To protect employees against workers against injuries, reduce financial uncertainty, and help manage possible adversities, a business owner can take advantage of employee insurance. As the compensation packages are becoming more complex, employee insurance can include multiple types of perks, from medical insurance to retirement benefits to profit-sharing to stock options.
As a job seeker, it would only be wise to factor employee insurance in your evaluation of different job offers. As an employer or business owner, you might be interested to stand out from the crowd by providing the most competitive employer insurance package.
It includes workers’ compensation insurance (according to the law in the majority of the U.S. states) and disability insurance. The former covers costs of on-site injuries or illnesses; the latter can be short-term and long-term:
Whereas almost all employers provide workers’ compensation insurance for it doesn’t cost them at all, only a part of them enables cost-effective disability insurance.
As for the employee benefits, some are mandated by law – minimum wage, overtime pay, leave benefits, extended medical benefits, and unemployment benefits – while some may be provided by the employer (health insurance, life insurance, dental insurance, vision insurance, sick days, paid holidays, etc.).
The monthly cost of employee insurance depends on the type of insurance, the benefits included, and whether the insurance is employer-contributory or voluntary. In the former case, the employer can cover up to 100% of the premiums; in the latter case, the employer covers up to 49% of the premiums. In 2020, employers covered about 75% of premiums, whereas the average cost of health coverage was about $5,000 a person.
There are several proven steps you will have to take before you can get your first insurance adjuster job. Without further ado, let’s dig into it.
Did you decide to leave your job but keep worrying about losing your group health plan? Getting another position sometimes means dealing with a short waiting period. The good news is that you can remain on your employer-provided coverage under COBRA. California residents get to use two types of continuation coverage: the federal version of […]
Most people will face a severe illness of some sort during their life. Some diseases may be temporary and overcome with treatment, such as cancer which is treatable with radiation. Some conditions may be chronic and incurable, such as multiple sclerosis, affecting the ability to perform daily activities. While the likelihood of having this type […]
Getting fired can take you by surprise, but deciding to quit implies having a plan in place. It’s no secret that these options require dealing with health insurance continuation. Without it, severe disease or a bad accident can cost you a pretty penny. And even a minor health issue is likely to result in disproportionate […]
Health insurance is a product geared towards bearing the expenses of the applicant’s surgical, clinical, medication plan, and rarely dental treatment. It ensures that applicants are financially secure should they suffer from an illness or injury. This form of insurance has numerous plan categories and packages, and companies often offer it as a part of […]
Employer’s Benefits: Extend Your Health Insurance Losing or leaving a job can be stressful, especially as the pandemic continues to affect unemployment rates in the United States. In April 2020, COVID-induced layoffs continued across the country, causing over 6 million citizens to look for coverage during the unemployment period. Career decisions often depend on the […]
Working on electrical systems is always dangerous, no matter how professionally experienced your electricians are. With over 30,000 electrical shock incidents per year – of which around 400 are fatal – everyone involved in designing, installing, and maintaining electrical systems should be insured. Whether you spearhead a high-profile business or are an individual contractor, you […]
With over 92% of Americans possessing a health insurance plan from public or private insurance companies, the question of subsidies has always been burning if not painful. In 2021, though, substantial changes were made to allow more Americans to subsidize their ACA health insurance plans. The recent changes made more Americans eligible for subsidies. The […]
Mortgage protection insurance is a specially tailored policy geared towards safeguarding a homeowner and household budget by assisting with repaying the mortgage if the contract holder dies before paying it out in full. Applicants generally do not have to do a check-up or provide health background information to be considered eligible and be allowed to […]