What are the 4 Major Types of Employee Benefits?

Quality of Life That Matches Quality of Work

Regardless of industry, the strongest performing and most reputable companies are the ones that value those who work for them. Employee benefit packages make being part of a company more attractive to qualified candidates while maximizing employee morale and retention. However, organizations need to be intentional in offering these packages to comply with certain regulations. As an Atlanta-based CPA accounting firm, provided below is a brief review of the four major types of employee benefits.

4 Major Types of Employee Benefits Explained

1. Medicalatlanta cpa accounting firm

Medical coverage is the most common employee benefit applicants and prospects seek when searching for a job. It is well-known that healthcare can be incredibly expensive for uninsured patients, making employer-provided medical benefits especially valuable to employees. An organization’s employees and—in many cases—their families rely on medical coverage from their employer for health, eye, and dental care.

2. Life

Another term for life insurance is accidental death & dismemberment or AD&D. Commonly offered in benefit packages, life insurance policies enable employees to properly establish coverage for family and beneficiaries in the event of the employee’s death. As unfortunate as the situation may be, this coverage helps support the cost of the funeral and other ongoing expenses.

3. Disability

Injuries can be sustained in any work environment, even for white-collar positions. Disability insurance is available for short-term and long-term instances. This may include covering surgeries, physical therapy, and other medical expenses as a result of a disability.

4. Retirementatlanta cpa accounting firm

It is the end goal for many of us—a happy and fulfilling retirement. Employers can recognize and reward faithful employees by having retirement benefits available. The most common type is a 401(k), which is a policy that allows employees to deduct a portion of their paycheck to contribute toward retirement savings. In many instances, organizations match the dedicated funds, making this a favorable perk. Retirement benefits not only help your organization attract top talent, but they also increase employee retention and loyalty.

Have Peace of Mind with Professional Employee Benefit Plan Services

Considering the United States Department of Labor and the Internal Revenue Service have everchanging regulations, your organization may want to consider employee benefit plan services from a CPA accounting firm. HR managers and plan administrators can offer the best benefits for part-time and full-time employees by reevaluating or establishing benefit packages. The Brooks, McGinnis & Company, LLC Firm is ready to serve your organization by ensuring it meets federal compliance requirements.

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