Employee benefits overview 

Employers often buy into group insurance plans for their employees. This can be a significant expense for the employer but it forms an integral part of an employee’s compensation package. Good benefits plans aid an employer in retaining good employees.

What is commonly offered in a group plan – you get what you and your employer pays for

Health and dental

Health and dental insurance forms the core of employee benefits plans. Things like prescription drugs and regular teeth cleaning are almost always covered subject to certain limits. Paramedical services such as massage therapists and chiropractors may or may not be covered depending on the plan. Usually health and dental coverage covers both the employee and their spouse/children.

Life insurance

There is usually a small amount of life insurance offered by group plans. It can range from $10,000 to 2X annual salary.

Short term disability insurance

Short term disability insurance is sometimes offered. It covers an absence from work lasting from 5 to 90 days. Most employers do not offer this because it is very costly. However, we often see this offered by very large companies. Sometimes an employee’s spouse and/or children may also have a small amount of life insurance.

Long term disability insurance

Long term disability insurance (LTD) pays an employee a monthly benefit if they are not able to work. Benefits typically start of 90 days. Often this is provided by an employer. Typically an employer needs 10+ employees on a plan to make this work. LTD is only offered to the employee, not their spouse/children.

Various Types of Employee benefits: Employee Benefits Overview | Employee Benefits - From The Employee’s Point Of View | Employee Benefits - From The Employer’s Point Of View

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