Affordable Benefit Options for Micro Employers
Posted: May 26, 2016
According to a report on “The Role of Microbusinesses in the Economy” published by the US Small Business Administration (SBA) approximately 75% of all U.S. private sector businesses in 2013 were classified as Micro-Employers, companies with less than 10 employees. Some estimates put the number of U.S. companies that fall into this category at 4.6 million and of these roughly 2.6 million of these do not offer traditional employer sponsored health insurance with a majority of business owners citing costs as the primary reason. In lieu of offering health insurance to their employees, many of these employers choose instead to offer supplemental benefits as an affordable means to attract and retain talented employees while leveling the playing field with larger companies and competitors at the same time.
Some of the most popular supplemental insurance includes:
- Life Insurance
- Dental Insurance
- Vision Insurance
- Disability Income Insurance
- Critical Illness Insurance
- Accident Coverage Insurance
Employer contributions can vary as needed and employees have the ability to pay for their portion of the premiums on a pre-tax basis. This can be a true win-win for both the employer and the employee. For the company this flexible approach helps keep the company competitive and the staff happy while minimizing company costs. Employees are able to select coverage according to their need and at affordable rates while buying coverage in a more convenient way than purchasing plans independently.
Whether your company is large or small you should consider supplemental coverage as a way to differentiate yourself from your competition. IIG would be happy to explain this approach in more detail and help you explore options that would benefit your company and your employees.
Employers, Join us for Stop & Think Lunch Edition: The Value of Supplemental Insurance, a Financial Safety Net for Your Employees on Thursday, June 16 at 11:30 AM. Online Registration through our Events Page required. Just 18 seats available!