What types of employee benefits are available for Oklahoma workers?
Most businesses offer a few different employee benefits. These often include:
- Health Insurance: Most businesses allow most or all employees to join a group health plan. Coverage will generally pay for multiple medical services, from doctors’ visits to prescriptions and hospitalizations. One incentive of group coverage is that it generally helps employees pay a lower premium than they would buying their own policy. That’s because the employer supports part of the overall premium.
- Dental/Vision Coverage: Health insurance usually doesn’t come standard with dental or vision insurance. However, many plans allow participants to add this coverage for a small increase in premium. Otherwise, employers often offer stand-alone coverage for these options.
- Life Insurance: Life insurance helps individuals leave a payout to their loved ones after their deaths. This often provides critical income support to those they leave behind. Many businesses offer their employees supplementary policies alongside their health benefits.
- Retirement Savings: As soon as someone starts working, it is important that they start saving for retirement. Employers often offer various pension and investment options to help workers in this way. For example, employees can often direct a small amount their monthly pay into the retirement account. Many private employers offer 401(k) options, for example.
- Workers’ Compensation: Most states require most or all employers to carry this insurance. It will help employees who get hurt or sick on the job supplement their income. For example, coverage might pay for the injured party’s medical bills and rehab costs. Employers must usually offer workers’ comp coverage regardless of if they were negligent in the person’s injuries.
- Disability Insurance: Should a disabled employee not be able to work, this coverage can help support them. Often, policies cover both long-term and short-term disabilities.
- Time off: Most employers have to offer some or all employees time off work for personal business. For example, most employers must allow workers to take time off while battling a serious illness. Employers generally cannot terminate the person’s employment for this reason.
In many cases, states and the federal government require certain businesses to offer different elements of the above coverage. Work with your insurance provider and human resources manager to determine the appropriate course of action.
Additional Coverage Options
Keep in mind, these aren’t the only benefits you might provide. See if some of the following might benefit your workers. Optional benefits often provide employees with the help and time they need to see to their personal obligations.
- Paid holidays & vacation: Time off work doesn’t have to only come from illness or injury. You can allow workers time off around holidays and vacation. However, you will continue to pay them during this time. They won’t have to worry about long-term income during these times.
- Tuition reimbursement: You might encourage employees to take advantage of continuing education such as graduate school. The results might bring valuable knowledge and skills to your operation. By supporting their tuition costs, you might do the business a favor.
- Travel coverage: Businesses frequently pay the travel expenses of employees traveling for work. You might support hotel bills, food and airfare costs during their trip, for example.
- Flexible spending accounts (FSAs): Even with health insurance, your employees will likely have to pay certain out-of-pocket costs for care. By letting them set up FSAs, you can allow them to divert money into an account they will use specifically for their out-of-pocket costs.
- Employee perks & memberships: You might be able to secure discounted club memberships and support systems for your employees. For example, you might provide them reduced costs on gym membership or health spa enrollment. They can better afford to see to their own needs.
Work with your business manager and your benefits supplier to see which of these items you can afford to provide. You can usually find that offering certain benefits (like holidays) might actually cost you no out-of-pocket costs to support.
For help enrolling in the best employee benefits, come to Insurance One, Inc. Our dedicated agents have the knowledge and experience to help every company enroll in the best benefits package for their unique needs.
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