Table of Contents
I. Introduction………………………………...p.2
II. Medical
a. Flex Spending accounts…………………p.2
b. Health benefits for retired employees…..p.2
III. Dental and vision……………………………..p.3
IV. Conclusion…………………………........…….p.3
V. References………………………………...……p.4
Introduction
For my midterm paper I will be covering employee benefits for the company Genentech. I will be focusing on the company’s Healthcare benefits. Today the majority of U.S. employers get health coverage through their employers (Snell, and Bohlander, 486). However, the exact amount of coverage they provide, if any at all, differs from firm to firm (Snell, and Bohlander 486).
Medical
The benefits packages and resources that Genentech offers for its employees are designed to help support in creating the life and work style that brings your best to its employee’s community and their families. Genentech's mission of addressing significant unmet medical needs. Most of the companies benefits which include health care cover employees who work at least 20 hours a week and their eligible dependents. Eligible dependents would include: a spouse or domestic partner and children. Children include biological, step, foster, and adopted up to age 26. The benefits become effective immediately on the date of hire without any preexisting condition exclusions. Temporary employees, contractors, and interns are not eligible for benefits. There are a number of different types of medical-care plans firms offer (Snell, and Bohlander, 488). Genentech offers four different medical plans, three administered by United Healthcare and one by Kaiser (Kaiser is offered at specific locations in California). These plans provide you with comprehensive medical coverage, mental health and counseling benefits as well as prescription drugs (“Genentech: Health/Medical”). Depending on the plan you choose, alternative treatments such as chiropractic care and acupuncture are also covered (“Genentech: Health/Medical”).
Flexible Spending Accounts Genentech offers you two Flexible Spending Accounts that allow you to use before-tax dollars to pay for eligible dependent care or eligible healthcare expenses not paid by a health plan (“Genentech: Health/Medical”).
Health Care Benefits for Retired Employees The company also offers health benefits to its retired employees. They set money aside in an interest-bearing account to help eligible retirees pay for medical expenses. In addition, eligible retirees may continue
