When you begin a full-time job, an employee benefit plan is typically a component of your compensation package. This can include unhealthy days, vision care, health insurance, dental insurance, group RRSP planning programs, and more.
It’s pretty standard practice for group advantages to incorporate some form of group life insurance. This just means your business has a plan that covers their “group,” a.k.a their staff. Coverage is typically one to two times that of your yearly salary.
There are some part-time jobs, though, that offer employee benefit plans. It never troubles to ask if there is an employee benefit plan, even if you’re less than 40 hours a week!
Who Chooses Your Employee Benefit Plan?
Paying for employee privileges and insurance is a little like financing a wedding: The person footing the invoice gets to call the shots. In the case of your workplace advantages plan, this “person” is your employer.
When setting up a benefits program, your employer selects an insurance company to serve as the advantages provider: your employer finances all or a portion of the premiums for the benefits coverage. The provider, in contrast, is liable for administering the plan and processing claims.
Your employer will also pick a particular benefits plan to sponsor for all eligible employees. The plan will decide what helps you get as an employee and how these interests might vary depending on your salary or employment status (e.g., temporary vs. permanent position).
What’s included in Your Employee Benefits Plan?
Many employee benefits plans include both healthcare benefits and group life insurance.
What type of healthcare is usually covered?
In Canada, we’re fortunate to have general health care that our provincial governments fund. But while choosing medicine or attending the dentist, you’ve apparently learned that the government doesn’t include every medical expense. This is where an employee gains plan with healthcare coverage comes in handy.
What isn’t always covered?
Depending on your benefits plan, there are several healthcare expenses that you might not have coverage for. These may include paramedical services, out-of-province medical care and private hospital rooms.
How do you know when you require more healthcare coverage?
Even the best employee benefits plans won’t include every medical expense. So depending on your family’s requirements, you might need to acquire additional healthcare insurance on your own.
As we touched on earlier, some organizations offer group life insurance as a part of their benefits package. But, this isn’t always the case.
Is life insurance coverage always guaranteed?
Life insurance shields your family financially if you die and your salary is no longer available to support them. When you have life insurance in your workplace, it’s typically group life insurance. Group life insurance is a life insurance policy that covers all qualified employees at your place of work.
How do you know when you need more life insurance coverage?
If you have life insurance coverage through your profession, it’s essential to know how it relates to your family’s financial requirements. This way, you’ll know whether you want additional coverage to protect your family fully – and how much.
If you’re single and don’t have any dependents, you apparently don’t even require life insurance coverage, to begin with. So you can possibly save yourself the stress of looking for additional coverage on your own. Get in touch with the experts now.