If you have recently taken a new job, you may be wondering what types of benefits are available to you. Most employers offer their employees various types of insurance. The premiums for insurance coverage provided with your employment are taken from your gross pay as a payroll deduction. Here are some of the commonly offered types of insurance available from your employer.
Employers over a certain size are required to offer health care coverage to their workers. Under a health insurance plan, the employee pays a premium for certain covered benefits. The employer usually subsidizes the premium amount, so the worker pays less than the total cost of the coverage. The benefits include various preventative, diagnostic, emergency and illness-related medical services and treatments. As a plan member, you usually have to meet a deductible before the insurance payments start toward the expense. Your plan should also include a limit on the costs you have to pay out of pocket before the insurer pays all medical expenses.
Along with medical coverage, employers typically offer additional options to include dental and vision expenses. These features can usually be purchased as an add-on to your medical insurance. The amount of dental and vision costs paid is often more limited than payments for medical bills.
A popular benefit for employers is participation in a life insurance plan. These plans pay benefits to your named payee in the event of your death. Your premium through an employer life insurance plan is typically lower than if you sought coverage on your own. Some life insurance plans have nonforfeiture clauses that allow you to keep your benefits even if you cannot pay the premiums. You may even be able to get cash out of your policy if it is a whole life contract. Time limits may be imposed that require you to have made a minimum amount of premiums before these options become available.
Accidental Death Coverage
Another type of insurance employer may offer an accidental death benefit. This type of coverage can be obtained in addition to life insurance and would be payable if you were in an accident that caused your demise. The terms and conditions for the events that qualify for accident coverage will be listed in the contract.
Long Term Care Insurance
The cost to live in a long-term care facility is very high. If you become disabled and need regular care, your only option might be one of these facilities. To get state-covered payment for a long-term care facility, you would have to spend down most of your assets. For this reason, long-term care insurance is an attractive option for many people. This type of coverage would pay expenses associated with your stay in an assisted living facility or nursing home. The policy may also pay for other care-associated long-term expenditures. Employers often offer this type of coverage as an optional part of their total insurance package.
Cancer treatment can involve significant out-of-pocket expenses. If you have to undergo a series of cancer treatments, you may also miss work. You might have travel expenses to go to the appropriate clinic to receive your treatment. A cancer insurance policy will pay benefits for expenses related to your treatment. This would add to any additional coverages you get through your employer and is designed to supplement your medical insurance and provide compensation for ancillary expenses that health insurance does not usually cover.
Many employers also offer an accident policy to cover expenses associated with medical treatment for injuries suffered in an accident. This coverage differs from an accidental death policy, as the benefits pay for injuries rather than death.
Your new employer may have a lot of insurance options available to you. You should be able to get more information from the benefits coordinator. You want to understand what the coverages are and how they interact with one another before you sign up for the policies.