Group Benefits
Group benefits are insurance coverages and perks offered by employers to boost employee satisfaction and retention. Without these benefits, many employees will end up covering some form of medical expense out of their own pockets. Offering group benefits helps safeguard the health and well-being of your workforce.
A well-structured Group Employee Benefits program typically includes:
1. Life Insurance
- Provides a death benefit, usually based on a multiple of the employee’s salary.
2. Critical Illness Insurance
- Offers a lump sum payment upon diagnosis of a critical illness.
3. Accidental Death & Dismemberment (AD&D) Insurance
- Covers accidental death or injuries leading to dismemberment.
4. Disability Programs
- Short-Term Disability (STD): Income replacement for temporary disabilities.
- Long-Term Disability (LTD): Income replacement for extended disabilities.
5. Extended Health Care
- Includes coverage for prescription drugs, hospital services, paramedical services, and medical supplies.
6. Vision Care
- Provides coverage for eye exams, glasses, and contact lenses.
7. Out of Country Coverage
- Covers medical expenses incurred while traveling outside the country.
8. Dental Insurance
- Covers routine dental care and major dental services.
9. Additional Services
- Employee Assistance Programs (EAP): Offers counseling, mental health support, and other resources.
- Health Care Spending Account (HCSA): Allows pre-tax contributions for healthcare and dependent care expenses.
Health Care Spending Account (HCSA)
Healthcare Spending Accounts (HSAs) are financial accounts that allow individuals to set aside pre-tax dollars for eligible medical expenses. These accounts help cover out-of-pocket healthcare costs that aren’t fully covered by insurance. Employees are allotted a set amount of funds each year and have the flexibility to use these funds as needed. Unlike traditional group plans, which may have co-insurance, deductible, and specific plan designs, HSAs offer more freedom in how the funds are spent.
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