Other Benefits

Many employers find that such benefits can enhance the total compensation package, while helping employees cover financial gaps in their medical plans when the unexpected happens.

Employers also can offer supplemental insurance policies along with major medical insurance plans to help them attract and retain qualified workers with benefits that are comparable to those offered by other companies. Such benefits can often be more attractive than simply offering additional salary.

Voluntary benefits range from short term disability and dental insurance to long term care insurance that are available at no cost to the employer. The company's expenses are limited to administrative costs, if any. Typically, employees pay the premiums. At a time when employers are trying to contain costs and retain employees, voluntary benefits have become increasingly popular - for both employers and employees.

Other Insurance Benefits

Many employers often provide basic medical insurance benefits, but these benefits generally do not cover loss of earning power and other out-of-pocket expenses associated with an illness or accident. Voluntary benefits policies - generally paid for by payroll deduction - can be used to help fill the gaps in primary health care plans. And, because premiums can often be paid on a pre-tax basis, you may save tax dollars.

These benefits may include:

• Life Insurance
• Long Term Care Insurance
• Group Long Term Disability Insurance
• Vision Care
• Accident/Disability
• Dental Plans
• Hospital Indemnity
• Short-Term Disability

Non-statutory benefits (also referred to as perquisites or "perks") are often restricted in general use to executives. These benefits offer no particular tax advantage to either the company or the executive. As with any other form of compensation, perks are generally taxable to the employee, and are deductible as a compensation expense to the company.