Manually managing employees’ benefits programs can be daunting for HR professionals. SutiHR’s benefits administration module enables enterprises to plan and administer their employees’ benefits, eligibility, and enrollment processes while alleviating the tedious tasks involved.
Group health insurance plans cover employees and sometimes their immediate family members against expenses incurred for various medical emergencies including hospitalization, vision and dental care, accidents, and more.
Group disability insurance policies, short and long term, protect employees against the devastation of an unexpected impairment by replacing a percentage of the income. Life insurance ensures death benefit to financially safeguard the beneficiaries in the event of employees’ demise.
Flexible Spending Accounts (FSA) and Health Savings Accounts (HAS) protect your employees against the medical expenses that are not covered by the general medical insurance policies. The FSA/HSA funds can be used for qualified medical care expenses of employees and their immediate family members, spouse and dependents, throughout the year.
Let your employees invest a percentage of their paycheck into their retirement plans which offers financial security after retirement, while saving some tax.
1. 401(K) – Typically, large companies offer employer-sponsored 401(K) retirement plans.
2. 403(B) – Educational institutions, church groups, and other tax-exempt organizations usually offer 403(B) tax-deferred retirement plans.
3. 457 (B) – State and local government entities and certain non-government entities provides 457 (B) deferred compensation plans.
