Being a Competitive Employer: What Types of Insurance Benefits Should You Offer?

When you’re hiring new employees, you want to provide perks and benefits to entice them.

Among the different types of benefits that potential employees look for, insurance is at the top.

To hire the best talent, you have to be competitive in your recruitment, and that includes insurance benefits.

Check the top ten employee benefits to offer your potential new hires.

1. Family and Medical Leave (FMLA)

When you’re looking at the importance of employee benefits, you want to remember the Family and Medical Leave Act.

If you have 50 or more employees, you’re mandated to comply with FMLA laws. This provides job protection and allows employees to take 12 weeks unpaid time off for certain family or medical situations.

2. Health Savings Account (HSA)

An HSA is similar to a personal savings account for health-related costs.

Employees are only eligible for this savings account if they have a high deductible health plan. The bank account is owned by the individual and both employer and employee can contribute to the account.

3. Flexible Spending Account (FSA)

FSA is similar to HSA. Both can be contributed to on a pre-tax basis. Unlike the HSA, the FSA is owned by the employer. Unused funds belong to the employer instead of the employee.

4. Worker’s Compensation

Worker’s compensation covers injuries or illnesses that are work-related. This could be an on-site accident or one that occurs when an individual is going between worksites.

5. Disability Insurance

Not all states require this, but disability insurance is a benefit that you may consider offering your employees.

Unlike worker’s compensation, this covers injuries and illnesses that occur off the clock. This is not the same as Social Security benefits.

6. Critical Illness Insurance

Critical illness insurance can provide coverage to your employees if they are diagnosed with a serious illness. This provides them with the comfort of knowing they will be helped if they do become seriously ill.

Examples of critical illnesses include:

  • Amyotrophic Lateral Sclerosis (ALS)
  • Benign brain tumor
  • End-stage renal cancer
  • Advanced Alzheimer’s Disease
  • Certain types of cancer

Since not all disabilities and illnesses are work-related, it may be a good idea to offer your employees supplemental insurances like this one.

7. Accident Insurance

Accident insurance assists the employee in paying for out of pocket expenses they may have following an accident. Ambulance trip, emergency room care, and exams may be included in this coverage.

8. Accidental Death and Dismemberment

When you’re considering types of employee benefits, you may want to consider accidental death and dismemberment.

With accidental death, insurance companies will pay the beneficiary of the policy. The payout for injuries can cover, but is not limited to, loss of limb, coma, paralysis, or lost vision.

9. Cancer Insurance

Cancer insurance is supplemental insurance that you may want to provide for your employees.

This type of health benefit provides a lump-sum amount to an individual after cancer has been diagnosed. This money will help with healthcare costs.

10. Dental and Vision Insurance

Employees like having dental and vision insurance. When you’re looking at benefits and perks to add to your insurance plan, this should be considered.

Aside from the obvious reasons to have this type of insurance for your employees (healthy eyes and clean teeth), these yearly exams can help prevent or diagnose illnesses and diseases.

You can think of this as preventative care.

What Insurance Benefits Will You Provide for Your Employees?

There is no right or wrong way to put together insurance benefits for your employees. Whether you have a few employees or one hundred, you just need to decide what’s best for your business.

Looking for more business advice? Check out our business blog for everything from legal advice to marketing tips.

Melissa Thompson writes about a wide range of topics, revealing interesting things we didn’t know before. She is a freelance USA Today producer, and a Technorati contributor.