Once an employee has signed up for benefits, one of the most likely questions to get asked is, when do they start? Different companies have different strategies for the start date for benefits. The use of Benecaid’s flexible health benefits insurance plans provides you with a degree of customization in these benefits plans that many other providers do not normally offer. The options available are presented below.
Why Some Employers Delay Benefits
In a perfect world, benefits would start from the first day that an employee is hired and always be a part of that employee’s life. However, many employers delay the beginning of benefits, and they do so for a number of good reasons. Most of these reasons trace back to the need to protect the business. A delayed start prevents employees from joining the company just for the benefits and then leaving within a few weeks or months. Additionally, the delay allows a company to decide that an employee is somebody they want to form a long-term partnership with before investing the money needed to pay benefits.
Coverage for New Employees
If your business chooses to delay the start of employee benefits, one option to consider is the introduction of partial or retroactive coverage. This allows employees some degree of protection against unexpected illness or injury without forcing an employer to pay for something that doesn’t get used. In many cases, these retroactive coverages only pay out the benefit amount if the employee is still with the company when the normal benefits start. That means that somebody who is looking to commit fraud or otherwise cheat the system still winds up on the hook for costs incurred if they can’t hold down the position and prove a reliable asset to the company.
How to Provide Coverage for Groups of Employees
Because of all the nuances and common business practices involving the start of benefits, retroactive coverage, and the promise of an adjustable coverage plan, many employers find themselves overwhelmed by the possibilities of the benefits world. This is an area where the flexibility and customization available with Benecaid proves very useful. Benecaid’s group health insurance benefits allow you to set benefit guidelines for groups of employees, offering only the coverage that you feel is needed and not forcing you to pay for anything you don’t use. In the case of the FlexStyle option, the company can even get money back from group plans.
Employee benefits purchased under Benecaid’s system can start from day one of employment if you desire, or they can start at a later time to provide insurance for your business. The flexibility and level of customization in these tools is extremely useful and a great way to provide a benefits package that few can rival.