IMOR Financial - Group Benefits & Small Business

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Long-Term Care Insurance

Group Benefits & Small Business

Running a small business is about efficiency. You can determine the success of your business by making changes that have substantial impact on the financial side. Small business owners have many responsibilities, and finding the time to research and manage employee benefits is not an easy task.

Therefore, it is not surprising that small business employers are not exactly on top of the insurance needs of their employees or even familiar with benefits they could offer beyond the traditional health insurance. One way to do this is by making modifications to the employee benefits package to fit their needs. Examine your company’s benefits and find new ways to make them more appealing. Employee benefits are a major component of any successful business.

There is a definite gap of what the employer thinks and what the employees value. For example, 47% of business employees say they value non-medical insurance benefits almost twice as much as the employer believes they do. Also, 40-49% of small business employees are interested in adding insurance benefits, such as life insurance, disability, and critical illness if they have access.

So, the questions remains, “How do small business employers go about attracting and retaining talent if their benefit packages are short of the expectations and needs of the employees”?"This is where voluntary benefits help.

What are voluntary benefits and how do they work?
Voluntary benefits allow the employer and employee to fill gaps that they have in existing benefit packages and include options for life insurance, short term disability, dental, and more. Employees can purchase these insurance products through their employer at a lower rate than they could purchase them on their own at no cost to the employer. They also gain flexibility of choosing the benefits that are wanted and needed based on their budget and family.

Voluntary benefits provide a financial safety net for both employees and employers. Many of the benefits can help reduce payroll taxes, group rates, payroll deduction, and possible portability making volunteer benefits more attractive to everyone. Employers have an opportunity to strengthen benefit packages at little or no extra cost while also reducing the high out-of-pocket costs of providing regular or group plans.

Insurance carriers can take on the responsibility of educating employees, and that is another bonus for employers. We regularly have counseling sessions to help employees make informed decisions about the plans that are right for their needs. Carriers also take enrollment and administration off of an employer's plate. Small business owners provide a direct line of communication between the insurance carrier and employees so that they don't need to get bogged down in plan selection or the administration of the benefits.

In today’s business world, potential employees choose employers who will provide them with the security they need rather than a higher salary. It does not matter the size of your plan. If you provide the core benefits of health, dental, and vision insurance with the right optional benefits, more qualified candidates will look to work with your company versus another.

Showing that you (the employer) care about your employees can go a long way when you offer the right benefits.

To get more information about voluntary benefits and providing group coverage, email Vickie at This email address is being protected from spambots. You need JavaScript enabled to view it. or call her at 717-790-2171.


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