Employee Benefits in Terms Business Owners Can Appreciate

2009 Benefits Guide
This guide allows business owners to see whether your company is maximizing available health care products in the ever-changing world of employee benefits. The approach here is understandable, since the examples are in terms that everyone can relate to—- Ice Cream!

If you are starting from scratch, be sure to implement these strategies over time, rather than all at once. A trusted insurance broker, who is competent and caring, and understands your needs, will make this journey much more fulfilling. Chocolate, Vanilla and Swirl – plus Strawberry! What flavor is right for you? Take a look at the terms below and decide what blend will work for your unique situation.

Chocolate, Vanilla and Swirl – plus Strawberry

Chocolate: You have funds to lure the best and brightest, how do you maximize your dollar?

Vanilla: You want the best protection for your employees at the lowest cost.

Swirl: You need to be creative in what you choose from the Chocolate menu.

Strawberry: You have no interest in offering a real benefits plan, yet you are willing to offer voluntary plans that pass the smell test.

HINT: You can mix and match to make your own Benefits Sundae.

Chocolate. $$$$
- Health plans that maximize both tax advantaged plans and traditional choices. Employer contribution: 75% EE / 50% Dep. (or more)
- Disability plan, employer-paid, with executive carve out, and business overhead protection for key employees.
- Retirement plan, with match, possibly ESOP.
- Life plan, basic life and voluntary; key man life to protect the business.
- Voluntary (employee-paid) plans (accident, specified illness) that are administered through payroll with minimal effort.
Vanilla. $$
- Basic health plan that covers preventive care, catastrophic loss, and some level of day to day expenses. Employer contribution: 50% EE / 0% Dep.
- Ancillary package including dental, vision and life, which could be employee-paid (voluntary or employer-paid).
- Direct deposit voluntarily from employees to IRA, savings or credit union.
Swirl. $$$
- Upgrade health plan dollars from Vanilla program. Offer one traditional copay plan in HMO and PPO, and one maximized tax-advantaged plan. Employer contribution: 75% EE / 25% Dep.
- Add in disability insurance, either employer-paid or voluntary.
- No match 401k, or safe harbor 401k, if owners are profitable.
- Voluntary (employee-paid) plans (accident, specified illness) that are administered through payroll with minimal effort.
Strawberry. $
- Employer contribution: $10
- Access to government-sponsored programs (MediCal, AIM, Health Families) through community specialist contact.
- Offer TeleDoc, and NurseLines telephononic access systems.
- Offer limited medical plans which are NOT major medical, but help for uninsured who cannot be covered by government programs.
- No match 401k, or safe harbor 401k, if owners are profitable.
- Voluntary (employee-paid) plans (accident, specified illness) that are administered through payroll with minimal effort.