s employee handbook. These benefits are important to employees because they help them to protect their health, save for their future, and balance their work and personal lives.
We know that your employees are important to you. Therefore, taking care of them and providing competitive health benefits is a top priority. Our agency offers the solutions you need to take care of your employees. We have a team of expert consultants ready to help you!
Our goal is simple: to create a benefit solution that promotes the overall health and wellness of your employees and allows you to keep your budget on track and achieve success.
Our strategic approach delivers a comparative analysis. We'll analyze your needs alongside your current program versus the industry standard among similar peer groups. We want you to be well-informed of your options.
Byars|Wright consultants build benefit programs and design plans that enhance your business and fit precisely with your employee demographic. We'll work to help you achieve your goals!
Our team is here to offer your company resources, support, and a reliable partner. We can provide HR guidance, compliance help, and state of the art technology to support your HR professionals.
Through the strength of our partner relationships and by developing alternative cost-containment strategies, we create savings for the employer and employees.
We work to help streamline your benefits implementation. We will simplify onboarding and open enrollment by providing technology and resources to educate and inform employees about your company's benefits.
We love our clients! We're here to serve you and your employees. Our team offers ongoing support to employees and benefits administrators by assisting with claims, billing, and benefit questions.
Whether you’re a large corporation looking to tweak existing employee insurance benefits or a small business owner offering benefits for the first time, we can help you find the perfect fit. We assess eligible expenses and factor employee benefit plans into total compensation costs so your business budget stays on track and you avoid indirect costs and surprises.
Overall, offering competitive employee benefits is a wise investment for companies. It can help to attract top talent, retain employees, and save the company money in the long run.
At the heart of every thriving business is a team that is well-taken care of. Take a look at what we’ll focus on to serve you, your business, and your employees.
Let us help your business and your employees succeed! To explore benefit plans and find the right benefits package for your business, contact the Byars|Wright benefit administration team today.
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When it comes to frequently asked benefit questions or hot topics, our team has the answers. We’re often asked about buzz words, trends in the insurance market, and requirements businesses and employees need to be aware of. Keep reading for a quick glance at a couple of those topics.
Some employee benefit plans also include a flexible spending account. A flexible spending account (or FSA) is an employer-sponsored healthcare benefit that allows employees to set aside money to pay for their healthcare needs. Approximately 25% of Alabama employers offer flexible spending accounts for full-time employees.
A flexible benefits plan allows employees to deduct certain eligible expenses on a pre-tax basis. This helps them save on their income taxes through payroll deductions and insurance premiums. An FSA also allows employees to pay for out-of-pocket expenses with a designated “flex” debit card. This helps them save on out-of-pocket medical expenses. For example, employees decide how much money they would like to load on the card for the upcoming year and that amount is deducted, pre-tax, and loaded onto their card to be used for co-pays, physical therapy, prescription drugs, or other eligible health and wellness products. Plus, employees are now able to roll over up to $500 to the next plan year if they’ve overestimated their out-of-pocket expenses.
We serve organizations with workforces across the United States, so our Employee Benefits team stays up to date on what is required for both employers and employees. We protect our clients with year-round compliance assistance and HR support, staying in line with obligations and deadlines.
Be sure to check out our blog for helpful insurance information and compliance and HR calendars. We keep an updated page with ACA HR Compliance Deadlines you need to know every month. There is also an Annual HR Checklist we suggest reviewing, and you don’t have to wait until year-end!
This depends. Because we have clients across the country, we ensure they’re following all state or federal obligations that apply. We’re keenly aware of how requirements affect benefit programs. Our thoughtful benefit plan design takes this into account.
For example, in Alabama there is no federal or state law requiring employers to pay out an employee’s accrued vacation time, sick leave time, or other paid time off (PTO) when employment is terminated. Additionally, companies with more than 50 employees must offer health insurance benefits of some kind. There is no state law requiring smaller employers (those with fewer than 50 employees) to offer group healthcare insurance to their employees, but most do anyway. However, if and when health insurance is offered, Alabama’s insurance laws require the policies to cover certain mandated benefits.
To learn more about employee benefit changes your business should consider, check out this blog from one of our EB Agents, CJ Jordan or connect with another employee benefits specialist at one of our locations.
Put simply, employees want to feel seen and heard when it comes to what benefits are important to them. If your organization can rise to this challenge, it will build trust and deepen the working relationship.
For guidance creating the perfect employee benefit package, turn to Byars|Wright — Alabama insurance experts since 1946.
