Understanding Employee Benefits in Real Estate

Understanding Employee Benefits in Real Estate

Comprehending employee benefits and deductions is crucial for making informed decisions about your coverage in real estate. Here's an overview:

Types of Benefits:

Common benefits include:

• Health Insurance: Covers medical expenses like doctor visits and prescriptions.
• Dental and Vision Insurance: Covers dental services and vision care.
• Retirement Plans: Includes 401(k) plans for tax-advantaged savings.
• FSAs: Pre-tax accounts for medical and dependent care expenses.
• Life and Disability Insurance: Provides financial protection in cases of death or disability.

Understanding Deductions:

Deductions for benefits are taken from paychecks, either pre-tax or post-tax, depending on the employer's policy.

Enrollment Process:

During open enrollment or qualifying life events, you can enroll or change coverage:

• Review Options: Assess available benefits and their costs.
• Complete Forms: Fill out enrollment forms accurately.
• Submit Forms: Ensure forms are submitted by deadlines.
• Receive Confirmation: Confirm your coverage and deductions.

Managing Changes:

Contact HR for changes due to life events like marriage or the birth of a child.

Understanding benefits and managing enrollment ensures adequate protection for you and your family.