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Employee Benefits 101: Main Types

Employee Benefits 101: Main Types


Employee benefits have become one of the hottest topics for US labor in recent memory. But what exactly is it and how can it help a business as much as an employee? Here are the basics of how employee benefits work and how they can help you.


Health Insurance


A group health plan is an employee welfare benefit plan established or maintained by an employer or by an employee organization (such as a union), or both, that provides medical care for participants or their dependents directly or through insurance, reimbursement, or otherwise.


Most private-sector health plans are covered by the Employee Retirement Income Security Act (ERISA). Among other things, ERISA provides protections for participants and beneficiaries in employee benefit plans (participant rights), including providing access to plan information. Also, those individuals who manage plans (and other fiduciaries) must meet certain standards of conduct under the fiduciary responsibilities specified in the law.

大多數私營部門的健康計劃都受《僱員退休收入保障法》(ERISA) 的保護。除其他外,ERISA 為員工福利計劃的參與者和受益人提供保護(參與者權利),包括提供對計劃信息的獲得。此外,管理計劃的個人(和其他受託人)必須符合法律規定的受託責任下的某些行為標準。

Retirement plan


A retirement plan has lots of benefits for you, your business, and your employees. Retirement plans allow you to invest now for financial security when you and your employees retire. As a bonus, you and your employees get significant tax advantages and other incentives.


Business benefits:


-Employer contributions are tax-deductible.


-Assets in the plan grow tax-free.


-Plan options are flexible.


-Tax credits and other benefits for starting a plan may help reduce costs.


-Retirement plans can attract and keep better employees, which reduces new employee training costs.


Life Insurance


Life insurance is an insurance policy that provides, in exchange for monthly, quarterly, or annual premium payments, a lump sum of money to the designated beneficiary of an employee who dies.


Life insurance marks an employer as an employer of choice when desirable candidates select job opportunities. It is one of the comprehensive set of benefits that employees look for when on the job search and choosing an employer. Especially employees with families like the security of the safety net that life insurance provides.


Life insurance provides peace of mind for an employee who is concerned about how his or her family, or heirs, will make out financially in the event of his or her death. Life insurance provides a certain financial cushion for the employee's survivors if the employee's death is not due to his fault.


Disability Insurance


As its name suggests, disability insurance is a type of insurance product that provides an income if a policyholder is prevented from working and earning an income due to a disability.


In the United States, individuals can obtain disability insurance from the government through the Social Security System. They can also purchase disability insurance from private insurers.


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