Employee Benefit Guide

TYPES OF EMPLOYEE BENEFITS

THREE TYPES OF EMPLOYEE BENEFITS
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There are three types of employee benefits.

1. Statutory benefits
2. Discretionary benefits
3. Administrative benefits


STATUTORY BENEFITS (Mandatory)
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Statutory benefits are benefits employers must provide because they are required by law to do so.

* Minimum wage
* Overtime pay
* Employment taxes
    * Social Security taxes
    * Medicare taxes
* Unemployment insurance
* Workers’ compensation insurance
* Short term disability (in some states)
* Family Medical Leave Act (FMLA)
* Affordable Care Act (ACA)
* Continuation of coverage benefits (COBRA)


DISCRETIONARY BENEFITS (Voluntary)
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Discretionary benefits are benefits employers may provide if they choose too. They are not required to provide these benefits but do so to attract, retain and motivate employees. The employer may pay all the cost of the benefit, share the cost or it might be entirely employee paid.

* Health
    * Medical
    * Prescription drug coverage
    * Clinics
    * Telemedicine
    * Transparency tools
* Health care spending accounts
    * HRA
    * HSA
    * FSA
        * Health care
        * Dependent cae
* Dental
* Vision
* Life
    * Basic
    * Supplemental
    * Dependent
    * AD&D
    * Travel accident
    * Voluntary life
        * Term life
        * Whole life
        * Universal life
        * Variable life
* Income replacement
    * Sick time
    * Disability
        * Short-term
        * Long-term
    * Workers compensation
* Medical gap plans
    * Hospital indemnity
    * Accident insurance
    * Critical illness insurance
    * Specified disease insurance
        * Cancer insurance
* Other insurance programs
    * Home and auto
    * Long term care insurance
    * Pet insurance
* Employee assistance programs
    * Counseling services
    * Legal services
    * Financial services
* Wellness programs
    * Biometric screenings
    * Health risk assessments
    * Tobacco cessation
    * Fitness center
* Savings
    * Direct deposit
    * Premium direct deposit
    * Credit union
    * US Savings bonds
    * 529 college plans
    * Retirement plans
    * Stock options
    * Profit sharing
    * Bonuses
    * Severance
    * Retiree benefits
* Paid time off
    * Sick pay
    * Vacation pay
    * Paid holidays
    * Bereavement pay
    * Jury duty pay
* Other benefits
    * Benefit statements
    * Purchasing programs
    * Financial planning
    * Legal services
    * Identity theft protection
    * Tuition assistance
    * Adoption assistance
    * On site day care
    * On site cafeteria
    * Referral services
    * Length of service awards
    * Transportation
        * Parking
        * Transit
        * Company car
    * Cell phone
    * Moving expense
    * Employee discounts
    * Deminimus benefits
    * Working conditions
        * Telecommuting
        * Flex time
        * Remote working
    * Opportunity
        * Pay above minimum wage
        * Pay increases
        * Career advancement


ADMINISTRATIVE BENEFITS
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Benefit administration provides convenience to employees.

* Benefit selection
* Negotiating insurance contracts
* Group buying power
* Enrollment services
* Payroll deductions
* Billing
* Remittance of premiums
* Benefit administration


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