Many companies have group insurance programs, but do employees know how much they cost or what they are covered for in the event of illness, death or disability?
Most employees know they are paying for benefits (and what they are paying themselves) but are unsure of other details, such as what amount the employer is contributing toward those benefits. The employers in most cases are paying a minimum of 50% of the cost… although this is sometimes more. At Belmont Health & Wealth we promote educational sessions to all our clients, to inform employees how benefits are priced and the coverage they have in place. This service is free for all our clients. Benefits is a large part of the employees’ total compensation, so it makes sense to be informed.
Some questions to ask yourself:
- How much life insurance do I have in place if I pass away?
- Does the coverage terminate at a certain age or reduce at a certain age?
- What happens if I leave or retire?
- What income will I get if I become sick or injured and how much will I receive?
A lot of employees do not realize that long-term disability insurance is 24-hour coverage. Does your plan have disability insurance? If not, what would you do if you became disabled? Do not wait until something happens to be informed.
We are passionate about benefits and ultimately want employees to be covered when life happens.