View Insurance Options In Paycom

Paycom's Benefits Administration software offers a streamlined and automated enrollment process for employees, with 24/7 access through their mobile app. Employees can easily review plan documents and test how deductions will affect their take-home pay before choosing. The app also allows employees to view and select benefits for themselves and their dependents, view per-pay-period deduction amounts, add and edit beneficiaries and dependents, and access current and historical benefits. Paycom's software also generates reports to help ensure that employers don't overpay for benefits and that employees are correctly enrolled.

Medical, dental and vision insurance

Health insurance is a crucial aspect of employee benefits, and Paycom's health insurance plan has received positive reviews from employees. The plan offers comprehensive coverage, including $1 health insurance, great co-pays, low deductibles, on-site flu shots, a wellness program, a huge network of providers, and competitive premiums for dependents.

Dental insurance is another valuable benefit offered by Paycom. While dental care for adults is not considered an essential health benefit under the Affordable Care Act (ACA), it is still important for maintaining overall health and well-being. Paycom's dental insurance plan likely includes coverage for preventive care, basic dental procedures, and major dental work.

Vision insurance is also an important component of Paycom's benefits package. Like dental care, vision care is not considered an essential health benefit for adults under the ACA. However, regular eye care is essential for maintaining eye health and can be particularly important for employees who work with digital screens.

Paycom's benefits administration software streamlines the enrollment process for employees, allowing them to review plan documents and test how deductions will affect their take-home pay before choosing. The software also provides employees with access to important information, such as per-pay-period deduction amounts, previewing how deductions affect take-home pay, and accessing plan documents and other relevant information.

Overall, Paycom offers a comprehensive and competitive benefits package, including medical, dental, and vision insurance, which contributes to a positive employee experience and boosts retention.

Flexible spending accounts

A Flexible Spending Account (FSA) is a savings account that provides the account holder with specific tax advantages. An FSA is sometimes called a "flexible spending arrangement" and can be established by an employer for employees. The account allows you to contribute a portion of your regular earnings before tax, and employers can also contribute to employees' FSAs, although they are not required to do so. Distributions from the account must be used to reimburse the employee for qualified expenses related to medical and dental services.

The funds contributed to the account are deducted from your earnings before taxes, lowering your taxable income. As a result, regular contributions to an FSA can reduce your annual tax liability. The IRS limits how much can be contributed to an FSA each year. For medical expense FSA accounts, the annual contribution limit is $3,200 for 2024.

If you are married, your spouse can also put aside up to the annual contribution limit through their employer. You can use funds in your FSA to pay for certain medical and dental expenses for yourself, your spouse, and your dependents. You can spend FSA funds to pay deductibles and copayments, but not for insurance premiums.

FSAs may also be used to cover the costs of medical equipment like crutches, supplies like bandages, and diagnostic devices like blood sugar test kits. They can also be used to spend on prescription medications, as well as over-the-counter medicines with a doctor's prescription. Reimbursements for insulin are allowed without a prescription.

The money in an FSA must be used by the end of the plan year, but employers can offer a grace period of up to 2 and a half months, through March 15 of the following year, or allow you to carry over up to $640 per year to use in the following year.

Paid leave benefits

In addition to these standard paid leave options, Paycom also provides paid family leave. This type of leave is especially important for new parents, and Paycom offers resources to guide employees through pregnancy, adoption, postpartum, early paediatrics, and the eventual return to work. Employees can also access a discounted childcare platform, which offers full-time, part-time, and backup care options.

Furthermore, Paycom recognises that employees may need time off for other life events, and as such, they offer paid long-term disability leave. This type of leave is crucial for employees who need to take an extended period away from work due to health reasons.

Finally, Paycom also provides a paid employee assistance program, which includes access to mental and financial wellness tools, soundproof privacy booths for virtual appointments, in-house well-being advisors, and on-site interfaith spaces. This program ensures that employees can take care of their overall well-being and seek support when needed.

Employee stock purchase plan

Paycom offers a discounted employee stock purchase plan to all its employees. The company offers a 15% discount on the purchased shares, with employees able to buy stock worth up to $25,000.

The employee stock purchase plan is part of Paycom's comprehensive benefits package, which also includes comprehensive medical insurance for just $1 per pay period, free access to a fully-equipped gym, a basic $25,000 life insurance policy, and a retirement plan.

Paycom also provides employees with regular one-on-one meetings with their supervisor to discuss work and areas of improvement. The company also offers robust, on-site training to teach employees not just Paycom's products and procedures, but also ways to improve themselves.

Retirement plans

Paycom's 401(k) Reporting Software helps streamline the process of transferring sensitive employee data to retirement plan providers. This software customizes, maps, and automates plan reports to meet the unique specifications of different carriers, eliminating the need for manual data entry for each payroll period. It also minimizes the risk of errors in sensitive data, such as employee names, hire dates, Social Security numbers, wages, and salaries.

Additionally, Paycom's Benefits Administration software provides a streamlined and automated enrollment process for retirement plans, ensuring that sensitive employee information is secure and accurate. Employees can easily review plan documents, preview deduction amounts, and understand how their take-home pay will be affected before making their selections. This self-service tool empowers employees to make informed decisions about their retirement plans and gives them confidence in their enrollment choices.

Paycom also offers resources and guides to help employers enhance their retirement plan offerings. The "Unconventional Benefits: An Employer's Guide" provides insights into unconventional benefits that can attract, retain, and empower great employees. While traditional benefits like 401(k) matching are important, employers are encouraged to think outside the box to meet the evolving expectations of their workforce.

Furthermore, Paycom's blog provides valuable insights and tips for employees with 401(k) plans. A blog post titled "Fool Proof Your 401k Plan Today" offers a checklist to help ensure that retirement plans remain compliant with regulations and avoid unnecessary fees and losses. It covers various aspects, including plan documentation, compliance with terms, compensation definitions, employer matching contributions, and nondiscrimination tests.

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