Stryker's Life Insurance Benefits For Employees Explained

Stryker offers a range of benefits to its employees, including health and wellness, financial and retirement, family and parenting, vacation and time off, perks and discounts, and professional support. In terms of insurance, Stryker provides health insurance, flexible spending accounts, health savings accounts, disability insurance, supplemental life insurance, and accidental death and dismemberment insurance. Stryker also offers an employee stock purchase plan, tuition reimbursement, and a 401(k) savings and retirement plan. The company is committed to providing comprehensive benefits to support the well-being of its employees and their families.

Stryker offers basic life insurance and accidental death and dismemberment insurance

Stryker offers basic life insurance and accidental death and dismemberment (AD&D) insurance to its employees. This is part of the company's commitment to providing comprehensive health and welfare benefits that offer financial protection in the event of serious illness, long absence from work, or even death.

The basic life insurance provided by Stryker offers financial peace of mind for employees and their families. It serves as a safety net, ensuring that loved ones are taken care of in the unfortunate event of an employee's death. This type of coverage is designed to provide a financial cushion, helping families cope with the loss of income and any associated expenses.

Accidental death and dismemberment insurance, or AD&D insurance, is another crucial component of Stryker's employee benefits package. This type of coverage is specifically designed to provide financial assistance in the event of an accident resulting in death or dismemberment. Accidents can have devastating financial consequences, and AD&D insurance helps to alleviate some of the financial burden during an already challenging time.

At Stryker, understanding the importance of employee wellbeing is paramount. The company recognizes that each employee and their family have unique benefit needs. By offering a range of choices, Stryker empowers employees to make informed decisions about their coverage options. This flexibility ensures that individuals can select the insurance plans that best suit their specific circumstances, providing a sense of security and peace of mind.

In addition to basic life insurance and AD&D insurance, Stryker also offers supplemental health benefits, including critical illness insurance and hospital indemnity insurance. These supplementary policies, administered by Transamerica Life Insurance Company, provide additional financial support in the event of a critical illness or accident, helping to offset deductibles and other expenses.

By prioritizing the wellbeing of its employees, Stryker fosters a supportive work environment, ensuring that its workforce can focus on their tasks with the assurance that they and their families are protected.

Employees can choose from three supplemental health insurance policies

Stryker offers a range of choices and resources to help employees make informed decisions and choose the coverage that makes sense for them and their families.

• Critical illness insurance
• Accident-only insurance
• Hospital indemnity insurance

These policies are designed to fulfill a variety of needs, including supplementing existing medical coverage to give additional financial support when something unexpected happens. For example, a supplemental health policy can help offset deductibles or pay any other expenses in the case of an accident, serious illness, or hospital stay.

Supplemental benefit policies are not ERISA-covered group health insurance plans. If an employee enrolls in a policy, they must deal directly with the insurance company to request assistance or submit a claim.

Stryker offers a 401(k) plan to help employees save for retirement

The company matches 50% of the first 8% of an employee's eligible pay that they contribute. Additionally, depending on company performance, Stryker may make discretionary contributions to employees' plan accounts. These contributions are not available to sales representatives. Employees can choose to make pre-tax contributions, Roth after-tax contributions, or a combination of both. The contribution rate can be changed at any time by calling Vanguard or visiting their website.

It is important to note that employees have 90 days from their date of hire to enrol in the 401(k) plan. If no action is taken within this period, they will be automatically enrolled, and 3% of their eligible before-tax pay will be deducted and invested in the Vanguard Target Retirement Trust. The deferral rate will then be increased by 1% each March (or the month of their choice) until it reaches 15%. Employees can enrol at a higher rate, change the investment allocation, or opt out of the 401(k) plan at any time after receiving their welcome letter from Vanguard.

The 401(k) plan also offers a Roth feature, allowing employees to pay tax on their deferrals at the time of contribution and enjoy tax-free withdrawals during retirement. This plan provides tax-deferred investment growth and a wide range of investment choices.

Stryker offers an employee stock purchase plan

The ESPP is a unique benefit offered by Stryker, allowing employees to become invested in the company by becoming shareholders. The after-tax deductions each pay period mean that employees can regularly and simply set aside money to invest in Stryker common stock. Employees can contribute anywhere from 1% to 50% of their eligible compensation through after-tax payroll deductions, up to the annual IRS limit. Stryker also pays all fees for stock purchases made through this plan.

To enrol in the ESPP, employees will receive enrolment material in the mail from Computershare, the vendor that administers this plan for Stryker. Employees can then visit the Computershare website to manage their accounts. They will need to log in using their Social Security Number and a personalized PIN, which they will receive in the mail from Computershare. This PIN can be changed after the first successful login.

The ESPP is a great way for employees to save for the future and build their financial portfolio. It is a valuable addition to long-term savings strategies and can help employees reach their financial goals.

Stryker offers disability insurance

Stryker provides eligible employees with short-term and long-term disability insurance at no cost to them. The short-term disability insurance covers 1 to 180 days of disability benefits if approved by Unum, with a maximum length of 180 days of disability payments. The long-term disability insurance, meanwhile, begins providing benefits after the employee has been disabled for 180 days, if approved by Unum. This long-term insurance covers 60% of the employee's eligible earnings, up to a maximum of $15,000 per month. It is important to note that these benefits are reduced by the amount of any other income benefits received, such as Social Security or workers' compensation.

To enrol in Stryker's disability insurance, employees can visit the company's website and access their account. They will need to review their personal information, select their desired benefits, and confirm their choices. It is recommended that employees refer to the Summary Plan Description (SPD) to fully understand the Stryker benefits plans and how they can maximise their benefits. Additionally, Stryker provides online access to a searchable version of the SPD for convenience.

By offering disability insurance, Stryker demonstrates its commitment to supporting its employees' financial well-being and providing resources to help them manage their health and overall well-being.

Frequently asked questions