Company employees are often eligible for employee benefits that offer non-salary compensation as part of a larger competitive package. Employer benefit administrators typically offer a mix of required and nonrequired benefits that are largely contingent upon location and company size. Common employee benefits include different types of health coverage, flexible spending accounts, and paid time off. Other legally-required employee benefits may also be offered, including unemployment, workers compensation, and paid leave for life events like birth, adoption, family care, or military family support as covered by the Family Medical Leave Act.

For Individuals

As an employee, or someone considering a new job, it’s important to understand your employee benefits so you can take advantage of them when you need to, which could lead to a reduced taxable income and other additional savings. It’s easy to become overwhelmed with all the different types of plans that are available, but in understanding what your options are, employees are less likely to forgo the opportunity to access benefits that help you and your families stay healthy and financially stable for the long term.

For Business Owners

As a business owner, valuable employee benefits and company perks allow you to hire and retain quality employees. In purchasing group coverage with different types of plans, you can provide options that fit the needs of your employees’ unique situations. For example, Preferred Provider Organizations (PPO) and Health Maintenance Organizations (HMO) are two common employment benefits plans that provide different types of coverage that appeal to workers with different needs, interests, and eligibility.

Mandated Basic Employee Benefits

Local, state, and federal law requires that companies provide basic employee benefits to protect the health, income, and well-being of their workers. From the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA), a federal law that protects insurance coverage of terminated employees, to workers’ compensation that offers financial assistance to employees who are unable to work due to on-site injuries or health problems, these are some of the most common legally-required employee benefits:

  • Disability
  • Family and Medical Leave Act
  • Minimum Wage
  • Overtime
  • Unemployment
  • Workers Compensation

Common Employee Benefits 

Companies offer different types of employee benefits in order to offer compensation for employment beyond salaries. From medical coverage and dental insurance to tax-advantaged flexible spending accounts, the consumer-oriented benefits listed below are some of the most popular employee benefits that are offered to support the needs of employees and their families during the duration of their employment.

  • Health Insurance
  • Life Insurance
  • Dental Insurance
  • Employee Match
  • Flexible Spending Accounts
  • Paid Time Off

Common Employee Perks

In this competitive job landscape, some companies offer employee perks outside of the standard employee benefits listed above. From making significant retirement fund contributions to providing access to gyms and childcare facilities, the list of common employee perks below may help recruit and retain employees who value the additional compensation and rewards.

  • Retirement Plans
  • Health and Fitness Club Memberships
  • Flexible Working Schedules
  • Tuition Reimbursement
  • Annual Bonuses or Profit Shares
  • Childcare

At Doeren Mayhew Insurance Group, we have the expertise and experience to assist our clients in understanding different types of employee benefits — and how to manage them — so businesses and employees alike can thrive. Contact us to learn more, or to set up a consultation today.