Prepaid Legal Services
The employer contracts with a law firm to offer legal services to its employees at a nominal fee. The provision of this service helps the company's staff with any legal issues and reduces lost productivity due to employees needing to address legal matters during working hours.
Group Long-Term Care Insurance
Coverage provisions are similar to those of individual policies. Economies of scale make the coverage somewhat less expensive than if it were purchased on an individual basis and such coverage if often portable when one leaves the company.
This form of health insurance is quite common amongst employers and is a powerful employee retention tool. Such policies cover normal dental maintenance costs (cleanings) and more commonplace procedures such as root canal and orthodontia. Pricing may be on a per-service or usual-and-customary basis. Most plans carry a deductible and some coinsurance provision with some more generous to the employee than others. Most, if not all, have maximum annual benefit amounts usually not exceeding $2,000.
A relatively new benefit, such insurance covers routine eye exam charges, but not for corrective lenses.
The range of benefit offerings at companies is growing as the need for skilled employees is becoming ever greater a challenge given the dearth of qualified people. This section has discussed some of the more common benefits beyond the traditional health and retirement plans. Cafeteria plans, whilst complex and expensive, would appear to be consistent with the trend amongst larger employers to afford employees greater flexibility and manage their own benefit costs more effectively.
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