It is called a premium.
This is normally because your employer is paying for a part of the premium, meaning you don't have to, which means that it is income.
The "Premium" is the amounts paid for an insurance policy.
Yes, the benefits are taxable.
The term is "premium".
Yes, unless you pay/reimburse the employer for the insurance premium out of your own pocket.
Insurance companies have the legal right to terminate insurance coverage when the monthly premium is not paid as agreed.
Life insurance costs vary based on the age, general health, and location of the insured. In general, life insurance premiums are cheaper when purchased as a young adult and maintained throughout your life than purchasing a new policy later in life. One of the most economical types of policies is term insurance. Taking advantage of an employer-offered life insurance plan, even if you pay a monthly premium, is also an inexpensive choice because the employer often absorbs a portion of the premium.
No. Keep in mind that insurance coverage is very expensive and the employer, as a rule bears the largest amount.
Keyman insurance can be defined as an insurance policy where the proposer as well as the premium payer is the employer, the life to be insured is that of the employee and the benefit, in case of a claim, goes to the employer.
The premium is the dollar amount paid in exchange for insurance coverage.
Universal life insurance means you will pay the same premium until death, where as with term life insurance you will pay a certain premium for a period of time and then may or not be offered the same premium again for another term.
The insurance carrier will issue a 1099 with your disability income if it is subject to taxation. The benefit is taxed if you paid the premium pre-tax, or if your employer funded a portion of the premium.
It is upto the discretion of your employer how long to pay life insurance premium on your behalf. Even sharing the same in equal proportion can also be mutually arranged.
Short term disability insurance is often marketed as a voluntary employee benefit. You pay the premium via payroll deduction, so there is no direct cost to your employer, and no reasonable objection to providing you this option.
That depends upon whether you are covered under FMLA, and the percentage of premium paid by your employer. If you are covered under FMLA, then your employer is required to continue coverage on the same basis as before your leave. For example if your employer was paying half the premium and you were paying half the premium, this arrangement would continue while you are on leave. You would be responsible for continuing these payments. If your employer pays 100% of the premium you would have no payments to make. If you are not covered under FMLA your employer is free to ask you to pay 100% of the premium.
can my employer pay my medicare premium instead of taking it out of social security
An insurance premium is the amount of money paid on a periodic basis for insurance of a given kind. The kind of insurance involved does not alter the definition of the term "premium". Therefore, a life insurance premium is an incremental amount paid for life insurance, and a non-life insurance premium is an incremental amount paid for another kind of insurance.
That would depend on the employer. You'd have to go to them to ask, the insurance company doesn't receive the premium and doesn't know how much the employer charges in premiums. Usually, the premium money doesn't even end up with the insurance company at all. Most employers actually pay all the claims out of their own funds. The insurance company does the work of this and does get paid an adminstration fee, but the money that goes to the dr's and hospitals is coming out the employer's bank account.
The premium is the cost that you must pay to have the insurance.
Single premium life insurance is life insurance coverage in which one premium payment is made and the life insurance policy is fully paid up with no additional life insurance premium payments required.
You would have to sign a waiver on your insurance stating that you have prior coverage. Your application that your employer gives you should have that on it. The above answer assumes that you have the right to opt out. Here in CA if your employer pays 100% of the premium you can not opt out even if you are eligible for other group coverage. Often the employer will tell you that they pay 100% (and they actually do) but the plan documents will say that they only pay 99%. This would then allow you to decline coverage.
In the US, California, Hawaii, New Jersey, New York, and Rhode Island impose mandatory state disability insurance programs for employees. The purpose of the programs is to provide some protection against wage loss caused by short-term non-work-related disabilities. The insurance premium is submitted to the insurer by the employer but paid either jointly by the employer and the employee, or entirely by the employer, depending on the employer's good will. There are some limits to what the employee may be required to contribute by the employer. This insurance is in addition to two well-known government disability programs: Worker's Compensation and Social Security. Employees' contributions are federal tax-deductible. Simple answer: No. Group Disability Insurance is not like Group Health Insurance -- and all the ERISA regulations that control how this employee benefit works. With Group Disability Insurance, an employer can "carve out" a select group of employees -- meaning the employer can create a "plan for just one employee (himself!)". An employer can also offer a contributory insurance plan, in which case the employee will contribute a certain percentage of premium. Or the employer can choose to offer a voluntary plan, where the employees enroll on their own accord and pay full premium.
No federal law requires employers to offer anyone med insurance - current OR former employees. Certainly no law requires the employer to pay the premium.