Florida Business Employee Benefits

Florida Employee Benefits Insurance Plans

Employee benefits typically refer to such programs in the insurance industry as health insurance, life insurance, disability insurance, dental & vision and retirement plans. Benefits have become increasingly expensive for business owners to provide employees, while the range and options of benefits have decreased due to costs.

Benefit plans are a form of value added other than payment, which are provided to your employees in return for their contribution to the business. They can be paid fully by the business owner, partially payed by the owner or paid in full by the employee.

Pension Plans

An employee retirement plan for small businesses is easy to establish and run. Employer contributions are generally tax-deductible. A small business retirement plans usually require less paperwork than traditional pension plans and may help you draw employees and retain current employees.

While there are several types of employee retirement plans available many are relatively low-cost and easy to set up and administer.

Health Insurance

Group health insurance is coverage offered to a group, by an employer, to the employees of the business. These plans spread the cost among all the employees enrolled in the plan, enabling most plans to cost typically less per employee, plus offer a wider range of coverage than an individual health insurance plan may provide.

Group Health Indemnity Insurances

Group indemnity health insurance plans are also called fee-for-service. With these plans, the individual in the group pays a pre-determined percentage of the cost of the health care services provided. The insurance company pays the other percentage and offer individuals the freedom to choose their health care professionals.

The fees for each service are defined by the policy and varies from company to company. Rather than paying the hospital or a physician, they make payments directly to you. They pay only a preset amount of money each day you are in the hospital or for a specific procedure. This type of plan should never be confused with true health insurance plans due to the limited amount of coverage and payment they provide.

Group Accident Insurance

The group accident plan is similar to the health indemnity plan, in that it will pay a fixed amount per injury and depending on the plan may cover employees for on the job only, off the job only or both.

Group Short Term Disability

Group short term disability insurance usually had a 0 to 30 day elimination period (this is the time you must wait before benefits begins) and between a 6 months to 1 year period of paid benefits. This means that benefits will begin after the elimination period is met and payable for the term of the policy for an injury or an illness to an employee. Group short term coverage can pay the benefits during the waiting period for a long term policy to begin.

Group Long Term Disability

Group long term disability policies are usually designed to begin paying employees benefits after 30, 60, 90, 180 or even 365 days (the longer the elimination period the less the policy will cost) and will pay benefits to the employee for a periods of 2 years 5 years, or until age 65 depending on the plan that has been chosen. Group long term disability insurance is the type of coverage that can truly save an employee from facing complete financial ruin.

Group Dental & Vision

Dental & vision insurance is one of the most desired and sought after employee benefit. On average 70% of employees questioned rate dental insurance as an important benefit only health insurance is considered more important.

Employers by keep your employees teeth healthy you will reduce future costly procedures for your employees and missed hours from work due to better health.

Group Life Insurance

Group Life is designed to cover the lives of some or all of your employees of the business or association.

The business owning the master group policy is the employer or association. The insured person may get a copy of the policy as a employee benefit, it can be partially paid by the employer or pay for it directly or as a member. The employee may name their own beneficiary and are issued a certificate as part of the group.

Group life insurance is based on the risk characteristics of the whole group, without the underwriting for each employee member, assuming that some employees of the group would be better risks then others. This will often produce savings for the employee members since it lowers the cost of underwriting and issuing the policy.

Don't put off having the protection your need and want because you thought the coverage was unaffordable. Stop hesitating, contact Florida Affordable Insurance today, by phone or click on any of our contact links throughout our site, your employees will be happy you did.

If you are not happy with the employee benefit plan you currently have in place for your employees or would like to reward your employees with a benefits package contact Florida Affordable Insurance today, by phone or click on any of our contact links throughout our site, you will be happy you did and so will your employees.