Employment Benefits: Paid Leave & Insurances

You just graduated from college and have been fortunate to have received two job offers in your chosen field of accounting. Indicate the factors that might influence your decision about which firm to join?

• The career opportunities that each firm offers beyond your entry level position

• Combination of salary and benefits package

• The company's tax rate

• A and B

How much did Hope take home on May 21?

Insurances can only be obtained through an employer.

• True

• False

In general, why do individuals purchase insurance coverage rather than just putting money aside into a savings account in case of emergency?

• Savings accounts are risky, so there's a chance of losing money from your account

• Accidents and illnesses can be far more expensive than the average American will have saved

• Insurance companies are nonprofit organizations while banks offering savings accounts are for-profit businesses

• The federal government mandates that individuals have health, life, disability, and auto insurance

Under this Act, adults can leave their job to care for a family member (e.g., new baby) for up to 12 week: __________.

Your _______________ is the cost you are expected to pay for insurance coverage whether you use it or not.

A HMO type of health insurance plan is best for those who value convenience, and it's usually more affordable for a single person (versus the PPO alternative).

• True

• False

Those that have health insurance must pay a __________ before their insurance plan benefits are used. *Hint: This is true for car insurance too!

If health insurance cannot be obtained through an employer what are your options for coverage? Check all that apply.

• Health insurance through your parents until age 26

• C.O.B.R.A.

• Your State's "Online Marketplace" for health insurance through the Affordable Care Act/Obamacare

• "Chance um" with health insurance until you're able to obtain it again

Disability Insurance might want to be considered, because health insurance only covers health services; moreover "workers' compensation" only applies when you sustain an injury while on the job. Disability insurance can support someone who has an medical condition that prevents them from working.

• True

• False