What type of plans do employers use to offer employees benefits like medical expenses and retirement?

Employers utilize employee benefit plans to provide various forms of benefits to their workforce, which often include medical coverage, dental and vision insurance, life insurance, and retirement savings options. These plans are designed to enhance the overall compensation package for employees, promoting their financial well-being and job satisfaction. Employee benefit plans can also cover additional perks, such as wellness programs and flexible spending accounts.

Individual plans refer to insurance policies purchased by individuals for their personal coverage needs, while family plans typically cover multiple family members under one policy but are not distinct employer-sponsored offerings. Retirement savings plans specifically focus on accumulating savings for retirement and may be part of a broader employee benefit package but do not encompass medical expense benefits or other health-related coverage that employee benefit plans provide. Thus, employee benefit plans are the comprehensive solution that employers utilize to address a variety of employee needs.