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Employers started offering employee benefits during World War II because the government froze the wages of steel workers. Health insurance was then considered a valuable benefit for those steel workers to attract new employees and helped retain current employees. This benefit reduced the amount of employee turnover and thus, decreased employer’s expenses. The fundamental purpose of employee benefits has not changed since the 1940’s. However, the employee attitude towards these benefits and the costs of such benefits has changed. Employee benefits started as an additional benefit but have become a required entitlement. Employers are faced with the dilemma of competing for competent employees during economic times that are challenging to the profitability of all businesses. An effective employee benefit plan recognizes both employer and employee goals and needs. Hofgard & Company provides employers with products, services and innovative solutions to employee benefit needs of both small and large employers. Our experience and expertise will serve any employer well. We listen first and recommend second. For a free evaluation of your employee benefit plans, please contact us at 303-442-1000.
Health insurance is the foundational piece of an employee benefits program. Indemnity, PPO, HMO, POS are various health insurance options. Self-funding or fully insured describe the various funding methods of a medical plan. Hofgard & Company has experience with all forms of health care coverage. Our ability to listen to an employer’s needs assists us in recommending solutions to any employer’s health insurance concern.
Group life insurance is life insurance purchased with the volume discounts that a “group” can provide. This makes group life insurance an attractive benefit for an employer to its employees. Flat amounts of coverage to multiples of salary are various ways employers choose to offer benefits to their employees.
This insurance is protection is also known as “pay check protection” How long can an employee survive financially without a pay check? If an employee experiences an accident or illness that causes him or her to miss work, how long can an employer continue his or her salary without receiving the rewards of the employee's service? Disability insurance is coverage that replaces an employee's pay check should he experience an illness or accident that causes that employee to loose time at work.
A smile can smooth many a ruffled feather. To keep smiles bright dental insurance is coverage offered to employees to help them maintain the health of their smiles. The terms Indemnity, PPO, DMO, POS are various health insurance options for dental coverage along with self funded and fully insured.
From routine eye exams to Lasik eye correction surgery, vision insurance is an enhancement to any employee benefit offering.
Voluntary benefits are benefits an employer offers employees to purchase using their own money but with the convenience of having the premiums deducted from their paychecks. Vision, dental, life insurance, accidental coverage, cancer or critical illness coverage may be offered by employers on a “voluntary” basis to each employee.
Health Reimbursement Arrangements Health Reimbursement Arrangements (HRA) are distinctive funding vehicles for the purchase of health care and health care services. Utilizing pre-tax dollars, a fund is set up with employer money to reimburse employees for these expenses. The ability to “bank” dollars for future year needs is the unique feature of these types of arrangements. For more information about HRAs, download this PowerPoint presentation.
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