COST OF GROUP BENEFITS

As a business owner you must remember why you have a group benefits plan. Yes, it provides coverage for you and your family and of course your employees, but it is a great tool for recruiting and retaining GREAT talent. What you have to remember to do is let your employees know exactly what the cost is. I am amazed when I speak to employees of companies where the employer pays the ENTIRE cost of the health insurance, that they do not know what the cost is. If the employee fails to understand the value of the benefit, it is a worthless benefit. You can send them a notice at the end of each year letting them know how much you spent for their share of the benefits. They will start to think twice about moving to another job where the benefits are not as rich or the employer does not pay a greater share.

Alan Levenson

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