Employee Benefits Overview

Programs provided by an employer to enhance employee well-being and financial security. They cover aspects like health, income protection, retirement, and time off.

A broad approach to employee compensation that encompasses more than just base salary, including benefits, recognition, development, and work environment.

A type of benefit that ensures income continuity for employees during periods of non-work, like holidays or sick leave.

Benefits offered to employees in which the employer has a choice to provide them. These may include wellness programs or life insurance.

Benefits mandated by law to protect employees in situations like unemployment, medical emergencies, or retirement.

Benefits designed to safeguard an employee's income and financial security in case of emergencies or unexpected events.

Factors like competition in the job market or government regulations that influence changes and advancements in employee benefits.

Practices employed by organizations to make their benefits packages attractive and competitive, potentially leading to adjustments based on geographical location or industry standards.

The process of determining how benefits are provided, including who pays what, how much, and how it's delivered, considering factors like taxation, company culture, and employee value.

A legal framework in the U.S. regulating employee benefits plans, including pensions and health insurance.

The impact of government policies on benefits, such as mandating offering certain benefits or setting limits on how much companies can charge employees.

A situation where employees share the cost of their benefits, often contributing a percentage towards premiums or co-pays.

The perception employees have regarding the value and usefulness of offered benefits.

Changes in the composition of the workforce, such as an aging population, more women entering the workforce, or a mix of generations working together.

A strategic approach where organizations align employee benefits with their overall business goals and company culture.

The rising cost of providing benefits is a major concern for companies, impacting decisions about cost sharing and benefit designs.

A law that aims to protect employees involved in employee benefits plans, provide guidelines for tax implications of benefits transactions, establish minimum standards for pension plans, and offer a single contract option for employers with multiple locations working with the same insurance carrier.

A comprehensive health care reform law that aims to improve access to health insurance, reform the health care delivery system, and reduce overall health care costs.

A type of medical plan that involves active management and control by the provider or organization to ensure cost-effectiveness and quality care. It's a common approach due to the rising cost of medical benefits.

A dental plan that offers coverage for preventive, basic, and major dental care with a 'fee-for-service' approach.

A dental plan that requires using a network of participating providers and often provides a more comprehensive approach to dental care.

A vision plan that offers coverage for routine eye exams, lenses, and frames at regular intervals based on the insurance policy.

A vision plan that provides discounts on eye care services and products obtained through a network of participating providers.

A plan that covers costs related to mental health and addiction treatment, often offered separately from traditional health plans.

Benefits provided to employees for work-related disability, often through a government program but can be employer-provided.

Programs designed to provide financial security to employees upon retirement, death, or disability. They can be government-run (social security) or employer-sponsored.

A type of retirement plan where the employer guarantees a specific amount of money to the employee upon retirement, calculated based on years of service and salary.

A type of retirement plan where the employee contributes to an individual account, and their retirement income is based on the performance of their chosen investments.

A hybrid type of retirement plan that combines elements of both defined benefit and defined contribution plans, offering features of both.

Programs offered by employers to supplement government-provided retirement benefits, often offering additional retirement income or investment options.

The potential for government-provided retirement benefits to be reduced if an individual receives benefits from employer-sponsored retirement plans.

A plan that combines elements of both defined benefit and defined contribution plans, offering a hybrid approach to retirement savings.

A type of hybrid plan where employer contributions are credited to employees' accounts, earning interest and growing over time.

A type of leave that combines vacation, sick leave, and personal days into a single block of paid time off.

A salary continuation benefit paid to an employee after termination, helping maintain financial security during job transitions.

Training time, rest periods, wash-up time, clothes-changing time, and travel time are considered work-related activities under US law.

Vacation, holidays, sick leave, personal leave, jury duty, bereavement, company shutdown, sabbatical, military leave, family/medical leave, and religious observations are examples of time off programs.

A type of health plan that provides health services through a network of contracted doctors and hospitals. Members must typically choose a primary care physician (PCP), who acts as a gatekeeper for referrals to specialists.

A type of health plan that gives you more freedom to choose doctors and hospitals, but you usually pay less if you stay within the network. You may also need a referral from your PCP for specialist visits, but it's often less strict than an HMO.

A type of health plan that features high deductibles, meaning you pay more out-of-pocket before insurance kicks in. These plans often have lower monthly premiums and can be paired with a Health Savings Account (HSA).

A type of health plan that provides a flexible way to pay for healthcare expenses. You contribute pre-tax dollars to the account and use them to pay for eligible medical expenses. This can be a part of a High Deductible Health Plan (HDHP).

A type of benefit that covers a portion of your income if you experience a disability that prevents you from working.

A type of benefit that provides a payment to your beneficiaries in the event of your death.

A type of benefit model where the employer pays a fixed amount for healthcare benefits, while the employee is responsible for any additional costs over the predefined amount.

A marketplace where employers can purchase a variety of health insurance plans and other benefits from different providers.