Executive Benefits
Solutions for employers to recruit, reward, and retain top-tier talent.
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Executive Bonus Plans
Key Person Insurance
Buy/Sell Agreements
Life Insurance & Long-term Care
Life Insurance Retirement Plan
What Our Clients Say About McConkey Insurance & Benefits
Thank you to the people of McConkey for over 125 years of sophisticated, forward-thinking, local, personal service.
William Shipley, Shipley Energy
We’ve been with McConkey for about 25 years. I think they’re the elite in the insurance industry. When I look for people, I look for ones with character and integrity. Everyone at McConkey demonstrates just that.
Gary Houck, Houck
Employee Benefits 101
Learn more about employee benefits so you can make an informed decision on your coverage.
One of the main factors in attracting and retaining good employees is the benefit program offered by employers. This typically starts with your group health insurance plan.
Regardless of the company’s financials, there are ways to make health insurance available to your employees and their dependents. Offering health insurance doesn’t have to break the bank. There are many solutions available to small, mid-size, and large employers.
When employees are worried about their financial situation, they may not be as productive. Many individuals today do not have life insurance or adequate savings to cover final expenses, which places additional stress on employees and/or their families when the need arises.
A group life insurance plan can put your employees’ minds at ease, knowing their family will have resources available when they need them. Policies can also include a dependent benefit to help the employee pay for expenses if their dependent passes. Another solution is to offer a voluntary life benefit whereby the employee pays a lower premium through payroll deduction than they would if they found coverage on their own. Group life insurance is also tax deductible.
Many employers are faced with offering lower wages than their competitors and find it difficult to find and retain qualified workers.
Offering a short-term and/or a long-term disability program can provide prospective and current workers with another form of financial stability. An employee may be offered a higher wage elsewhere, but are they offered protection if that paycheck stops due to pregnancy, illness, or other disability? How will they pay the mortgage or other bills? Employers offering a disability plan can provide peace of mind to their employees and gain an advantage over those that don’t.
Failure to have regular dental checkups can lead to more serious problems than a toothache.
Offering dental coverage to your employees can help encourage them to see a dentist on a regular basis. Gum disease has been linked to heart disease as well as diabetes. Catching these issues early not only helps your employees’ health, it may help reduce your long-term health insurance costs before a big claim hits!
Similar to dental coverage, if your employees are not getting regular eye exams, they may have underlying medical conditions such as heart disease or diabetes that can surface later at a greater expense to your medical plan.
Offering vision care coverage is a very affordable component to offering health benefits. It’s an inexpensive portion of the benefit package with a high value of return and can help offset the impact of increased medical costs, becoming a cost-effective, early intervention tool.
Not being able to meet an employee’s individual needs can pose a threat to worker retention and attracting new talent, both of which can be costly to your bottom line.
Offering voluntary coverage lets your employees choose benefits that are important to them. It’s a cost-effective way to provide a variety of benefits at little or no impact to your monthly premiums. Examples of voluntary coverage include:
- Critical illness, hospital indemnity, and cancer coverage.
- Life, dependent life, short-term, and long-term disability coverage.
- Dental care.
- Vision care.
Compliance audits are increasing and Department of Labor fines can be costly. Do you have all of the documents and paperwork at your fingertips should you receive an audit letter?
A good benefits broker will educate you on the compliance pieces so that you are prepared for that dreaded day. A wrap document covers most of what is required and the remaining forms should be readily accessible with proof of distribution to employees and/or eligible participants.
The McConkey Executive Benefits team assists our business owner clients with an array of needs including customized benefits to retain and reward top talent, recruit top-notch professionals, provide valuable income protection to key employees, as well as solutions for succession planning, insurance needs associated with the demands of the business, and personal insurance needs. Learn more here!
Contact Chris Rice if you have any questions, or would like to get started.
About McConkey Insurance & Benefits
Since 1890, McConkey Insurance & Benefits has been a locally owned and operated company providing financial security for businesses across the globe. Licensed in nearly all 50 states and with a client presence in over 20 countries, McConkey prides itself in being one of the Mid-Atlantic region’s oldest and most respected insurance brokerage firms. With nearly 100 members on the McConkey team, their service platform is second to none. McConkey is proud to say that even 130 years later, our core values and commitment to our clients and community has never wavered.
2555 Kingston Road, Suite 100, York, PA 17402 | 717-755-9266