Prepaid Legal Services
The employer contracts with a law firm to offer legal services to its employees at a nominal fee. The provision of this service helps the company's staff with any legal issues and reduces lost productivity due to employees needing to address legal matters during working hours.
Group Long-Term Care Insurance
Coverage provisions are similar to those of individual policies. Economies of scale make the coverage somewhat less expensive than if it were purchased on an individual basis and such coverage if often portable when one leaves the company.
This form of health insurance is quite common amongst employers and is a powerful employee retention tool. Such policies cover normal dental maintenance costs (cleanings) and more commonplace procedures such as root canal and orthodontia. Pricing may be on a per-service or usual-and-customary basis. Most plans carry a deductible and some coinsurance provision with some more generous to the employee than others. Most, if not all, have maximum annual benefit amounts usually not exceeding $2,000.
A relatively new benefit, such insurance covers routine eye exam charges, but not for corrective lenses.
The range of benefit offerings at companies is growing as the need for skilled employees is becoming ever greater a challenge given the dearth of qualified people. This section has discussed some of the more common benefits beyond the traditional health and retirement plans. Cafeteria plans, whilst complex and expensive, would appear to be consistent with the trend amongst larger employers to afford employees greater flexibility and manage their own benefit costs more effectively.
Financial AdvisorHow to use and design cash value life insurance plans as an incentive to help attract and retain key employees.
TaxesLearn about section 125 cafeteria plans, who is allowed to use one, how it works, the benefits it provides, and how to set one up.
InsuranceChoosing employee benefits involves weighing the probability you will need them against taxes and cost.
InsuranceFind out why 98% of employees are missing out on some great benefits.
RetirementThese plans aren't widely used, but they fill a specific niche for employees in certain situations.
InsuranceUnderstanding how split dollar life insurance plans are designed and what tax regulations they must follow.
Financial AdvisorWhile this strategy does have a few advantages, it can also pose some substantial risks to employees.
Financial AdvisorWith companies trying to pass on more costs to employees, making the right choices during open enrollment is more important than ever.
RetirementThe more that employees know about their employee 401(k) plans, the better. But what doesn't your administrator know?
RetirementUnderstand the unique benefits that come with a small business offering a retirement savings plan such as a 401(k) to current and future employees.