Effective Date: 2025-01-01
Revision: 1.1
Owner: Human Resources
1. Introduction
This guide provides an overview of the comprehensive benefits package available to eligible employees at Innovate Inc. We are proud to offer a competitive benefits program to support the health, well-being, and financial security of our employees and their families.
2. Eligibility and Enrollment
Eligibility: All full-time employees are eligible for benefits starting on the first day of the month following their date of hire. Part-time employees who work 30 hours or more per week are also eligible.
Enrollment Period: New hires have 30 days from their start date to enroll in benefits. Existing employees can make changes during the annual Open Enrollment period in November.
Qualifying Life Events: Changes can also be made mid-year following a qualifying life event (e.g., marriage, birth of a child).
3. Health and Wellness
3.1. Medical Insurance
We offer three medical plan options through Cigna to meet the diverse needs of our employees:
PPO Plan: Offers the most flexibility with in- and out-of-network coverage and no need for referrals. This plan has a higher monthly premium but lower deductibles.
HMO Plan: A lower-cost option that requires you to use in-network providers and select a Primary Care Physician (PCP) for referrals to specialists.
HDHP with HSA: A high-deductible health plan that gives you more control over your healthcare spending. It is paired with a Health Savings Account (HSA), to which the company contributes $500 annually for individuals and $1,000 for families.
3.2. Dental and Vision Insurance
Dental: Our PPO dental plan is provided by Delta Dental and covers preventive, basic, and major services.
Vision: Our vision plan is provided by VSP and includes coverage for eye exams, glasses, and contact lenses.
3.3. Wellness Program
Gym Membership: Employees are eligible for a $50 monthly stipend for gym memberships or fitness classes.
Mental Health Support: We provide access to an Employee Assistance Program (EAP) offering confidential counseling and resources.
4. Retirement and Financial Security
4.1. 401(k) Plan
Our 401(k) retirement savings plan is administered by Fidelity.
Company Match: Innovate Inc. matches 100% of your contributions up to the first 4% of your base salary.
Vesting: You are always 100% vested in your own contributions. The company matching contributions vest over a 3-year period (33% after year 1, 66% after year 2, and 100% after year 3).
Investment Options: A wide range of investment funds are available to suit your financial goals.
4.2. Life and Disability Insurance
Life Insurance: The company provides basic life insurance coverage of 1x your annual salary at no cost to you.
Disability Insurance: We offer both short-term and long-term disability insurance to protect your income if you are unable to work due to illness or injury.
5. Education and Development
5.1. Tuition Reimbursement
Full-time employees are eligible for up to $5,250 per year in tuition reimbursement for approved, job-related courses. See the Professional Development Policy (HR-POL-009) for details on the approval process.
6. Related Policies
Professional Development Policy (HR-POL-009)
Employee Handbook (HR-POL-001)
7. Revision History
v1.1 (2025-10-12): Added details on eligibility, enrollment, and insurance plans.
