January 28, 2025
There is no reason for Employee Benefits to be complicated… It comes down to the broker who will become your trusted advisor, and your advocate while talking with the insurance carriers. Depending on your company size and the number of eligible employees, will determine the options available for your business to select. At The GABB Group, we have partnered with Employee Benefit Brokers who we have vetted and have worked with to help companies streamline the process. When, the Employee Benefit System can directly connect to a HCM System, and in some cases a Single Sign On (SSO) solution. It makes the process nice and easy for both employer and employee! Would your company of 15+ employees benefit from taking the time to evaluate employee benefits? Yes, and depending on how your business is performing there, are ways to reduce income taxes owed by both the employer and their employee. Some of the Insurance Options are: • Health Insurances (Pre-Tax Deduction reduces taxes owed) ◦ Traditional Insurance Carrier takes on all the risk of employee getting sick ◦ Level Funded Insurance Carrier still takes on the risk, and the company has minimal risk ◦ Self-Funded Insurance Carrier has some risk, and the company has exposure for major illnesses, which can keep costs down (still creating a saving) on the cost per employee • Ancillary Insurance (Optional policies that employee can purchase may reduce taxes) ◦ Life Insurance (Employer sponsored is a gift to employees) ◦ Short- and Long-Term Disability ◦ Other ancillary options Are you curious to determine why there is value by offering employees these programs, and are worthwhile to your business? Partnering with The GABB Group can help bridge the gap and find the right solutions to create employee benefits to improve employee retention.