6 Family Benefits to Consider for Your Business

Family BenefitsEmployees weigh benefits packages when considering whether they should take a job or stay in a current position. One thing that can give you the edge? Family benefits. Employees are not only looking at benefits for themselves, they’re considering the needs of their entire family. You can support your workers by offering them a comprehensive menu of Michigan employee benefits so they know their family is well taken care of.

Depending on your budget and business goals, you can incentivize your employees or potential employees by prioritizing the following family-friendly benefits:

  1. Medical

Healthcare comes with a hefty price tag, especially for employees with dependents and a spouse who does not have their own insurance. Offer group health and medical plans with the best funding for your company. You can choose from self-funded, fully insured, or level funding. Your employees will be relieved to know that costs like prenatal care, well-child visits, and routine check-ups will be affordable for their loved ones.

  1. Dental and Vision Packages

Kids have even more healthcare needs than adults, from years of braces to many pairs of glasses. With quality dental and vision packages – coverage that is not typically covered under basic health insurance – your family’s vision and oral health will be an easy priority to maintain.

  1. Retirement/401(k)

Your employees are not only working to earn money now, they’re working to save money for the future to live comfortably in retirement, of course, but also to afford things like college educations, weddings, nursing homes, and other major needs of their family. A good retirement benefit can include retiree medical plans, broker-assisted 401(k) plans, and more. Employees will relish the chance to prepare now for what comes later.

  1. Tuition Savings

College isn’t cheap, and every penny counts toward easing that financial burden once dependents reach college age. Offering a 529 plan allows employees to contribute through automatic payroll deductions and your business can also consider employer contributions. The funds of a 529 are distributed tax-free when spent on eligible higher education expenses.

  1. Disability

Disability is an especially coveted benefit for employees with a high-risk job, but every employee can benefit from this option. Disability insurance offers a promise to keep a family afloat when circumstances of injury or illness prevent the employee from working.

  1. Life Insurance

Many adults only have life insurance coverage through their employer, and group-term life insurance an option that can make employees breathe easier knowing their family would be cared for after their death. A standard basic life policy can be even more attractive if a spouse and dependent rider is added to the benefits package at a low additional cost. This benefit can be employer paid, employee paid, or contributory.

Additional Employee and Family Benefits

Along with these options, you can consider the value of offering benefits like caregiver flextime and leave, dependent care flexible spending accounts (for things like childcare, day camp, senior care), infertility programs, and adoption assistance and leave.

Contact us today to discuss the best Michigan employee and family benefits for your business. Your employees work hard to support their families – be the one to help them successfully achieve that support.