What are the 5 Most Common Employee Benefits?

Chris Freitas • Sep 09, 2023

In the competitive landscape of talent acquisition in 2023, offering attractive employee benefits is crucial for any company aiming to secure top talent. In this blog, we will delve into the five most common employee benefits that companies provide to entice new talent. We will also explore how your company can enhance its offering while reducing costs, with KBI Benefits’ proprietary creative financing solutions.

Health Insurance

Health insurance is a cornerstone of employee benefits. It not only promotes the well-being of your workforce but also positively impacts your company's bottom line. Providing affordable healthcare options to employees can save them money and increase their productivity.

While health insurance is a common offering, KBI Benefits has pioneered creative financing solutions that can help your company save up to 30% on the same quality benefits. Consult with a KBI Benefits agent to discover cost-saving strategies that can free up more of your budget.

Life Insurance

According to the Bureau of Labor Statistics, around 55% of companies provide life insurance as part of their benefits package as of 2019, and that number has likely risen in recent years. Offering life insurance equivalent to an employee's salary, either fully paid or partially covered by the employer, can be a valuable addition to your benefits package with minimal effort required from your employees. Life insurance offers peace of mind to employees and their families, which can help them focus on their work.

Dental Insurance

Dental insurance is a cost-effective addition to your benefits package. Typically, employers and employees share the cost, often in an 80/20 split. However, this ratio can be adjusted to suit your business's needs so you can provide affordable dental care to your employees without straining your budget.

Retirement

Retirement benefits are a significant attraction for prospective employees. The most common retirement accounts offered by employers are 401(k)s and 403(b)s, depending on whether your company is for-profit or not-for-profit. Providing a robust retirement plan demonstrates your commitment to your employees' long-term financial security, making your company more appealing to top talent.

Flexible Spending Accounts (FSAs) or Health Savings Accounts (HSAs)

Flexible spending accounts (FSAs) and health savings accounts (HSAs) offer tax-advantaged ways for employees to manage healthcare expenses. While FSAs are available with most health insurance plans, they come with a "use it or lose it" clause, meaning unused funds are forfeited at the end of the year. HSAs, in contrast, never expire, allowing employees to save and invest in their future healthcare needs. Both FSAs and HSAs have their upshots for employees and employers alike. Speak with a KBI Benefits agent to discover which might be best for your employees.

Conclusion

Your investment in employee well-being and financial security can lead to a stronger, more loyal workforce and contribute to your company's overall success. KBI Benefits offers a range of innovative benefits solutions tailored to meet your employees' needs while optimizing your company's budget. Speak with a KBI Benefits representative today to explore how you can stay ahead of the competition by enhancing your employee benefits offering.

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How to Receive UnitedAg Medical Insurance

by Chris Freitas • 06 May, 2024

As the agricultural sector evolves and expands, the need for comprehensive medical plans tailored to the unique demands of this industry has become more pronounced. That’s why KBI Benefits is proud to offer UnitedAg medical plans designed specifically for agribusinesses, providing a robust solution to protect your employees and your agribusiness. Let’s discuss what agriculture medical insurance is, who it’s for, and how KBI Benefits can help you get started. What is Agriculture Medical Insurance? Agriculture medical insurance, particularly in the context of medical plans, offers coverage that protects farm owners, operators, and their employees against the financial burdens of medical expenses. This insurance is essential for mitigating the risks associated with illnesses and injuries that can be common in a physically demanding job. Health insurance for agribusinesses not only covers medical and hospital bills but often also includes wellness programs and preventive care, which are crucial in maintaining a healthy workforce. How to Receive Agriculture Insurance for Your Agribusiness The scope of agriculture medical insurance, extends to many entities in the agricultural sector, including entities that empower or influence agricultural businesses. This includes: Agriculture Production: Businesses engaged in crop and livestock production. Agricultural Services: Companies providing support services to the agriculture sector, such as soil preparation, planting, and harvesting. Forestry and Timber: Entities involved in the management and production of forest resources. Commercial Fishing and Hatcheries: Businesses focused on the breeding, raising, and harvesting of fish and other aquatic species. Agribusiness Support: Firms involved in the processing, distribution, and marketing of agricultural products, as well as those supplying equipment and inputs like seeds, chemicals, and machinery. To qualify for UnitedAg medical plans through KBI Benefits, companies must demonstrate that they derive at least 51% of their income from production agriculture or agribusiness-related activities. Most businesses within the Standard Industrial Classification (SIC) Codes for Agriculture, Forestry, and Fishing are eligible, although there are specific criteria and exceptions that may apply. Speak with a KBI Benefits agent today to learn more. How KBI Benefits Facilitates Agriculture Insurance KBI Benefits, in collaboration with UnitedAg, provides specialized medical plans tailored to the needs of the agricultural industry. Our recent appointment to offer agriculture medical plans underscores our commitment to enhancing the well-being of those who work hard to feed the nation. Here's how we help: Customized Solutions: We understand that no two agribusinesses are the same. KBI Benefits offers personalized consultations to ensure that the coverage meets the specific needs of each business, considering factors like company size, types of activities, and employee needs. Easy Accessibility: Our team of dedicated agents is just a call away, ready to guide you through the process of selecting and setting up the right plan for your business. Comprehensive Coverage: The UnitedAg medical plans offered by KBI Benefits cover a range of health services, from emergency care and hospitalization to preventive wellness programs, ensuring comprehensive coverage for your workforce. Support and Advisory: Beyond just providing insurance, we serve as a partner in ensuring the health and productivity of your employees, offering ongoing support and advice regarding your agriculture medical insurance to keep your operations running smoothly. Conclusion The health of your employees is as critical as the health of your agribusiness. In an industry as physically demanding as agriculture, having the right medical coverage is not just beneficial; it's essential. Protect your most valuable asset—your people— by speaking with a KBI Benefits agent today . We'll help you choose the agriculture medical insurance plan that best suits your agribusiness's needs, ensuring peace of mind and fostering a healthier, more productive workforce.