A comprehensive benefits package is a collection of the most commonly provided and sought-after employee benefits. In most cases, a comprehensive benefits package should include these components:
Health insurance is usually one of the foundational benefits of a comprehensive benefits package. With health insurance, you're able to see doctors and receive treatments at a highly reduced out-of-pocket rate. Since health insurance is often most affordable through an employer-provided plan, you'll want to make sure that you are offering this benefit to eligible employees. If you aren’t offering it, your competition will be.
Many employers include dental insurance as an add-on to the provided health insurance plan. In most cases, it's highly affordable for you, the employee, through your employer, and allows you to see a dentist or other dental professional for preventative and emergency treatment. This can be offered as a voluntary benefit or you can contribute towards the employees premiums as well
Vision insurance often functions like dental insurance — it's a health insurance add-on policy that allows you to seek vision care and purchase contact lenses and glasses at reduced rates. Usually, you can add family members like a spouse and children to all your health insurance plans, so they also receive healthcare benefits. This can be offered as a voluntary benefit or you can contribute towards the employees premiums as well.
A life insurance policy provides a death benefit to your selected beneficiaries, usually a spouse, children or other immediate relatives, in the case of your death while working for the company. Many companies also include accidental death and dismemberment insurance with life insurance that provides a payout to an employee's loved ones. You can offer a Flat Death Benefit Amount, such as $10,000 or $25,000 or more, and you can also match death benefits to a multiple of annual income. There are no medical questions up to a certain amount of death benefits but may be required if exceeding the limit per the contract.
A medical gap insurance plan is simple in that it follows an employer's major medical plan. It pays off the underlying major medical plan's Explanation of Benefits (EOB) directly to the subscriber or provider. A gap plan pays the benefits described in the Schedule of Benefits up to a maximum benefit amount