Benefits can be as much as 30% of your compensation.
Below are some benefits companies may offer. Only a few of these are legally required.
Security Benefits
Worker's Compensation
Unemployment
Severance Pay
Disability
Health-Care
Health insurance
Dental and/or Vision
Health Savings Accounts
Flexible Spending Accounts
COBRA
HIPAA
Retirement
Social Security
Pension plans
Family
FMLA
Child-care assistance
Time-off
Holiday and Vacation Pay
Sick Leave
Paid-time off -- Jury duty, Funeral days
Holidays
Additional
Club memberships
Discounts
Tuition
Tuesday, April 14, 2009
Other types of insurance
Life Insurance
Does your employer provide?
If not what is the cost? What is the enrollment period?
Check on enrollment, if you can only get into the plan when you start the job it may be worth the cost even if you don't have a reason for life insurance. Later, if you support dependents you may need the insurance.
Disability
Does your employer provide?
If not what is the cost? What is the enrollment period?
Does your employer provide?
If not what is the cost? What is the enrollment period?
Check on enrollment, if you can only get into the plan when you start the job it may be worth the cost even if you don't have a reason for life insurance. Later, if you support dependents you may need the insurance.
Disability
Does your employer provide?
If not what is the cost? What is the enrollment period?
Retirement Plans
What type of plan is available?
What is the contribution by the employer? By the employee?
Does the employer match contributions?
Defined-Benefit Plans - guaranteed retirement income based on employee's years of service, age, and earnings.
Defined-Contribution Plans - individual account is set up and the amount paid into the account is set. The amount employee receives at retirement is based on the earnings of the account. You will want to look at the options you have with these plans. You can often select from a variety of investment strategies, taking a conservative or growth approach. Your investment strategy should change as you age. Monitor these funds. Keep track of the accounts or move the funds when you switch jobs.
Example - 401(k) Employees contribute a percentage of earnings to the account. Employers MAY make matching contributions.
The opportunity to receive matching funds for your 401(k) from your employer is a good benefit. When you start your first job you will probably be experiencing a large bump in income. This is a good time to start the habit of contributing to your retirement fund. Start this with your first paycheck.
What is the contribution by the employer? By the employee?
Does the employer match contributions?
Defined-Benefit Plans - guaranteed retirement income based on employee's years of service, age, and earnings.
Defined-Contribution Plans - individual account is set up and the amount paid into the account is set. The amount employee receives at retirement is based on the earnings of the account. You will want to look at the options you have with these plans. You can often select from a variety of investment strategies, taking a conservative or growth approach. Your investment strategy should change as you age. Monitor these funds. Keep track of the accounts or move the funds when you switch jobs.
Example - 401(k) Employees contribute a percentage of earnings to the account. Employers MAY make matching contributions.
The opportunity to receive matching funds for your 401(k) from your employer is a good benefit. When you start your first job you will probably be experiencing a large bump in income. This is a good time to start the habit of contributing to your retirement fund. Start this with your first paycheck.
Health Care
Questions to ask about Health Care Benefits.
How much is the premium?
What is the employer contribution?
What is the employee contribution?
Is coverage available for spouse? children? Required contribution for including family members?
What type of health insurance?
Two common types
HMO - Health Maintenance Organization - care is coordinated through with an staff of physicians and medical personnel. Patient is required to use the predesignated service.
PPO - Preferred Provider Organization - employees select providers from a pre-approved list. Using a provider not in the network means the patient pays additional costs.
(It is your responsibility to use your health care network correctly. Whenever possible call and confirm your physician is still approved. You will be liable for extra costs which can quickly add up.)
How much is the co-payment?
Amount paid by employee for office visit or service.
How much is the deductible?
Initial amount for which you will be responsible. Larger deductibles help reduce premiums. Remember you will need to be able to cover this amount.
How much is the co-insurance?
Amount paid by employee to cover health care expenses
While Health care may not be your first priority when starting a job, insurance through employers is generally a better buy than individual policies. You belong to a group which means the group shares the risk. It may be difficult or impossible to join the company health plan later depending on their rules and open enrollment periods.
How much is the premium?
What is the employer contribution?
What is the employee contribution?
Is coverage available for spouse? children? Required contribution for including family members?
What type of health insurance?
Two common types
HMO - Health Maintenance Organization - care is coordinated through with an staff of physicians and medical personnel. Patient is required to use the predesignated service.
PPO - Preferred Provider Organization - employees select providers from a pre-approved list. Using a provider not in the network means the patient pays additional costs.
(It is your responsibility to use your health care network correctly. Whenever possible call and confirm your physician is still approved. You will be liable for extra costs which can quickly add up.)
How much is the co-payment?
Amount paid by employee for office visit or service.
How much is the deductible?
Initial amount for which you will be responsible. Larger deductibles help reduce premiums. Remember you will need to be able to cover this amount.
How much is the co-insurance?
Amount paid by employee to cover health care expenses
While Health care may not be your first priority when starting a job, insurance through employers is generally a better buy than individual policies. You belong to a group which means the group shares the risk. It may be difficult or impossible to join the company health plan later depending on their rules and open enrollment periods.
Legally Required Benefits
The US Government mandates some benefits.
Some of these benefits are administered by the state.
Smaller companies may not be required to offer all benefits.
Social Security
Unemployment Insurance - Missouri, Illinois, Arkansas
Worker's Compensation- Missouri
FMLA - Family and Medical Leave Act
COBRA
HIPAA
Some of these benefits are administered by the state.
Smaller companies may not be required to offer all benefits.
Social Security
Unemployment Insurance - Missouri, Illinois, Arkansas
Worker's Compensation- Missouri
FMLA - Family and Medical Leave Act
COBRA
HIPAA
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