So, what is a philosophy on benefits? That's a good question, like saying what's your philosophy for politics, religion and college football (BCS or playoff system...you decide). So ask yourself, what feels right? Should I tie a health plan contribution to a percentage of profits? Should I continue to pay 100% premium regardless of the benefit offered? Should I strive to have benefits with very low out-of-pocket costs and high payroll deductions? Should I cut wages to save benefits?
Where are you at with voluntary coverages? No time you say? Would it surprise you to find out that most people get most of their important insurance needs taken care of in the work place?
Before you consider what to offer, ask yourself why you are offering an employee benefit plan in the first place. It isn't required by law. Work with your executive team to address this question. Once you know where you are going, filling in the details becomes a whole lot easier.
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