What are the Four Major Types of Employee Benefits?

Employees are the backbone of a business

Employees are the backbone of a business. An excellent employee benefits package is one way to recruit employees and retain them as well. If you have a startup business or you want to enhance your current benefits package, you should first start by understanding the four major types of employee benefits. Keep reading to learn more!

1) Medical Insurance

Medical insurance plans cover hospital and doctor visits as well as surgeries and prescriptions. Vision and dental care are also part of medical insurance. As an employer, you’re responsible for paying a portion of your employees’ premium.

2) Life Insurance

If in the unfortunate event that your employee passes, life insurance helps to provide financial payments to that employee’s desired beneficiaries. These benefits not only cover funeral costs, but they also help to offset ongoing living expenses as well.

3) Disability Insurance

Your employees have the option of choosing short or long term disability insurance. If your employee becomes injured on the job or suffering from a lengthy illness, then your employee can still be paid a certain percentage of their paycheck while they’re trying to recover.

4) Retirement Benefits

A 401(k) plan is the number one choice for retirement plans. Employees have a certain amount of money deducted from their paycheck that goes towards their retirement savings. Top Employers match a certain percentage of whatever the deduction amount is.

What’s the Big Deal About Employee Benefits?

Life comes with abrupt changes. You and your employees should have a chance of being prepared for life’s unexpected turns. If an employee becomes sick, then they should feel entirely confident knowing that they can recover fully without breaking their bank. If something devastating happens, a life insurance policy can bring some solace to loved ones. Accidents on the job are not as rare as everyone assumes, therefore, not only do employees need the time to become well again, but they deserve to not be in financial detriment.

Finally, retirement is a significant concern in the United States. With social security depleting, people are looking for alternative ways to be financially secure. People take on extra jobs, invest in stocks, and put money in a 401(k). Want your employees satisfied? Partner with Malden Solutions so that we can discuss what employee benefit is best for your team.

Partner with Malden Solutions Today

Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business.  Stay connected with us on Twitter,Facebook, and Linkedin.

This entry was posted on Friday, July 19th, 2019 at 9:43 am. Both comments and pings are currently closed.