Employee Benefit Insurance Plan

Definition - What does Employee Benefit Insurance Plan mean?

An employee benefit insurance plan refers to insurance offered by employers to their current employees in the form of a group insurance program. It also serves as a way to attract and retain workers in a company.

Insuranceopedia explains Employee Benefit Insurance Plan

An employee benefit insurance plan typically includes the following basic coverage package: medical health insurance, group term life insurance, prescription drug plan, and accidental death and dismemberment policies. Other companies may offer a more comprehensive package that might include dental and vision plans, short- and long-term disability insurance, and retirement plans.

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