Employee benefits are offered by employers for two primary reasons: Recruiting and retaining quality employees. With the rising cost of benefits, it is easy to understand why owners, CFOs and even HR directors are beginning to view benefits as just another expense.
However, this loses sight of the importance of benefits in creating a productive and loyal workforce. In2Matrix's Employee Benefits Division can help employers strike a balance that accomplishes the employer's objective and control cost by providing consultative support based on broad experience with what works.
OUR SERVICES INCLUDE
REGISTERED AND EXCEPTED GROUP LIFE ASSURANCE
Provides tax efficient death in service benefits for an employee’s dependents. Benefits are usually linked to a multiple of salary, but these can also be arranged on a fixed lump sum basis. Group Life schemes are established under a Trust arrangement and some providers offer a ‘Master Trust’ facility for registered schemes, which can simplify scheme establishment.
GROUP INCOME PROTECTION
Provides for a proportion of salary continuation following longer term illness or disability, with support to help facilitate an employee’s recovery and return to work. Benefits are typically linked to a percentage of the employees’ salary with benefits paid to the Employer who then passes these on to the employee through payroll. Cover can be extended to meet employer National Insurance and Pension contribution responsibilities, and benefits in claim can be index linked. The policy can either pay benefits up until a selected retirement age, or for a selected maximum period e.g. 2, 3 or 5 years. Some insurers also offer a capital lump sum at the end of the selected period that can be used to help meet any additional costs that the employer might face at that time.
GROUP CRITICAL ILLNESS
Provides a (normally) tax free lump sum to the employee to help support their changed circumstances following diagnosis of more serious illnesses such as cancer, stroke, heart attack, and kidney failure, with many contracts now including over 40 conditions. The benefit payment can be used for any purpose and is paid regardless of whether the employee continues working or not. In the UK the Association of British Insurers has set out a minimum standard definition for certain ‘core’ conditions but most insurers give more generous definitions which they describe as ‘ABI+’. Pre-existing conditions are excluded and restrictions can apply for ‘related’ conditions.
GROUP PRIVATE MEDICAL
Meets or contributes to the costs of private medical treatment for the employee, and cover can also be extended to include the employee’s immediate family. Benefits are usually linked to services and treatments from a specific range of approved hospitals and medical practitioners, and out-patient fees are usually included although certain limits may apply. Payment usually has to be pre-authorised by the insurer but thereafter the medical costs will be settled directly with the member only responsible for paying any ‘excess’ that might apply in the policy.
Pays for or contributes to the cost of private dental treatment. A scale of benefits links payments to the type of treatment received, for examples fillings, crowns, bridges, or extractions.
EMPLOYEE ASSISTANCE PROGRAMS
Employee Assistance Programmes (EAP) are employee benefit programmes offered by many employers. EAP are intended to help employees deal with personal problems that might adversely impact their work performance, health and well-being. EAP generally include assessment, short-term counselling and referral services for employees and their immediate family. A 24/7 counselling helpline is provided, and schemes can be extended to include a number of face-2-face counselling sessions. Some Group Income Protection providers can offer EAP at no additional cost for the scheme members, but these can also be arranged as a separate scheme for all employees.
HEALTHCARE CASH SCHEMES
A Health Cash Plan is a type of insurance policy that lets employees claim back some of the cost of essential and everyday healthcare expenses (up to a yearly limit) for them and their family. Typical cover might include: eye tests, contact lens and eyeglasses, dental check-ups and hygienist, GP prescriptions, chiropody, 24hr GP helpline, discount on gym memberships, 24hr stress counselling helpline, and some plans also include covers for complementary therapies such as physiotherapy, osteopathy, chiropractic, acupuncture and homeopathy.
In2Matrix © 2016. All rights reserved.
In2Matrix (UK) Limited is an appointed representative of In2Planning Limited, registered in Scotland, registration number No SC181076. Registered office - 36 Church Street, Inverness, IV1 1EH.
Authorised and regulated by the Financial Conduct Authority. FCA 456198