Are you a small business owner wondering whether your employees are properly taken care of? Or, are you an employee that’s feeling as if you might be missing out on some important benefits in your company.
While benefits vary from company to company, there are some basic types of employee benefits. These should form the foundation of any business.
Interested in knowing more? Keep reading to find out about the different types of benefits and why all employees should have access to them.
Medical Benefits for Employees
This is the most sought-after and important benefit that a business can offer its employees. Depending on the company, employers will either pay all of the medical insurance costs or the majority — with the employee making up the rest.
Medical insurance for employees typically covers physician and surgeon fees, as well as hospital expenses and prescription medication.
Employers may choose to add additional medical benefits such as eye care and dental. There are massive advantages to providing good benefits such as these for your employees — click here to find out why.
Disability InsuranceÂ
This is one of the most important employee benefits as it helps employees to feel secure and safe in their jobs. Disability benefits can include short-term or long-term insurance. These benefits come into play when an employee becomes ill or injured to the point that they cannot work.
Disability benefits can extend to illnesses and injuries that happen outside of work. But most employers at the minimum offer short-term disability insurance for illnesses or injuries that occur at work.
The employer can choose the length of the disability cover, after which the employee must return to work or will not receive compensation.
Life InsuranceÂ
One of the most common kinds of employee benefits is life insurance or accidental death and dismemberment (AD&D) insurance. These benefits ensure that your employee’s family receives monetary compensation should they pass away.
Life insurance is typically the amount of the employee’s annual salary. This benefit requires employees to sign up.
Retirement Plans
This is the top of the list for common employee benefit options. Retirement benefits are considered a staple that all companies should provide for their employees.
The offers for retirement plans differ from company to company, with the most popular plan being the 401(k) plan.
Mental Health CoverageÂ
This employee benefit is becoming increasingly popular nowadays more of a focus is placed on mental health.
Mental health insurance includes providing for the care of employee’s mental and emotional wellbeing. This includes appointments with therapy services, prescription medications, and more.
Common Types of Employee Benefits
This is just the tip of the iceberg when it comes to types of employee benefits. Some companies provide their employees with a comprehensive list of benefits. This ensures the best physical, emotional, and mental wellbeing of the employee.
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