Employee Benefits - Employee benefits and benefits in kind include various types of non-wage compensation provided to employees in addition to their normal wages or salaries.



Group Health Insurance - An insurance plan that provides healthcare coverage to a select group of people. Group health insurance plans are one of the major benefits offered by many employers.



Life Insurance - A protection against the loss of income that would result if the insured passed away. The named beneficiary receives the proceeds and is thereby safeguarded from the financial impact of the death of the insured.



Medicare - A U.S. federal health program that subsidizes people who meet one of the following criteria: 1. An individual aged 65 or older who has been a U.S. citizen or permanent legal resident for five years. 2. An individual who is disabled and has collected Social Security for a minimum of two years. 3. An individual who is undergoing dialysis for kidney failure or who is in need of a kidney transplant.4. An individual who has Amyotrophic Lateral Sclerosis (Lou Gehrig's disease). Medicare helps out people at a time in their lives when they may have serious health problems but lack the funding for treatment.



Individual Health Insurance - A type of insurance coverage that pays for medical and surgical expenses that are incurred by the insured. Health insurance can either reimburse the insured for expenses incurred from illness or injury or pay the care provider directly.



PEO - A professional employer organization (PEO) is a firm that provides a service under which an employer can outsource employee management tasks, such as employee benefits, payroll and workers' compensation.



Dental Insurance - A form of insurance designed to pay a portion of the costs associated with dental care.



Vision Insurance - a form of insurance that provides coverage for the services rendered by eye care professionals such as ophthalmologists and optometrists. Can include additional cover for lens, frames, or contacts.

Glossary

Sovereign Benefits