A Primer on Workplace Benefits Coverage
Workplace benefits are often considered to be the most valuable of employment extras. Providing such benefits can go a long way for many business owners to attract the best workers for the job and for encouraging current employees to stay in place. Be it long-term care provision or aid for those becoming disabled or for help in the aftermath of a serious accident or in the provision of universal life insurance, the myriad of benefits included through employment benefits are a big motivator for both employers and workers alike.
Long Term Care Insurance
Long-term & Short-Term Care Insurance are both designed for those faced with a serious illness or some type of a severe injury. Long term is for that which lasts more than one year, while short-term medical coverage is for those who are ill for a period,normally up to one year. Long-term insurance, on the other hand, will normally go into effect when short-term is has expired.
Disability Insurance Coverage
Disability coverage is designed for employees who become unable to perform their normal job duties. Physical or mental issues can both be qualifying causes. Disability coverage is engineered to cover a part of a worker’s normal pay until he or she can resume their usual work dutiess.
Accident Insurance Coverage
Accidents can happen any time and any place. This is why some employers provide accident insurance to their workers. This kind of coverage can often extend to a policyholder’s children and spouses as well.
Dental Care Coverage
This aspect of a benefits package will cover diagnostic and preventative dental treatment.
Critical Illness Insurance
Critical illness insurance is a type of coverage that helps people stricken with illnesses that are chronic and severe, such as AIDS, heart disease or cancer. Critical illness insurance is generally issued as a lump sum payment when one’s claim is approved.
Universal Life Insurance
Universal life insurance is a form of life insurance that can help one’s family and other designated beneficiaries after he or she passes away. Most employer packages offer some type of life insurance. An unusual aspect of the Universal life policy is its built-in ability to provide policyholders the freedom to invest their returns into stocks and other potentially high-earning investments- Higher payouts may result as the invested portion realizes gains.