Amid salary and health care benefit cuts, ancillary benefits such as group dental, life insurance, long-term disability, long-term care benefits and group vision coverage can communicate employers’ concern for their employees as well as serve as recruitment and retention tools.
Funded by the employer, the employee or both, these benefits offer the coverage of multiple providers. Call your LS representative to learn more about this convenient and less expensive option to increase your benefits!
- Life Insurance - Offer your employees group life insurance - an inexpensive benefit that provides the financial security they’re looking for. Life insurance premiums can be deducted up to $50,000 of coverage. Many companies are turning to Voluntary programs where the employee can elect to increase coverage. Many times individual Underwriting will be reduced.
- Long Term Disability - The biggest asset your employees own is their ability to earn money. For most employees, the inability to work would be financially devastating to their family. And for most business owners, who feel a sense of obligation to take care of their employees in times of crises, the problem escalates as the owner needs to satisfy the current work demand and take care of disabled employees. Long Term Disability provides financial confidence for situations like these. In addition, providing Long Term Disability is of significant value to individuals as, the policies to buy coverage on their own can cost as much as an entire group account. Not to mention LTD has very stringent underwriting guidelines.
- Short Term Disability - Short Term Disability fills the gap between Day One of disability and Long Term Disability Benefits. Typically a short term disability contract will cover the first 26 weeks of disability. Unfortunately, many people do not have short term savings in the interim. Short Term Disability can be a wonderful benefit for those who are not as fortunate enough to save.
- Long Term Care *- Long Term Care coverage is and will continue to be one of the most desired benefits in every household across the United States. With our elderly population growing in mass numbers we are seeing first-hand the financial and moral impacts elderly care can have on a family. Plan for your loved-one with a plan to take care of those who are not able to take care of themselves. The Government recognizes the crises we are facing and has addressed the issue through several new tax laws. The new tax laws highly encourage employers to add Long Term Care as a core benefit to the employees. Through a group contract underwriting will be less stringent, and in some cases there may be no underwriting.
- Vision - Often times vision benefits are overlooked, but can provide essential savings for employees. Many of our Health insurance providers can add this benefit on to their coverage at minimal cost. Adding Vision benefits to your portfolio will ensure employees are aware of costs up-front.
- Dental - Dental insurance is also overlooked but should be considered for three key reasons. One, having dental insurance will help employees save costs while visiting the dentist. Two, having a dental benefit will encourage employees to see a dentist regularly. And lastly, having a dental benefit will be perceived as a well-rounded, comprehensive benefit package.