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Common Types of Employer Provided Benefits: Which are for You?

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Common Types of Employer Provided Benefits: Which are for You?

07 Jan, 2020
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Employer provided benefits comprise a considerable portion of your overall compensation package. They can help protect your financial security and your overall well-being in the event of unexpected circumstances. Unfortunately, company policies are not always clear, and benefit administrators may not be communicative. As a result, you may not be aware of the various types of benefits available or the terms of policies that must be met to ensure eligibility. To protect your rights and to ensure you are taking advantage of all that is available through your job, take some time to review these plans. 

Know What Benefits are Offered Through Your Employer

According to surveys from the U.S. Department of Labor, more than 85 percent of the workforce are entitled to various health and welfare benefits as part of their jobs. Employers often review the types of benefits available to workers when they are hired, and you may receive notices about policy updates or open enrollment periods throughout the year. However, the complex language and terms of these agreements cause many employees to overlook the details regarding their plans until an actual need arises. 

At that point, it may be too late to ensure eligibility or the type of coverage you need. To protect yourself, take the time now to determine whether your employer offers the following types of programs and whether you are eligible and actively enrolled: 

  • Medical and dental care coverage;
  • Short and long term disability plans;
  • Employee wellness packages;
  • Training opportunities and college reimbursement or scholarship programs;
  • Life insurance benefits;
  • Retirement, pension, and profit-sharing options;
  • Severance packages and unemployment benefits. 

Protect Your Rights to Coverage

Opportunities to sign up for certain benefits and making plan changes are likely an option only at certain times of the year. However, the Employee Retirement Income Security Act of 1974 (ERISA) protects your right to request information about benefits available through your employer and the terms of coverage at any time. Contact human resources or the benefit plan administrator to obtain these documents and review them for the following: 

  • Requirements for eligibility and whether you are vested for certain benefits, such as stock options;
  • Whether you are automatically enrolled or need to submit additional paperwork;
  • Terms of coverage, including maximum amounts paid and the length of time you can collect;
  • Any policy exclusions or restrictions that could prevent you from obtaining benefits;
  • Whether your plans cover just you or include benefits for other family members. 

Contact Our Chicago Employee Benefits Attorneys Today

At the Law Offices of Michael Bartolic, our goal is to ensure you get the employer provided benefits to which you are entitled. For questions about eligibility and your rights to coverage, contact our Chicago ERISA attorneys and request a consultation today.  

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