Workplace Benefits

According to a recent Quarterly Employment Confidence Survey by Glassdoor, the majority of the American workforce consider workplace benefits to be the most important employment perk. These benefits, according to the survey, occupies an essential role in helping employees attain economic confidence. From long-term care to disability, critical, accident and universal life insurance, benefits offered through employment are now a key differentiator of a job seeker choosing one job over the other. Some of the key employment benefits coverage include:

Long Term Care Insurance

When most of us hear the phrase ‘long term care,’ the image that comes to the mind is a group of elderly people in a nursing home. That’s, however, not very accurate since about 40 percent of people in nursing homes are between 19 and 64 years of age. The average annual cost of getting quality nursing home care is $75,000, depending on where you are from. Employers can provide Long Term Care insurance (LTC) for their employees or their dependents to improve their morale, productivity, and loyalty.

Disability Insurance

Disability insurance is a good way to provide income protection for their employees should they get injured or become too sick to work. Short-term disability replaces the affected employee’s salary for the first few months or weeks after they become ill or hurt. Long-term disability kicks in after short-term disability expires and continues with the payments for a few months or more.

Accident Insurance

While disability insurance and other health plans provide coverage for injuries resulting from accidents, there are certain coverage gaps in the form of deductibles, co-pays, therapies, and x-rays. Employers can provide accident insurance to cover these costs and protect their employees from financial devastation.

Critical Illness / Cancer Insurance

More often than not, you will hear that one of your co-workers has been diagnosed with cancer or other types of critical illnesses. Critical illness insurance is one of the most important work benefits, and an employer can provide their employees and protect them from experiencing financial problems as they receive treatment.

Universal Life Insurance

As a workplace benefit, employer-provided universal life insurance helps maintain the standards of living of the dependents of an employee in case of sudden death. A combination of these work benefits will facilitate the creation of a happy, productive, and highly efficient staff.