Cash Value Comparison of Employee Benefits
In my quest to communicate the merits of our new employee benefit for real estate services, I want to provide the monetary value associated with our benefit and compare that annual benefit allowance to dental and vision benefits routinely offered to all employer groups.
Our real estate benefit has two monetary components;
The cost to refinance a home mortgage with a typical loan amount in Iowa is $2,300. Employees who use our benefit for their home lending needs receive an 18-month time period to refinance their loan at no out-of-pocket cost to them.
Employees who use our benefit for their home purchase needs can select a new home maintenance product of their choice (lawn mower, gas grill, snow blower) with an average price point of $500 at no out-of-pocket cost to them.
Typical dental insurance provides employees with $1,500 in an available annual allowance to cover dental restorative procedures in a calendar year.
Typical vision insurance provides employees with $150 in an available annual allowance to cover lenses or contacts in a calendar year.
Becoming a first-time home owner or purchasing a step-up home is a tall order for many employees.
Together, we can provide employees with a benefit that provides the financing flexibility and financial assistance to become comfortable pursuing their next phase of life. And in doing so, help that employee establish roots with their employer.
