Why Businesses Should Offer Employee Benefits

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Why Businesses Should Offer Employee Benefits
Why
Businesses
Should Offer
Employee
Benefits
Photo ©iStock.com/BCPbenefits”
be designed to protect what’s most
important to you. Here are a few key reasons employee
benefits are a valuable addition to
your business:
Bryce Parisotto (CFP)
Shannon Bennett-Parisotto
(CHS)
Benefits Consulting Plus
1375 Gardiners Road, Suite 101
Kingston
[email protected]
[email protected]
www.bcpbenefits.com
E
mployers investigating a
new employee benefits plan
are often impressed by the
comprehensive insurance
coverage and reasonable cost. From
prescription drug and dental coverage
to life, long-term disability and critical
illness insurance, a benefits plan can
COST-EFFECTIVE: Employee
benefits are a cost-effective way to
provide business owners, employees and
their respective families with insurance
protection. The main reason employee
benefits cost less is due to the risk
spread amongst a group of people. Many
business owners assume group insurance
is too expensive and out of reach, but
coverage can be very affordable. Why
assume benefits are too expensive?
Instead, find a benefits specialist who will
help you design a plan and obtain pricing.
A qualified benefits specialist will offer
this service free of charge without any
obligation to purchase.
TAX EFFICIENT: Group insurance
is a tax efficient way to compensate
your employees. The business is able to
deduct the portion of the premium it paid
on behalf of the employees. In addition,
reimbursed health and dental expenses
are tax-free to the employees.
NON-MEDICAL INSURANCE:
Group insurance can provide coverage
to those who are otherwise not
insurable. That’s right — even people with
a significant health history can often be
covered for prescription drugs and longterm disability insurance through their
benefits plan. ATTRACT AND RETAIN GREAT
EMPLOYEES: Employee turnover costs
a business time and money; keeping good
employees helps grow the bottom line.
Not only is a benefits package an incentive
to stay with an employer but it is also an
excellent way to attract new, high-quality
employees. When a company offers
employee benefits, it becomes a feature
of their job postings. Why? Employers
who offer employee benefits know its
effectiveness in attracting new talent.
As in any industry, employee benefits
are continuously evolving. Small and
medium-sized businesses now have
more plan design, administration and
funding options than ever before.
Evolution enhances the need to review
your plan and its overall design. If it’s
been three years or longer since your last
review, then it’s time! A simple review can
help ensure you understand the options
you currently have and guarantee your
plan keeps pace with the latest trends.
Watch for next issue’s article when we
review the different ways individual
insurance can complement your group
benefits package.
Benefits Consulting Plus Inc is an independent employee
benefits and insurance advisory firm. Bryce Parisotto,
CFP, works with local businesses to design and implement
tailor-made employee benefits solutions. Shannon BennettParisotto, CHS, has 15 years of specialized knowledge with
life, disability and critical illness insurance and works with
clients on their personal and corporate insurance planning.

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