Flexible Benefit Plans
Choose the flexible benefit plans that work for your business
Health Savings Account
Give your employees the option to save for medical expenses with tax-free contributions
- Funded by employer and/or employee
- Must be linked to a qualified high-deductible health plan
- Account is portable if employee changes jobs or retires
- Funds can accumulate over time and don't have to be spent by year end
- Savings earn interest
- Easy to use with an HSA debit card
Flexible Spending Account
Offer your employees options to pay for health and dependent care
- Fully funded by employee
- Account isn't portable if employee changes jobs or retires
- $500 carryover available
- Easy to use with an FSA debit card
Health Reimbursement Arrangement
Give your employees additional health coverage flexibility while you decide which expenses to cover
- Funded by employer
- May be offered with a high-deductible health plan or alone
- Account isn't portable if employee changes jobs or retires
- Balances roll over at year end
- Balances don't earn interest
Manage COBRA benefits for former employees with ease
- Day-to-day benefits management
- Customer support for beneficiaries
- Protection against compliance penalties
- Control of administrative costs
Fostering a wellness culture in the workplace
One of the most common ways to foster a supportive and productive workplace is through an employee wellness program. Here are some ideas for implementing a successful program of your own.
Actively encourage your employees to take regular breaks—including getting up and walking around at least once an hour. You may also consider stocking the employee break room with healthy snacks.
Invest in your environment
Employees will feel inspired and be more productive when the work environment has natural light, ergonomically correct furniture, lounge areas and even standing desk options.
While your business may not be able to accommodate all of these items, do your best to provide an inspiring workspace. The physical environment you create sends a symbolic message to employees, vendors and customers about your focus on wellness.
Get rid of clutter
A messy office can hinder productivity, so keep it clean, neat and organized. Keep supplies accessible but out of the way for a more productive workspace.
Support fitness options for employees
If you have the space, build an onsite employee gym, or work with local health clubs to provide discounts for membership. Encourage walking meetings, or simply walk to a local coffee shop for a brainstorming session.
You can also create employee teams that can challenge each other in fitness competitions that culminate monthly or quarterly. You may even provide onsite showers or changing areas for those who work out at lunch or ride their bikes to and from work.
Host company gatherings to encourage social interaction and connection among staff members such as lunches, holiday celebrations and family barbecues. You'll find that when employees are comfortable with co-workers, they're more likely to be productive at work.
Consider offering flex time and remote work options—as well as the technology to support these options. Giving employees more control over their work schedules may help reduce stress and foster loyalty to your business.
Show your care for your employees
Creating a strong wellness program for your company will not only help employees pursue a healthier lifestyle, but it will also communicate your concern for their well-being outside the office. Employees who feel you truly care about them will be happier and more productive—and that could be a great boost to your bottom line.
Health insurance options for small businesses
Health insurance is something we all need but may not necessarily understand. What type of insurance you need and where to start in your search depends entirely on the type of business you own and how many employees you have.
If you're a sole proprietor, freelancer or independent contractor
You should consider purchasing an individual health insurance plan. You can research your options online or use a licensed insurance agent or broker to help find the right plan. Because you only need to shop for you and your family, finding the right policy may be easier than finding a policy for multiple employees.
If you have more than one employee
You're likely required to provide health insurance options (especially if you have more than 25 employees). You may want to use a licensed insurance agent or broker in this instance as you're not only shopping for you and your family but also for your employees.
However, if you have a good understanding of what you and your employees need (or want) in an insurance plan, you may go directly to the Small Business Health Options Program Marketplace or use a private health exchange (if available). You can review multiple policies online and offer different options to your employees. Then, they can select something that best meets their needs.
What you should look for in health insurance
The key to finding the right insurance for your employees is to understand their needs. Ask yourself the following questions to get started:
- How many dependents do my employees have?
- Do my employees travel often for business or personal reasons?
- Do my employees need low-cost prescription options?
- Is maternity care important?
PPOs and HMOs – Two common insurance types
Once you have a good picture of what you and your employees need, you can determine which type of insurance to purchase. The two most common health insurance plans available are the Preferred Provider Organization and the Health Management Organization. PPOs usually offer more flexibility with doctors, but they come at a higher price than HMOs.
Additional insurance options
You may also want to research whether a high-deductible health plan paired with a Health Savings Account is a viable option for you and your employees. This combination allows you and your employees to set aside tax-free dollars to use for health care. However, out-of-pocket costs may be much higher until the deductible is fulfilled.
Choosing a plan
The better the health care plan you can provide to your employees, the more competitive you'll be in today's job market. Employees care more about health care now than they may have in the past, so offering the right kind of insurance at the right premiums could give you the edge when you're recruiting new talent.
Take the time to compare prices and look at the entire scope of the insurance coverage. Read the fine print and make sure you completely understand the pros and cons of each plan you're considering. Then, choose the best option for your business and rest easy knowing you're covered.
Offer your employees easy-to-understand products, services and educational resources to help their financial wellness.
From 401(k) accounts to IRAs, we have comprehensive retirement solutions for your employees.