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According to the AARP, 39% of employees have nothing saved for emergencies and 20% have nothing in their retirement accounts. A few great ways for employers to assist employees are auto-enrolled retirementplans and increasing 401(k) contributions.
There are four major types of employee benefits many employers offer: medical insurance, life insurance, disability insurance, and retirementplans. Accident insurance helps employees pay for the medical and out-of-pocketcosts that you may incur after an accidental injury. Retirement. Medical Insurance.
Fringe benefits generally cover needs such as: Health and wellness Retirementplanning Time off and vacation Financial offerings Work-life balance Company-sponsored fixtures and events Professional development Let’s take a look at what’s included in each category. However, there are a few categories into which they usually fall.
Health insurance plans typically do not include coverage for dental care or vision care, although pediatric dental care may be included. This can leave workers with many out-of-pocketcosts. Vision Center says that standard glasses usually cost up to $600, and that’s without name brand frames. RetirementPlans.
Mistake 2: Not offering quality benefits (or controlling its costs). Health care and retirementplans are now a common incentive and any growing business not offering these benefits are at a major disadvantage,” says Sorrells. Typically, companies with more employees receive lower rates on their group plan.
With political campaigns often influencing policy proposals from healthcare to retirementplans, this episode dives into what employers and professionals can expect and how they can prepare for potential changes. Keep reading and check out our podcast episode below to learn more.
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