Oftentimes, when businesses think of employee benefits, they’ll think of health insurance and retirement plans. While these are certainly essential when offering employee benefits, there are other overlooked employee benefits every company should consider implementing to save both employers and employees money. Here at The Lambert Agency, we’re able to help companies uncover these valuable, hidden opportunities to build out stronger benefit programs without having to break the budget.
Preventive Wellness Programs
Simple wellness initiatives such as biometric screening, smoking cessation programs, or covering gym membership costs can greatly reduce long-term healthcare costs. A healthier employee means lower claims, fewer sick days, and overall higher productivity.
Why it saves money: Prevention always costs less than the actual treatment of an issue, and insurance carriers will often offer a variety of credits for companies with wellness programs in place for their employees.
Voluntary Benefits
Many employers believe when they add extra benefits to their employee benefits package, it will increase costs. In reality, voluntary benefits such as accident, critical illness, hospital indemnity, or pet insurance are typically employee-paid, with very little or no costs to the company.
Why it saves money: Employees are able to gain access to preferred group pricing, while employers enhance their benefit package at minimal expense.
Employee Assistance Programs (EAPs)
EAPs are great for offering confidential counseling, legal advice, financial planning, and more. They’re typically low-cost add-ons which can have a profoundly positive impact.
Why it saves money: Your employees may be dealing with stress, legal issues, or financial strain. This will often lead to reduced productivity. EAPs help solve problems before they end up becoming workplace challenges.
Telehealth Services
Virtual doctor visits provide an added level of convenience for employees and will reduce unnecessary ER or urgent care trips.
Why it saves money: Telehealth is able to lower claim costs for employers and reduces out-of-pocket costs for employees. At The Lambert Agency, we often recommend carriers that bundle telehealth into their health plans to provide this extra service as a built-in add-on.
Flexible Spending Accounts (FSAs) & Health Savings Accounts (HSAs)
These accounts are great for letting employees set aside pre-tax contributions for healthcare expenses. Employers will benefit too, since the employee contributions will subsequently reduce payroll taxes.
Why it saves money: Employees save on taxes, and employers save 7.65% in payroll taxes on every dollar contributed.
Disability Insurance
Short-term and long-term disability coverage is an often overlooked employee benefit, but it protects employees’ income if they cannot work due to illness or injury.
Why it saves money: Without this level of coverage, employees may turn to workers’ comp or leave programs, both of which can be very costly for employers. Disability benefits are relatively affordable and provide the added peace of mind.
Financial Wellness Programs
Financial wellness workshops can be a great way to encourage your employees to practice healthy financial habits such as budgeting, debt management, or retirement planning; all of which can make a huge difference for your employees’ financial futures.
Why it saves money: Financially healthy employees are often much less stressed, more productive, and less likely to look for another job elsewhere.
Enhance Your Business with Employee Benefits to Help You Stand Out from Your Competitors
Just because you offer excellent employee benefits packages does not mean you have to spend an excessive amount of money on said packages. Through adding often overlooked programs such as EAPs, telehealth, voluntary benefits, and financial wellness tools, businesses just like yours are able to save money, improve employee wellbeing, and strengthen employee retention.
Here at The Lambert Agency, we’re the specialists in designing employee benefit packages to maximize impact without having to overspend. We’ll be happy to help you identify the hidden opportunities to save you money while at the same time help you stand out from the competition. Feel free to contact us using the form below. We’ll be sure to respond to your message as soon as possible. We look forward to hearing from you soon!