What are Workplace Benefits?
Good employees are an asset to any business. To retain competent, loyal and skilled workers, most companies offer workplace benefits that can include a number of different options such as disability income insurance, life insurance and dental and vision plans. Work benefits are listed as a major reason for prospective employees to accept or reject job offers with approximately 80 percent of workers indicating that a good benefits package is key towards acceptance of an employment offer. By offering these types of protection to workers, companies invest in the well-being of their employees.
Benefits can be offered to employees in a number of ways. Companies can offer workplace benefits as part of an inclusive package, or they may elect to offer individual benefits as add-ons that employees can tailor to their own needs. Work benefits are available to employers and employees alike. The biggest reason for participating in these plans is that the premiums for coverage offered are much less than if individuals attempted to get such benefits on their own. The level of benefits and the premiums paid depend on how much the company wishes to contribute to the overall cost.
Health insurance is a prime component of benefit packages as many workers won’t give a job a second thought if this benefit is not included. However, other types of coverage are often included. Options can include but are not limited to:
• Long term care insurance that pays for expenses in a rehabilitation center or nursing home that goes beyond 90 days typically provided by medical insurance
• Disability insurance that provides workers with an income to help pay typical living epenses if they are unable to work for an extended period of time
• Accident insurance, sometimes known as worker’s compensation that covers medical expenses for employees injured on the job
• Insurance for critical illness tht covers employees recovering from life-threatening conditions
• Universal life insurance that offers low-cost protection in the event of unexpected death as well as a savings plan