October is Health Literacy Month, dedicated to increasing an individual’s capacity to obtain, communicate, process, and understand basic health information and services in order to make appropriate health decisions. This translates to identifying gaps in accessibility to medical services, public education, and better patient-doctor communication. For employers, doing your part to improve health literacy is providing employee benefits in Margate and ensure they are as informed as possible to their rights. Part of that education is understanding the terminology found in health, vision, and dental insurance policies.
Insurance Terminology 101
Aggregate: the limit of coverage from the provider within a specific time period, typically defined as the term of the policy. When it comes to workplace benefits in Margate, that term is typically one year, requiring employees to renew or change coverage at the beginning of the next year.
Deductible: the pre-determined amount the insured pays before the insurance provider covers the claim. Deductibles are outlined in the terms of your insurance policy and can vary from $0 to over $100.
Endorsement: a provision which alters the terms of a pre-existing policy, either to add or change coverage. An endorsement may be used to add a spouse or children to your insurance plan, or to add or remove elective coverages such as vision or dental.
Negligence: failure to use a reasonable degree of care in a given circumstance to prevent injury, damage, or illness. If an insurance provider has cause to believe negligence is a factor in your claim, it may be able to deny coverage.
Premium: the amount paid to an insurance provider to provide reimbursement in the case of a qualifying claim. Premiums are usually paid on a monthly or bi-weekly basis, but may be paid in one lump sum in some cases. When it comes to employee benefits in Margate, premiums are typically deducted from one’s pay check, either from pre-tax or post-tax dollars.
Pre-tax: one’s gross income, prior to tax deductions. Pre-tax premiums can reduce overall taxes paid by reducing gross income total.
Post-tax: the pay one takes home in pay check or direct deposit.
Why Workplace Benefits in Margate Matter
Most Americans who have health insurance are insured through their workplace. Keeping your employees healthy and happy boosts company moral, loyalty, and productivity. Having health insurance, including vision and dental, reduces the number of sick days and poor work quality. Being able to easily consult a doctor or specialist when ill or injured also help to reduce stress or anxiety, allowing employees to focus on the task at hand.
No matter the size of your business or staff, providing employee benefits in Margate in a wise investment in your team and business. In some cases, these benefits can be deducted from business taxes at the end of the tax year. Benefits help you to retain your strongest players, reducing high turnaround and wasted time and money in hiring and training expenses.