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Insurance and Employee Benefits
lnsurance and Employee Benefits T
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Medical and dental insurance may be offered to employees as pre-tax contributions. Many companies will allow the employee to waive medical coverage with minimal reimbursement or some type of credit to salary. Many companies offer more than one type of medical coverage, such as membership in a preferred provider organization (PPO) or a health maintenance organization (HMO).The manager should understand the company’s benefits and be able to explain the differences to employees. Other types of benefits that may be offered include life insurance, personal accident insurance, and long-term disability. These benefits are usually offered at the employer’s expense, with the employee contributing only if above-normal coverage is desired. Optional spousal and family life and disability insurance may be offered as well. Some companies offer employee stock plans, retirement plans, and tax shelters as well. A manager must be able to explain the benefit package in detail to any prospective employee.
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Medical and dental insurance may be offered to employees as pre-tax contributions. Many companies will allow the employee to waive medical coverage with minimal reimbursement or some type of credit to salary. Many companies offer more than one type of medical coverage, such as membership in a preferred provider organization (PPO) or a health maintenance organization (HMO).The manager should understand the company’s benefits and be able to explain the differences to employees. Other types of benefits that may be offered include life insurance, personal accident insurance, and long-term disability. These benefits are usually offered at the employer’s expense, with the employee contributing only if above-normal coverage is desired. Optional spousal and family life and disability insurance may be offered as well. Some companies offer employee stock plans, retirement plans, and tax shelters as well. A manager must be able to explain the benefit package in detail to any prospective employee.