Employee benefits include various types of non-wage compensation which is provided by the employer to the employee. These compensations are added to the normal wages of the employees. However, these benefits added to the basic salary of the employee. The most common benefits provided to the employees include sick leave; vacation allowance, medical facility; retirement benefits; tuition reimbursement; and social security benefits. In this way, the employer provides additional economic benefits to the employees.
We are going to explain some employee benefits which are provided by employers to the employees.
- Medical Insurance
- Dental Insurance
- Vision Insurance
- Cancer Insurance
- Critical Illness Insurance
- Hospital Insurance
- Life Insurance
- Accident Insurance
Medical insurance is the most important insurance, which is provided by most of the employers to the employees. However, it includes hospital visits, doctor visits, prescriptions, and surgeries. Some employees get a monthly allowance with a basic salary if they did not want this allowance.
Hence the name suggests, it is the insurance which covers the dental expense. Furthermore, it covers all types of dental expense of an employee or up to a certain amount of expense. These insurances are mostly provided by the USA and other European countries.
Vision insurance covers all types of expenses related to the ongoing vision of the employees. It covers expenses like prescription glasses, eye exams, and contact lenses. In this way, it covers the major eye vision expense of the employee.
This is the policy pays only when there is a diagnosis of cancer. In the Cancer insurance, the company pays a lump sum amount of money to the employee for his treatment. Moreover, It covers all types of expenses incurred in this deadly disease. Doctors cost, medicine costs, hospital stay and surgeries or operations are included in this insurance.
Critical Illness Insurance
Critical Illness Insurance includes all types of expense which incur when the employee suffers deadly disease. These diseases include TB, Aids, Cancer and other diseases. The employer’s company will pay every expense of the employee, so the employee doesn’t need to pay any medical expense.
Hospital Insurance is the health insurance which covers only hospital cost. It only includes the hospital fee or doctor fee. The medical fee, hospitalized fee, surgery and other expenses not included in hospital insurance. This type of insurance provides less medical benefits than other insurance.
It means life insurance of your employee. If you are providing this insurance facility to your employee then after the end of the insurance duration the lump sum money given to the employees. In this insurance, the insurance company can also bear the medical expense in case of any accidental injury of the employee.
Accident Insurance hence the name suggests, it covers all types of financial and medical expense when an accident happens. The insurance company payout injuries to employees for losing sight, hearing, lose a limb, suffer paralyze due to an accident. In employee die in case of an accident, then the company will pay a lump sum amount of money to the beneficiary of the employee.