What Are the 4 Major Types of Employee Benefits?

October 18, 2019

To attract the best employees to work for your company, you need to offer valuable benefits. Employees have come to expect certain perks. In the event you do not offer one or several of these benefits, then you need to talk to your Los Angeles accounting professional to find the funds so that you can incorporate them soon.

Health Insurance

Many Americans get healthcare coverage through their jobs. You should offer a comprehensive package that includes prescriptions, vision care and dental work. With a high-quality healthcare package, employees have peace of mind when they get sick. Additionally, they will be able to seek preventive care, so they will not have to miss as much time off work for illness and injuries.

Disability

Any accountant service in Los Angeles will tell you to provide disability coverage for your employees. Even if the industry you are in is not overly dangerous, employees can still sustain injuries. Both short-term and long-term disability insurance ensures your employees are cared for if they ever get hurt or have to undergo surgery.

Retirement

Your Encino accountant can tell you which retirement plan is best for your business. Most companies will want a 401(k) where employees can deduct a percentage of their paychecks to go into a retirement account. You can boost this benefit by matching each employee’s deductions. That way your employees can retire and enjoy their golden years in peace.

Life Insurance

In the event an employee passes away, a life insurance policy can help the employee’s family pay for funeral costs and additional ongoing expenses. When you set up this coverage, you want to make sure each employee has selected a beneficiary. It will save you a lot of legal hassle if this coverage ever needs to come into play.

When you offer all four benefits, employees will be more likely to stick around because they do not want to give up these perks. Contact an accountant today to learn more about how you can enhance your company’s benefits.