Use Critical Illness Insurance and Short Term Disability to Improve Employee Benefits Overnight
2 Non-Cost Changes Organizations Can Do to Boost their Employee Perks Over night
Companies today are looking for approaches to improve their employee benefits in the best cost-effective manner and get an edge in recruiting the best talent.
For many HR directors, Office Managers, and Plan Administrators, comparing, understanding, and contrasting many of the new laws (as it applies to employee benefits), policy types, and special plan features are overwhelming and extremely time consuming. Many of the recommended plan types and benefits are not worth the expense.
Here are 2 Fast Ways You Can Improve Your Employee Benefits Ovenight:
1. Offer Short-Term Disability to Your Employees
Short-Term Disability can be a no-cost addition to your benefit package. More importantly, from a financial planning and risk-management mind-set, since a lot of disability-related accidents and sickness are cured before a few months, a Short Term Disability insurance policy is critical in safe guarding your workers' pay check in the event of an critical emergency. Furthermore, each worker can customize the Disability Insurance Plan to fit their distinctive needs and pay for it from their earnings. In addition, many Short-Term Disability Insurance Plans feature a pregnancy perk to help offset the missing compensation from child birth (the Family Medical Leave Act (FMLA) only requires that a birthing mother be provided time off after a birth and ensuring that their position will be available when they get back. - Additionally, under the Family Medical Leave Act the business will NOT have to pay its staff while they are away).
2. Add Critical Illness Benefits
Critical Illness Plans are a different great, no-cost benefit that your personnel will say thanks to you again and again for offering. With Critical Illness plans, the worker pays for only the actual plans which fit their necessities. Essentially, Critical Illness Insurance Plans can fill in the gaps of major healthcare plans. These kinds of policies give money directly to the insured and not to the medical doctor, hospital, or provider. The insured can make use of these funds in any method that they see fit (to pay off monthly power bills, mortgage loan, insurance deductibles, and so on ). The 3 most typical Critical Illiness Insurance: Cancer Insurance, Accident, and Specified Event (Heart Attack). In many cases, people working for themselves, as an independent contractor, or as a 1099 employee can utilize Critical Illness Insurance benefits as well.
Use Critical Illness Insurance and Short Term Disability to Improve Employee Benefits Overnight
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