| Growing
Firms
 As
a growing business with 25 to 50 employees, you already know that your
employees are often the keys to your success. Good employees require good
employee benefit programs and there are many alternatives to consider for
a company of your size. A standard package might include:
More extensive programs may
also include:
 Group
Term Life/AD&D is often the only life insurance
many employees will carry. It is an inexpensive way to enhance your group
employee benefit program and provides significant value for an employee's
peace of mind.
Medical
and Prescription Drug Coverage is frequently the
most asked-for benefit by employees and prospective employees today.
Significant reforms of the small employer health insurance programs
offered in the state since 1992 have made coverage more accessible for
smaller employees than ever before. Rates for companies with up to 50
employees are based on age, sex, and location of the group. Previous
health insurance claims or health history of your employees cannot be used
to determine costs or availability. For employers with over 6 eligible
employers, no pre-existing condition limitation can apply and benefit plan
designs are standardized among most plans offered in the state. If you
have employees who live outside New Jersey, or work outside New Jersey,
please note that different plan rules and rates may apply.
Dental
Insurance is often requested by employees,
however, many smaller employers do not presently offer a plan. In order to
make your company stand out from the competition when recruiting new
employees or retaining existing ones, consider adding a dental plan to
your program today.
Long
Term Disability Coverage provides benefits for an
employee who becomes disabled and is no longer able to work. While most
employees are covered by the Social Security disability program, benefits
can be hard to obtain and are generally restricted to people who are
considered "totally" disabled when their disability has lasted
at least 5 months. Most employees in New Jersey also have some short term
disability plan. However, in the event of a qualifying disability, this
program only pays for a maximum of 26 weeks and cannot be extended.
Some
employers feel that the benefits offered under the NJ
State Short Term Disability program do not provide adequate short term
disability protection for their employees. One way that employers address
this problem is by offering a company paid Supplemental Short Term
Disability Plan.
A
company provided Retirement Plan can be an
extremely popular benefit among your employees. Call us for a consultation
about either your existing plan, or to find out how to begin a new plan if
you do not currently offer this benefit.
Some
companies will also offer a Section 125 Cafeteria
Plan that could include pre-tax premium contributions, flexible
spending accounts (FSA) for unreimbursed medical expenses and FSA for
dependent care. On occasion "waiver bonus" plans are also
included. A FSA program allows an employee to receive cash in lieu of
benefits as partial compensation for "waiving" off the medical
plan or other employee benefit plans. There are numerous factors to
consider in designing these programs. Please consult our
professional staff if you would like more information.
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