Sunday, February 21, 2016

The Definitive Guide to Workplace Benefits

Below you'll find my Guide to Workplace Benefits. Let me know if you have any questions about my guide in the comments section below. I want this post and along with my workplace benefits videos to be the best, most comprehensive and helpful guide about workplace benefits available. Your questions will help me provide a better, more insightful guide.

Health Insurance Benefits, Programs & Services

Health insurance pays for covered medical expenses, while other programs provide tax savings for health care expenses and other services to promote and treat your health and well being.

  • Major medical plans
  • Prescription drug coverage
  • Section 125 plan
  • Flexible spending accounts (FSA)
  • Health savings accounts (HSA)
  • Employee assistance program (EAP)
  • Wellness programs
  • Tobacco cessation programs
  • Teledoctors
  • Healthcare price transparency tools
  • On site health clinic
  • Athletic facilities

Dental & Vision Insurance Benefits

Taking care of your teeth is what dental insurance benefits are all about. From eye exams, to eyeglasses to contacts, vision insurance help employees pay for the costs of eye care.

Life Insurance Benefits

Life insurance provides a death benefit to a beneficiary when an insured that is covered under the policy dies. Below I've listed the types of life insurance that might be made available to employees at work either under the terms of a group term life insurance contract or an individually owned contract.

Even though life insurance is a pretty simple concept, many employees still get confused about what their life insurance options are both at work or on their own on an individual basis. Most employees know they have something at work but aren't sure how much or what type it is.

It's not also not uncommon for those responsible for administrating the life insurance programs for an employer group to not know all the details about how they work. This sometimes includes not just the human resources professionals but also the agents who put these programs in place.

Here's a collection of resources to help you get a better understanding of life insurance provided at work.

Flexible Working Hours, Telecommuting, Paid Time Off, Sick Pay, Workers Compensation & Disability Income Insurance Benefits

Paid time off and medical leave provide time off when you need it while sick pay, workers compensation and disability income insurance policies provide money to employees when they are sick or hurt and can't work because of it. Flex time and telecommuting provide you more freedom and control in how they work.

  • Paid time off (PTO)
  • Sick pay plans
  • Workers compensation
  • STD: Short term disability income
  • LTD: Long term disability income
  • Family medical leave
  • Flex time
  • Telecommuting

Critical Illness/Specified Disease Insurance, Accident Insurance & Other Indemnity Insurance Benefits

Critical illness and specified disease insurance pays you money in the event an employee is diagnosed with a critical illness or specified disease. Accident insurance pays benefits directly to the insured for covered services related to an accident, while other indemnity insurance programs offer payments for other medical services not covered by health insurance plans.

Articles about critical illness you can read here on my site:

Long Term Care Insurance Benefits

Long term care insurance is a little understood insurance benefit that some employers choose to offer their employees.

Saving Money, Retirement Plans and Financial Planning

Saving money for emergencies, for retirement and planning for the future.

  • Direct deposit
  • Premium direct deposit
  • Savings bonds
  • Social Security
  • Retirement plans
  • Stock options
  • Financial consulting

Other Workplace Benefits

In addition to insurance benefits, there are a number of other benefits that employers offer to their employees. Here are a few additional workplace benefits you might see offered.

  • Benefit statements
  • Purchasing programs
  • Home & auto insurance discounts
  • Prepaid legal plans
  • Employer sponsored identity theft protection
  • Pet insurance
  • Educational assistance
  • Achievement awards
  • Adoption assistance
  • Dependent care assistance
  • Employee discounts
  • Transportation (commuting) benefits
  • Cell phone
  • Moving expense reimbursement
  • Unemployment insurance
  • Meal plans

The above guide to workplace benefits is a good foundation for the types of programs that employers might choose to offer their employees.

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Michael is a champion of guaranteed issue for employees in the workplace. He's been an insurance agent since 1992 and has worked with thousands of employees.