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6 Cards in this Set
- Front
- Back
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Coinsurance |
Employees are required to pay a fixed amount or percentage |
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Deductible |
Specified amount of money paid annually |
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Defined benefit plan |
Risk is on company, exact cost is unknown |
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Defined contribution plan |
Employer agrees to contribute, employer matches them. Fincial benefit is unknown risk belongs to employer |
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5 employer factors |
1. Relationship to total comp costs 2. Costs relative to benefits 3. Competitor offering 4. Role of benefits in attraction/retention/motivation 5. Legal requirements |
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Employee factors |
1. Equity fairness historically and in relationship to what others receive 2. Personal needs linked to age sex marital status number of dependents |
