Define Benefit Statement
A benefit statement is usually given annually to employees and provides an overview the benefits you received as part of your employment. It helps employees understand the total value of their employment.
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Definition
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A main feature of your benefit statement is the list of all benefit areas you have coverage for as part of your total compensation package. Common benefit plans include health and dental insurances, life insurance, short-term and long-term disability protection, vision protection and any optional benefits.
Coverage Levels
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Each benefit plan has a specified level of coverage stated in dollars. This is the maximum amount or range of protection available to you for each benefit category.
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Cost Breakdown
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A cost breakdown which notes the amount of coverage paid by the employer and the amount paid by the employee is another common inclusion. Employers sometimes cover the entire cost for some benefits, while in some instances, employers and employees share the cost for a benefit plan.
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References
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