EMPLOYEE BENEFITS
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Employee Benefits
Coverage Terminology
- Acupuncture – Covers alternative treatments like acupuncture to address pain management and overall wellness.
- Chiropractic – Provides access to chiropractic care for musculoskeletal issues such as back pain or joint discomfort.
- Commuter Benefits / Transportation Benefits – Helps offset commuting costs through pre-tax savings on transit passes or parking fees.
- Dental & Ortho – Offers coverage for dental care, including routine check-ups, cleanings. Ortho refers to coverage for orthodontic treatments like braces.
- Disability – Short Term Disability – STD – Provides income to a business owner or employee when they are unable to work due to an accident, illness, or injury. Available almost immediately for temporary disabilities.
- Disability – Long Term Disability Insurance – LTD – Provides income to a business owner or employee when they are unable to work due to an accident, illness, or injury. Longer waiting period with coverage for more serious illnesses or injuries over a longer period.
- Employee Assistance Plan – EAP – Provides confidential support for personal challenges like mental health issues, financial advice, or family problems. Can also provide some help and guidance with relocation/housing but will not cover any actual costs.
- Employee Discounts – Offers reduced prices on company goods or services as an added perk.
- Extended Leave – Allows employees additional time off beyond standard leave policies for personal or medical reasons.
- Family and Medical Leave – FMLA – Offers job-protected unpaid leave for specific family or medical reasons, such as caring for a newborn or a sick family member.
- Financial Wellness Programs – An employee benefit designed to help individuals improve their financial health by providing tools, resources, and education for managing day-to-day expenses, reducing debt, and planning for future financial goals.
- Flexible Spending Accounts – FSA – Lets employees set aside pre-tax earnings to pay for qualified medical or dependent care expenses.
- Health Insurance – Provides medical coverage for doctor visits, hospital stays, and treatments to help employees maintain physical well-being.
- Health Savings Account – HSA – A tax-advantaged savings account that allows employees with high-deductible health plans to save and pay for qualified medical expenses.
- Life Insurance – Protects the financial well-being of family, business, business partners, and employees in the event of a policy holder’s death.
- Medical-Based Absence – Leave granted to employees unable to work due to a medical condition, injury, or illness that prevents them from performing essential job duties.
- Mental Health Coverage – Includes therapy sessions, counseling services, and other resources to support emotional well-being.
- Paid Sick Leave – Allows employees to take paid time off when they are unwell and unable to work.
- Paid Time Off – PTO – Allows employees to take time off work for personal reasons, vacation, or illness while still receiving pay. Unlimited PTO enables employees to take as much leave as needed without a fixed limit, provided work responsibilities are met.
- Paid Vacation – Grants paid time off specifically designated for leisure and relaxation purposes.
- Pet Insurance – Helps cover veterinary expenses for pets in case of illness, injury, or accidents. Depending on the plan, it may also include routine care or wellness services, offering financial relief for unexpected or ongoing medical costs
- Prescription Drug/Rx – Pays for medications prescribed by a doctor, often with a tiered co-pay system for generic and brand-name drugs.
- Profit-Sharing Plans – These can also be considered retirement-related if the shared profits are allocated to employees’ retirement accounts, helping them save for the future.
- Retirement 401k – Helps employees save for retirement through employer-sponsored accounts with potential employer matching contributions.
- Simplified Employee Pension (SEP) Plans – These are retirement plans designed for small businesses and self-employed individuals, allowing employers to contribute directly to employees’ Individual Retirement Accounts (IRAs).
- Travel & Spending Expenses – Provides financial support for business-related travel costs, including transportation, lodging, and meals.
- Travel Insurance – Covers costs related to travel mishaps such as lost luggage, trip cancellations, or medical emergencies while traveling abroad.
- Tuition Reimbursement – Covers part or all of the costs of continuing education or professional development courses.
- Vision Coverage – Covers eye care services such as exams, glasses, and contact lenses to maintain eye health and correct vision issues.
- Wellness Programs – Promotes health and fitness through initiatives like gym memberships, smoking cessation programs, or health screenings.
- Workers’ Compensation – Protects employers from lawsuits related to an employee’s workplace injury or illness. Covers medical and rehabilitation bills and lost wages if an employee is injured or becomes ill due to work-related activities.
Acupuncture – Covers alternative treatments like acupuncture to address pain management and overall wellness.
Chiropractic – Provides access to chiropractic care for musculoskeletal issues such as back pain or joint discomfort.
Commuter Benefits / Transportation Benefits – Helps offset commuting costs through pre-tax savings on transit passes or parking fees.
Dental & Ortho – Offers coverage for dental care, including routine check-ups, cleanings. Ortho refers to coverage for orthodontic treatments like braces.
Disability – Short Term Disability – STD – Provides partial income replacement to a business owner or employee when they are unable to work due to an accident, illness, or injury. Available almost immediately or after an elimination period for temporary disabilities.
Disability – Long Term Disability Insurance – LTD – Provides partial income replacement to a business owner or employee when they are unable to work due to an accident, illness, or injury. Longer waiting period with coverage for more serious illnesses or injuries over a longer period.
Employee Assistance Plan – EAP – Provides confidential support for personal challenges like mental health issues, financial advice, or family problems. Can also provide some help and guidance with relocation/housing but will not cover any actual costs.
Employee Discounts – Offers reduced prices on company goods or services as an added perk.
Extended Leave – Allows employees additional time off beyond standard leave policies for personal or medical reasons.
Family and Medical Leave – FMLA – Offers job-protected unpaid leave for specific family or medical reasons, such as caring for a newborn or a sick family member.
Financial Wellness Programs – An employee benefit designed to help individuals improve their financial health by providing tools, resources, and education for managing day-to-day expenses, reducing debt, and planning for future financial goals.
Flexible Spending Accounts – FSA – Lets employees set aside pre-tax earnings to pay for qualified medical or dependent care expenses.
Health Insurance – Provides medical coverage for doctor visits, hospital stays, and treatments to help employees maintain physical well-being.
Health Savings Account – HSA – A tax-advantaged savings account that allows employees with high-deductible health plans to save and pay for qualified medical expenses.
Life Insurance – Protects the financial well-being of family, business, business partners, and employees in the event of a policy holder’s death.
Medical-Based Absence – Leave granted to employees unable to work due to a medical condition, injury, or illness that prevents them from performing essential job duties.
Mental Health Coverage – Includes therapy sessions, counseling services, and other resources to support emotional well-being.
Paid Sick Leave – Allows employees to take paid time off when they are unwell and unable to work.
Paid Time Off – PTO – Allows employees to take time off work for personal reasons, vacation, or illness while still receiving pay. Unlimited PTO enables employees to take as much leave as needed without a fixed limit, provided work responsibilities are met.
Paid Vacation – Grants paid time off specifically designated for leisure and relaxation purposes.
Pet Insurance – Helps cover veterinary expenses for pets in case of illness, injury, or accidents. Depending on the plan, it may also include routine care or wellness services, and prescriptions, offering financial relief for unexpected or ongoing medical costs
Prescription Drug/Rx – Pays for medications prescribed by a doctor, often with a tiered co-pay system for generic and brand-name drugs.
Profit-Sharing Plans – These can also be considered retirement-related if the shared profits are allocated to employees’ retirement accounts, helping them save for the future.
Retirement 401k – Helps employees save for retirement through employer-sponsored accounts with potential employer matching contributions.
Simplified Employee Pension (SEP) Plans – These are retirement plans designed for small businesses and self-employed individuals, allowing employers to contribute directly to employees’ Individual Retirement Accounts (IRAs).
Travel & Spending Expenses – Provides financial support for business-related travel costs, including transportation, lodging, and meals.
Travel Insurance – Covers costs related to travel mishaps such as lost luggage, trip cancellations, or medical emergencies while traveling abroad.
Tuition Reimbursement – Covers part or all of the costs of continuing education or professional development courses.
Vision Coverage – Covers eye care services such as eye exams, frames, lenses, and/or contact lenses to maintain eye health and correct vision issues.
Wellness Programs – Promotes health and fitness through initiatives like gym memberships, smoking cessation programs, or health screenings.
Workers’ Compensation – Protects employers from lawsuits related to an employee’s workplace injury or illness. Covers medical and rehabilitation bills and lost wages if an employee is injured or becomes ill due to work-related activities.
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