Most Common Employee Benefits
If you just started a new job or are preparing for life changes, it’s important to check in on your employee benefits. But what do “employee benefits” include?
There are three overarching types: insurance benefits, retirement benefits and lifestyle benefits. Let’s talk about the basics of each type.
Insurance benefits help ensure that you’re covered for preventative care and protected if any unexpected medical issues arise. You may have the option to get coverage for you, your spouse, children or dependents. Through the information provided by your employer, you should be able to see how much adding additional people to your insurance plan will cost and what you can expect your benefits to cover. Your HR department is a great resource if you need clarification on your benefit options.
Health Insurance Options Include:
- HMO or PPOs coverage
- Dental insurance
- Disability & life insurance
- Prescription benefits
The most common retirement plan is a 401(k), which gives employees a tax-advantaged way to save for their retirement. You’ll contribute up to a specific set maximum each year and decide how you want your contributions to be invested. Using a 401(k), or other employer-sponsored retirement plan, allows you to also contribute to another retirement account.
Other Plan Types Include:
Lifestyle benefits can go beyond the standard benefits that you may see in a company’s benefits package. They are designed to help foster personal and professional growth in addition to the health benefits that may be offered. Your company may include some of the following lifestyle benefits as part of your total compensation.
Lifestyle Benefits Include:
- Health & wellness compensations
- Professional development
- Childcare reimbursements
- Student loan repayment
- Pet insurance
Dig in on Your Options
As you start exploring the benefits offered by your current or future employer, you may have questions about what benefits are for you, or how it may affect your long-term planning. You can contact the office anytime for guidance on how to navigate your options and help you get the most out of your benefits.
This material was developed and prepared by a third party for use by your Registered Representative. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security. The content is developed from sources believed to be providing accurate information.