A diverse line of health and life insurance products created by Transamerica Employee Benefits is tailored to help cover up what major medical insurance leaves behind. Transamerica Job Benefits strives to keep its employees engaged and loyal. By providing several savings plans, Transamerica Employee Benefits helps the company secure a reliable source of funds for employees later in life.
Transamerica Employee Benefits
Take a look at these Transamerica Employee Perks and Benefits which you can take advantage of if you are employed by the company.
Employees are benefited from having some crucial health savings insurance, including life insurance, disability insurance, and supplemental coverage for health care.
Short-Term Disability Insurance
When employees are unable to work because of illness or injury, short-term disability insurance can help them recover a portion of their income. By securing their financial stability, the employees can focus on today instead of stressing about the future.
When an injury, illness, or pregnancy might cause economic hardship for an employee, it’s an easy way to secure their future. In addition, an employee’s salary is ensured if they become disabled due to an injury.
Long-Term Disability Insurance
An employee who can’t work for a long time due to illness or injury can receive long-term disability insurance as a steady stream of income.
Besides providing employees with a way to get back to work, long-term disability insurance can enable them to maintain a certain level of quality of life even if they are not able to work.
Term life insurance protects against death for a defined period, and its premiums are usually lower than those for universal or whole life insurance. There are typically five-, ten-, or twenty-year terms, determined by the purpose of the coverage and when crucial points in life are reached. Employees can further increase their protection by purchasing optional riders as well.
Protecting families for the long term is one of the key advantages of whole life insurance. In addition to assured death compensation, it often has a cash component. Besides assisting families to cover funeral expenses and credit card debt following the death of a close one, the policy also accrues a tax-deferred cash value that can be borrowed against in the event of need.
Life insurance, also known as universal life insurance, allows you to purchase permanent coverage with a guaranteed death benefit, which can be used to pay for funeral expenses, credit card debts, and other unforeseen expenses. Universal life insurance also includes an element of cash value. It is sometimes possible to port a policy when retiring or changing jobs and guarantee a premium rate that won’t go up with time.
When an employee or a family member is hurt, accident insurance can help cover unexpected medical costs. Accident insurance can provide coverage in addition to major medical insurance, which employees may use for whatever purpose they wish, whether it is to cover co-pays, deductibles, or household bills.
Hospital Indemnity Insurance
An unexpected hospitalization can result in substantial out-of-pocket costs, even with a good major medical plan. Hospital indemnity insurance provides cash payments for each day that an employee stays in the hospital (up to a certain limit), which can be used to pay for anything from medical bills to everyday needs.
Critical Illness Insurance
A critical illness can cost much more than just a hospital bill. By offering a benefit that helps cover what major medical does not, employees can protect their savings. An individual with critical illness insurance receives a monetary reimbursement that they can use to pay for medical expenses or for missed time at work.
After a diagnosis of cancer and treatment, cancer insurance may help employees manage out-of-pocket expenses. This health insurance policy can cover the costs of hospital benefits, surgery, radiation treatments, and chemotherapy treatments, as well as ongoing maintenance treatments.
Supplemental life insurance renders additional coverage to fill coverage gaps in major health insurance and is flexible enough to meet workplace challenges and goals. This helps employees avoid taking money out of savings or increasing their credit card debt by covering expenses such as co-insurance, deductibles, and copays.
Vision Insurances help reduce the costs of routine eye care and prescription eyewear and provide discounts on elective vision correction surgeries like LASIK and PRK. The company provides vision insurance that allows employees to have annual eye exams and covers the expenditure on lenses, frames, or contacts as well.
If you don’t have dental insurance, you might have to put off important oral care or live with gum disease and cavities. Employees are provided with 100% dental coverage for preventive dental care, dental restorations, and endodontic services. An 80% coverage for high-cost restoration and reconstructive surgery is also a part of the dental insurance policy.
Typically, contributions to a 401(k) are deducted directly from your paycheck prior to taking federal income taxes. In the case of pre-tax contributions, they reduce your tax liability, so regardless of whether you claim or opt to use the standard deduction, your tax bill might be lower. It may even lower your tax bracket! When you retire, you can withdraw your pre-tax contributions tax-free. It’s based on the idea that in retirement, your tax rate will likely be lower than when the money is earned.
Paid Time Off, Parental Leave, and Family Medical Leave
The company offers a 15-day PTO for sickness wellness time, vacation, etc. Eligible staff also get parental leave for around 10 days and also unpaid family medical leave as part of the benefits package.
Flexible Work Hours
If needed, the company offers flexible working schedules and shortened working hours. The company also enables employees to work from home in certain circumstances.
Mental Health Care
The Health Savings Account Program permits payment for mental health services. People who are working in the company can choose to include these services in their health care plan.
Retiree Medical Insurance
By protecting themselves from high out-of-pocket medical costs, employees can benefit from group retiree medical insurance.
Transamerica provides significant benefits and perks to employees to build employee satisfaction, motivation, and efficiency within their organization. The following are the top benefits offered by Transamerica, based on the reviews of Transamerica employees:
- A comprehensive medical plan including dental and vision coverage.
- Up to 3% of your salary will be matched 100% by your 401(k).
- Taking a maternity or paternity leave
- Two weeks of paid time off and a vacation policy exclusive to the company
- Disability benefits, both short- and long-term
- Cancer insurance, critical illness insurance, accident insurance, and mental health insurance.
- Working from home is an option along with the availability of flexible working hours