Employee Benefits Defined
Benefits and perks in the form of non wage compensation in addition to your employees’ salaries are essential for retaining top talent. Some may know this as fringe benefits. Employees rely on their employers to provide benefits that will provide value in their everyday lifestyle. Some of these benefits may include Health, Life, Dental, Vision, or anything you need to provide for your employees and their family. These benefits could be fully or partially covered by the employer.
Job applicants require medical insurance, but may also want a retirement plan and disability insurance. Though retirement plans and paid vacations are not required, many companies are offering them to stay competitive. If you are unable to provide these benefits, you may be sending top candidates out the door before they even begin working. Providing the best benefits will ensure low turnover and your employees will be happier with their career choice.
If you look at the companies rated the best places to work, you’ll see that they offer a wide variety of benefits including daycare, health club memberships, and even tuition reimbursement. If you don’t believe us, we practice what we preach. We were awarded Philly.Com Best Workplaces in 2017. http://www.philly.com/philly/business/workplaces/Top-Workplaces-2017–Small-Companies.html
Whether your business is ready to provide extra fringe benefits, here is our process for helping you find the perfect plan for your business:
Hardenbergh’s Approach To Employee Benefits
The conversation about benefits between you as the employer and your employees may be a touchy subject. Our job is to walk that fine line to make sure that the benefits package is affordable for the employer, and at the same time, beneficial for the employee. We want to offer a competitive package in order to retain and attract the right workforce for your business.
We at Hardenbergh offer strategic solutions after listening to your Insurance needs. Navigating the dense landscape the IRS has paved for business owners can be difficult for employers, so we utilize our extensive resources to create a plan specific to your business. We will help you navigate Federal and State Regulations while also resolving any of your budgeting concerns. As a result, your business and your employees will receive a customized benefits package that aligns with your overall goal.
The legislative arena and the many insurance regulations tied to these laws is changing on a daily basis. We monitor and communicate the impact of these regulations to you. The ERISA requirements on health and welfare plans are complicated and we work to be sure you are compliance with their provisions. We partner with your Human Resource department to efficiently handle HR issues and to allow them to concentrate on your business.
We work with multiple carriers to ensure you the most cost-effective medical, dental, retirement, and life insurance plans. Once a benefits package is designed, the next step is to communicate the benefits package and offer employee support. Hardenbergh assesses the employer’s compliance and make sure what is offered is the best plan according to Federal and State Regulations. If you are a new client, we assess compliance during our strategic consulting before becoming the broker of record.
Creative Benefit Package Solutions
Whether you are a small business or a large organization, our goal is to customize a benefits package tailored to your business. Not every business is the same. What is important to one may not necessarily be important to another.
We go over pain points of some of the benefits you currently provide and see what is working and what doesn’t. The only way to retain the best talent is to help your employees. We have been able to find savings through packaging and working with overlooked aspects like evenly distributing income.
Because Hardenbergh wants to benefit the employees according to their lifestyle. Blue collar workers are not looking for 100k in life insurance. If an employee is single and own a home, perhaps scale back on medical. Companies will come to Hardenbergh and tell us why their current benefits are not working. A common problem is that their current benefits never pay for what it’s suppose to pay for. We listen to the needs and peel back the layers of what you really want in order to give you the best plan.
We understand that employers want to provide something that they can be proud of. As you receive information and read contracts about benefit options, we will be able to help you dig into the details. That way, we can determine what the problems are and create a solution that everyone agrees with at half the cost.
HR & Compliance
At Hardenbergh, we offer solutions through listening to your Insurance needs. Whether budgetary concerns, creative benefit planning sessions or help navigating the dense landscape the IRS has paved for business owners, we can utilize our extensive resources on your behalf. After we help determine what you are looking to accomplish, we can create a solution that will help you navigate Federal and State Regulations while reaching the overall goal, giving your business and your employees a customized benefits package.Here is what you can expect from us:
The most important part of the benefits package is fitting the overall business insurance needs. We will identify potential vendors by basing it on the day to day lifestyles of your business and employees. Because we maintain close relationships with our clients and HR professionals, we can also consult on technology. If your office is spending too much time on a particular task, we can help with that. Although we are not in HR by any means, we are able to bring value to your business by sharing our knowledge and making the connections at our disposal.
The Basics Of Employee Benefits
All plans provide coverage for visits to primary care physicians and specialists, hospitalization and emergency care. Alternative medical care, wellness, prescription, vision and dental care coverage will vary by the plan and employer. Employers are required to provide healthcare to employees who work at least 30 hours per week.
When searching for the right plan for your employees, the terms may be overwhelming. To make it easier, we compiled a list of commonly used terms used for health coverage.
How To Find The Best Benefit Formula For Your Business
Listening to the employer’s needs is important to us. When it comes to budgetary concerns or compliance issues, we want to make sure that you leave with all issues and concerns resolved. By having our close relationships with vendors, we will help you accomplish your goals for your business.
We research the industry standards, legislative updates, audit procedures, carrier complaints, and government compliance. Compliance is an integral part of the process. Between the basics of the ACA, group size, and all of the carrier regulations with the Department of Labor, there are no shortage of requirements. For example, different sized groups have different requirements.
Employee Benefits FAQ
It is very easy to make mistakes even from just a processing standpoint. Errors can cost American taxpayers billions of dollars per year. Hardenbergh will help you navigate the complexities of the ever-changing healthcare system. Some things to consider is the health care reform checklist, diagnosis, whether you own a business, and more. Here are some commonly asked questions that may help you in the process: