Group insurance plans are the backbone of every employer's benefits package. Wellspring Insurance understands the value of pooling small- to mid-size businesses together for better risk management. Health insurance premiums can be reduced by participating in a group plan where the risk is spread over more individuals, most of whom are generally healthy. Lower risk means lower costs for employers and employees, which is vitally important in this age of increasing healthcare costs. Additionally, employees can use pre-tax dollars to pay their share of the healthcare premiums, which is a distinct advantage over using taxed money to purchase individual healthcare plans. The process for enrollment and annual renewal are also much simpler with a group plan. Premiums are paid automatically by payroll deduction, reducing the administrative burden for both the employer and the employee. Wellspring will work employers to find the most cost effective method for capitalizing on these advantages.
Voluntary benefits are a great way for every employer to add value to its benefits package. These benefits can supplement a core compensation package and include both insurance and non insurance products. Voluntary insurance benefits such as dental, vision, life, short- and long-term disability and accident insurance can be offered to employees at a reduced group rate. Employees, who typically pay 100% of voluntary insurance benefit premiums, can take advantage of automatic payroll deduction and in some cases may use pre-tax dollars for these benefits. Other non insurance benefits are available, too. Employers may choose to provide non-insurance benefits that offer simplicity, convenience and money-saving options in a variety of ways for the employee. Employee discount programs are one example. Employees with access to this type of voluntary benefit can save money on certain goods and services simply because they are employees of the company, often with no cost or premium paid by the employees at all.
Employer-sponsored retirement plans top the list of benefits sought after by job candidates. Offering a retirement plan helps every employer attract and retain great talent, making it more important than ever to offer a retirement savings plan. Experts estimate that American workers will need to save 70% to 90% of their pre-retirement income to maintain their standard of living upon retirement. Lower-income workers may need even more, and an employer-sponsored retirement plan is one of the simplest ways to do that. A variety of plan options are available, ranging from a simple IRA to a 401(k) or 403(b), each of which has its own tax advantages. Recent tax law changes have increased deductible contribution limits for IRAs and 401(k) plans. Plan participants age 50 and older also can save additional amounts to catch up on saving as they near retirement. And all employees can benefit from deferring the tax on contributions until the time of distribution, as well as the tax due on any investment gains.