According to a recent post by PlanSponsor, the Employee Benefit Research Institute (EBRI) conducted a study that explores workers’ preferences for employer-sponsored benefits. EBRI concluded that companies with employer-sponsored health plans have a stark advantage over the companies that do not offer these benefits.
Companies are continuing to understand the true value of an employer-sponsored benefit plan. Recently, we have seen companies who had disbanded their plan or didn’t have one, make the decision to offer their employees a benefit package.
Employers recognize that the need to attract new and retain existing employees is significantly impacted by a strong employee benefits package. At the heart of a benefits package is a medical plan, though ancillary packages are just as important for employees’ overall health and satisfaction. An ancillary package usually consists of Dental, Life, Vision, and Disability. With these, an employer can decide to contribute to the cost or offer as a voluntary option. The important factor is to offer these benefits to employees and give them the choice to elect coverage. In addition to these, you may also see companies offering products like LifeLock or Telemedicine services.
Employers should consult with their broker when designing a benefits package to ensure the right package is developed for each company with their budget.
If you have any questions, reach out to one of Cornerstone’s Employee Benefits experts.