When starting and running your own dental practice, one of the biggest concerns to think about has to do with how to manage your team. What needs do they have? What basic benefits should you cover for your team in your dental practice? Are there any basic requirements? This article will discuss some of those questions.
SOCIAL SECURITY AND MEDICARE
In the United States, employers with W2 employees are expected to pay for social security and Medicare benefits. These benefits make up part of your employee’s tax withdrawals on their paycheck. It’s important to consider social security and Medicare benefits first when evaluating the costs of benefit programs because they are required for any W2 employee.
As a dental practice, offering your team a discount on dental services is appropriate and maybe even expected. There are several ways you could offer dental service benefits. Some practices cover 100% of employee dental services. You could also cover up to a specified amount per employee.
Another standard benefit for most employers to sponsor for their staff is health insurance. The practice’s financial situation often dictates how flexible you can be, but it’s best to consider what options are valued most for your team. If you can’t afford an insurance policy with both low deductibles and low premiums, which option fits with your budget and your employee’s needs? These questions are important to consider. In Massachusetts, health insurance is required, so don’t skip this.
Most employers offer employees the ability to contribute to a 401K, 403(b), or other form of retirement account. If your dental practice is profitable with a fair amount of room in the budget, matching your employee’s contribution attracts both current and potential new staff alike. Make sure your retirement benefit program works for both you and your team.
PAID VACATION & OTHER BENEFITS
Your team works hard to bring the best dental care to your patients. They deserve adequate, and even generous time off if your budget allows. Do you want to allocate a specified amount of time off up front for salaried employees? Would you prefer an accrual system? Keep in mind the differences and specific regulations between salaried and hourly employees and plan accordingly. For example, a Massachusetts dental practice with more than 11 employees is required to provide a certain amount of paid sick time as part of the basic benefits package.
In addition to paid time off, other “nice to have” benefits might include things like paid family leave, subsidized childcare, discounts to local attractions and businesses, and more.
STILL HAVE QUESTIONS?
Do you own or manage a dental practice and still have questions about benefits? Comment below or send us an email and we’ll help you out!