Most Desirable Employee Benefits - Compass Insurance Advisors
  • Estimated reading time: 4 minutes

    Most Desirable Employee Benefits

    Creating a complete package of benefits includes far more than just health insurance. The benefits you offer your employees play a large role in creating a culture that first-class employees flock to. At Compass Insurance Advisors, we’ve compiled the data to help you make an educated decision about which benefits you could be offering. We’ve also included the average annual cost per employee to offer these benefits so you can make an educated decision about which benefits would be most desirable to provide.

    No matter what any survey or industry report says, asking your employees what they want is a crucial part of offering benefits.  One of the many free services our advisors provide is an annual employee satisfaction survey. These surveys not only assess your employee’s current satisfaction, but ask for input on what benefits they might wish were being offered. This allows you to access real data in order to keep your employees’ needs and wants at the forefront of your benefit strategy.

    Dental and Vision

    Dental and vision benefits are among the top supplementary benefits that employees expect employers to provide. We have a wide range of dental and vision options available to your company. 

    Supplemental Insurance

    Would a large health claim be a financial burden to your employees? The average American only has $1,000 in savings, but health insurance deductibles and max out of pockets can be 7 or 8X that amount. 

    A major accident or critical illness diagnosis often comes with large financial obligations outside of the diagnosis. This can include needing to take time off work, a loss of income, travel, child care, and out of network expenses.

    Supplemental insurance is a voluntary benefit that you can provide to your employees to help ease the financial burden of a major accident or diagnosis.

    Life Insurance

    Life insurance is a cost effective way to bring additional value to your employees and their families. You can also offer young healthy employees term life insurance for as little as $18/month or up to $35/month for older employees. There are many different types of life insurance that you could possibly offer your employees. Talk to your Compass Advisor for more information on the basic types and the pros and cons of offering life insurance.

    Disability Insurance

    About 30 percent of Americans ages 35-65 will suffer a disability lasting at least 90 days during their working careers. Similarly, about one in seven people ages 35-65 can expect to become disabled for five years or longer. Considering these statistics, many employers choose to offer short and long term disability. Many carriers will cover up to 60% of the employee’s pre-disability income, to a specified maximum.

    Retirement

    A retirement plan is another benefit that many employees expect from their employers. Our agents don’t deal with this directly, but we can still provide some assistance in referring a high quality retirement account specialist. It is certainly important to understand pension rules and tax aspects of any retirement plan you offer your employees.

    Additional Benefits

    Of these top additional benefits, it is interesting to note that two of the top five benefits (working from home options and more flexible hours) do not cost the company anything, and may even save the company a significant amount of money. Additionally, If your work is set up so that employees can work from home, you could potentially offer a significant, highly-desired benefit with no added cost to your company. 

    • Better Health, Dental, and Vision Insurance
      • Healthcare ($11,394), Full Coverage
      • Dental insurance ($576), Full Coverage
      • Vision insurance ($60-120), Full Coverage
    • More Flexible Hours
      • $0
    • More Vacation Time
      • 2-Weeks $2,310
      • 3-Weeks $3,465
    • Work-From-Home Options
      • Company saves as much as $11,000/year/employee
    • Unlimited Vacation
      • $3,234
    • Student Loan Assistance 
      • $825
    • Tuition Assistance
      • $250
    • Paid Parental Leave
      • $1,250
    • Free Gym Membership
      • $360
    • Free Day Care Services for 1 child
      • $1,212
    • Free Fitness/Yoga Classes
      • $360
    • Free Snacks
      • $650
    • Free Coffee
      • $650
    • Company-Wide Retreats
      • $2,124
    • Weekly Free Employee Outings
      • $1,040
    • On-Site Gym
      • $126
    • Team Bonding Events
      • $1,052

    Conclusion

    In conclusion, with the vast variety of benefits that you could offer your clients, it’s important to understand your employees’ unique needs and wants. One of the many services we provide all of our clients is an annual employee satisfaction survey. These surveys not only assess your employee’s current satisfaction, but also ask for input on what benefits they might wish were being offered. This allows you to access real data and make educated decisions to keep your employees top of mind.

  • Leave a Reply

    Your email address will not be published. Required fields are marked *


Need Help?

Speak To Craig Today!

(801) 879-8893

Monday - Friday 8:00 am - 9:00 PM


Or Find Affordable Insurance Plans

Related Articles

Dynamic Blog Short Description

  • A Complete Guide to Health Savings Accounts

    A Complete Guide to Health Savings Accounts

    Introduction Are you tired of paying high premiums and medical bills while not fully understanding your insurance policy? Well, I'm here to tell you about some options that could save money on your medical expenses and premium while also getting tax benefits. Keep reading to learn more! What

    Read More
  • The Medicaid Unwinding Explained

    The Medicaid Unwinding Explained

    https://youtu.be/1TJUu7Gyk_U The Medicaid Unwinding Explained! What is the Medicaid Unwinding? At the start of the COVID-19 pandemic, Congress enacted the Families First Coronavirus Response Act (FFCRA). This ensured that people would have access to continuous health coverage through Med

    Read More
  • Medicare Part D

    Drug Coverage: What is Medicare Part D? Medicare drug coverage helps pay for prescription drugs. If you don’t currently require any prescriptions, there are still reasons to consider getting Medicare drug coverage.         Medicare drug coverage (Part D) is optional and is offered t

    Read More
  • How Much Does Health Insurance Cost?

    How Much Does Health Insurance Cost? How much does individual health insurance cost? The answer to that is dependent on many factors. One way to get a benchmark idea of how much you'll pay for health insurance is by looking at the federal poverty level.If you are paying for health insurance as a

    Read More
  • How to Apply for Medicaid

    What is Medicaid in Utah? Medicaid is a program that is funded by both the state and the federal government. The Utah Department of Health administers Medicaid but the Department of Workforce Services (DWS) determines someone’s qualification. Medicaid helps people with low income receive healt

    Read More
  • Health Coverage for Immigrants

    What options are available to immigrants? Many people who are not born in the United States often wonder if they can get health insurance and if they do, could they also qualify for government assistance? In this article, you will learn what kind of status qualifies for health insurance through

    Read More
  • The American Rescue Plan Act’s Effect on Health Insurance

    Due to the impact of Covid-19, President Biden passed the American Rescue Plan Act (ARPA) on March 11, 2021. One of the proponents of ARPA was to lower monthly health insurance premiums. This was done by increasing the eligibility for health insurance subsidies. Before ARPA was passed, fewer peo

    Read More
  • Health Insurance for Pre Existing Conditions

    What types of health insurance policies will cover preexisting conditions? In this article, we are going to walk you through what you need to know if you or anyone you know needs coverage due to a pre-existing condition. We will inform you of which insurance plans cover and which ones do not cover

    Read More
  • Who is eligible for the Health Insurance Marketplace?

    In 2010, the Health Insurance Marketplace was created by the Affordable Care Act (ACA) also known as Obamacare. Any United States citizen is eligible to apply for health insurance through the Marketplace, and many people will qualify for lowered monthly payments through an advance tax credit. If yo

    Read More

What Others Say About Us

Our Customers Love Us

Craig Habbeshaw

(801) 879-8893

No Extra Cost. Professional Guidence. Complete Protection. Simplified Enrollment. Personalized Support.