SUPPLEMENTAL BENEFITS

We all need to compete for good employees. We also must be mindful of the costs of benefit programs. Large employer or small, we can help you with that balance. We can help employers complete for labor at little extra cost by offering voluntary supplemental benefits, many paid for with before-tax dollars, and saving the employer matching FICA contributions.

Why Provide Supplemental Benefits?

• Most employees understand that an employer cannot furnish all employees with every benefit that every employee wants. They appreciate the availability of purchasing coverage, especially on a pre-tax basis.
• Many of your employees probably purchase voluntary coverage on a direct pay (after-tax) basis. They'd save over 20%, and as much as 40%, if they could buy it through payroll deduction.
• Sales of supplemental products in 2003 may be 5 times what they were in 2000. If so many people are buying, there must be a reason.
• One major carrier’s new campaign, "Ask About It At Work" will very likely cause just that. "If everyone from Wal-Mart to Joe's Machine Shop has it, why don't we?"
• As many as 70% of employees will take at least one voluntary product when offered.
• Some policies are individual, therefore portable.
• Policies can be purchased on family members, which may be more important to the employees than covering themselves.
• If 50% of your employees purchased just one product pre-tax through payroll deduction and if the average premium was $25 per month, the FICA savings to your company would be about $12 per employee per year. Tax savings to employees would be three to five times that.
• All of this makes the case that voluntary supplemental polices are an attraction and retention tool, with little or no cost to the employer.

Large Employers, why you should work with Best Source LLC to procure supplemental benefits?

• 25+ years of employee benefits experience, including making presentations to senior executives and program roll outs
• Can get you meetings with the top people of the top carriers, at their expense. You can discuss any special considerations
• Can coordinate a national marketing team approach for you, with people trained on how you want it approached
• Can work for you to work out all administrative matters, such as feeding payroll deductions and reductions to your HRIS/Payroll
• Can discuss with you how you can use some of these indemnity products to coordinate with high deductible plans and Consumer Driven Health Plans
• To test employee receptivity, we would do an interest survey of a segment of your employees