When you manage or own a business, you’ve invested in a benefits package for your staff. However, how many benefits do they need? What are disability benefits, and how do they work?
Take a look at these simple tips so that you can keep your employees happy and healthy while providing a necessary service and benefit that the competition also provides. You may think these are “extra” benefits, but they are not—they’re essential.
Offer Diverse Disability Benefits
When you want to offer a disability benefits plan, you must diversify those benefits as much as possible. You may believe that there’s just one way to offer a disability benefit, but that’s not the case. Theres:
- Short-term disability
- Long-term disability
- Long-term care
- Accidental Death & Dismemberment
When rolling out programs like this, you must also pair them with the sick leave or vacation time that your staff needs. As a result, you will find that you must create an over-arching plan that serves everyone in the office and beyond.
Tailor Disability Benefits to Your Business
You should tailor the disability benefits you offer to your business. For example:
- Short-term disability should be available to those who do not qualify for workers’ comp
- Long-term disability should carry value that aligns with the average claims seen in your industry
- Long-term care insurance should also carry values that align with average claims in your industry
- AD&D coverage should rise to a level that truly serves your team, never leaving any gaps in the coverage
Ensure Proper Benefits Administration
Finally, your disability benefits program must be administered properly. Most times, you want an outside firm like Martinelli to ensure that your benefits program is compliant and serves your staff well. You should also take great pains to hire internal staff can support the compliance effort.
By doing so, you allow the benefits program to run all year without any hiccups or shortages.
Contact Martinelli Benefits Advisors for Assistance With Disability Benefits
Contact Martinelli Benefits Advisors if you need assistance with disability benefits or would like to create a new disability benefits package for your business. Our team can help you make choices that align with your needs, and we’re also happy to advise when you’re considering expanding your current benefits program.