Popular small business employee benefits that can be added within one day for less than $100
Small business owners often struggle to find affordable and manageable employee benefits for themselves and their employees. Here are 10 employee benefits that can be set up in a half hour at a cost less than $100.
- Health insurance premium payment plan – allows employees to legally pay for individual health insurance through salary reduction without subjecting the employer to excise taxes imposed by the Affordable Care Act.
- Solo 401(k) – a great way for a self-employed person to put away up to $18,000 per year on a tax-deductible basis.
- Simplified Employee Pension (SEP) – the best way to take a tax deduction for part of last year’s earnings (assuming that you haven’t already filed a tax return).
- Accident supplement insurance – protects against the financial risks associated with higher health insurance deductibles
- Dental discount plan – Today’s dental networks offer a more effective solution than dental insurance for the employees of small businesses
- Telemedicine – the most popular fastest-growing new employee benefit today.
- Flexible spending account – employees appreciate the ability to pay for medical expenses and dependent care on a pre-tax basis. These plans can be simplified for easy administration in a small business.
- Salary-deducted savings – simply having the option to moving a little earnings through the payroll process to a designated savings account on an automated basis before the net paycheck reaches employees can be a valuable employee benefit
- Inbound immigrant insurance – if you have workers without health insurance who have not completed the immigration process then this is an easy way to provide affordable coverage
- Health Savings Account – If your employees have qualifying health insurance then there is no more flexible and cost-effective way to save money on a tax free basis.
To implement any of these employee benefit ideas, the first step is to plan the benefit details through discussion and the second step is to produce the proper plan documentation. Plan documents are especially important for tax-advantaged benefit plans. After that, it is important to communicate with eligible employees and complete any year-end reporting requirements.
I can help with the setup of any of these programs; just schedule a free call to figure out the details that will work best for your business. I can usually have the new benefit plan ready to launch on the next business day.