Many employers recognize the hard work their employees do every day. In addition to a pay check, many employers will offer additional benefits to compensate their employees. Whether you are a new employee of the company, or an existing employee that has never enrolled in the benefits, understanding everything an employer has to offer can be difficult. We break this all down and help you understand the benefits offered by your job.
Common Benefits Offered By Employers
When it comes to benefits offered by employers, there is no set guideline to use. As a result, employers build their own benefits packages and can pick and choose what they want to offer. Some of the most common options include:
- Medical Insurance
- Dental Insurance
- Vision Insurance
- Disability Insurance
- Life Insurance
- Flexible Spending Account (FSA)
- Health Savings Account (HSA)
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Employer-paid vs Voluntary benefits
Depending on the size of the company you work for, there may be several packages available. Some may be employer-paid, some may be voluntary and some may be in the middle where you and the employer split the cost. There could be several options for benefits offered by your job.
- Employer-paid benefits are those that the employer pays 100% of the cost. This typically includes life insurance and disability insurance.
- Voluntary benefits are those you the employee can choose to elect or not. You will pay 100% of the premium. This typically includes dental and vision insurance
- Contributory benefits are those that you and the employer both pay for. The employer picks how much they will pay and then you pay the remainder. One example would be medical insurance. The employer may pay 80% of the premium, you pay the remaining 20%
What Coverages Are Included In The Benefits Offered By Employers?
This will vary for each company. They will be able to provide you with a summary of benefits that will show you basic plan information. Deductibles, copay’s, coinsurance and maximum out of pocket is standard on each summary. Employers have HR departments or an insurance agent they work with. They will be able to explain everything to you and help you enroll.
Understanding benefits offered by employers can be overwhelming. Take time to review the information provided to you and don’t be afraid to ask questions. Every individual’s situation is different however employers have specific plans in place to help you.
Have questions? Contact us today, we can help.