Employee benefits comprise of an assortment of items provided to employees that supplement their wages. For healthcare business owners, many employee benefits are mandated by law, while other benefits are provided as incentives to recruit and maintain quality employees.

The most common employee benefits include health insurance, life insurance, disability insurance, retirement benefits, healthcare spending accounts, paid time off, and bonuses. Many employer-provided health insurance plans will often include access to dental and vision plans, along with access to health savings accounts or flexible savings accounts. Fringe benefits such as disability and life insurance can vary based upon the financial benefit and term length of the policies. Defined-contribution retirement plans such as 401K plans have grown in popularity as employees can receive valuable tax deductions for their contributions to these plans.

As the cost of providing these integral employee benefits continues to escalate, healthcare business owners face steep challenges in providing these benefits to their employees at an affordable cost. Employee benefits consulting serves to assist healthcare business owners in procuring cost-effective strategies to navigate through the complexities of providing these benefits to their employees.