Jeffrey Wade
Hobby Lobby, a large US retailer, offers a range of benefits to its employees, including health insurance, a 401(k) retirement plan, and on-the-job training. The company also provides medical, life, and long-term disability insurance to eligible employees, with flexible spending plans available. Employees can contribute up to 75% of their salary towards the 401(k) plan, with Hobby Lobby matching contributions dollar-for-dollar up to 3% of the employee's salary. The company is committed to providing a positive work environment and offers competitive salaries, flexible scheduling, and an employee development program for career advancement.
| Characteristics | Values |
|---|---|
| Health insurance | Hobby Lobby offers health insurance benefits to eligible full-time employees and their dependents. |
| Health insurance for an individual is about 5% of the gross income. | |
| Coverage | Medical, dental, vision, and prescription drug coverage. |
| Life insurance | Yes |
| Long-term disability insurance | Yes |
| Retirement plan | 401(k) retirement plan for eligible employees who are at least 21 years old and have worked for Hobby Lobby for one year or more. |
| On-the-job training | Yes |
| Employee development program | Yes |
| Discount | 15% off for all employees |
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What You'll Learn
Hobby Lobby's health insurance benefits
Hobby Lobby offers health insurance benefits to eligible full-time employees and their dependents. The coverage includes medical, dental, vision, and prescription drug coverage. The company also provides life and long-term disability insurance to eligible employees, and flexible spending plans are available.
The costs of Hobby Lobby's health insurance plans vary, with some employees reporting cheaper premiums but higher deductibles and out-of-pocket maximums. For example, an individual's health insurance is about 5% of their gross income, and while premiums for a family health insurance plan are approximately $190 every two weeks, the deductible is $2725. Adding a spouse to the plan costs an additional $600 per month, and adding children is even more expensive.
Hobby Lobby also provides an on-site clinic and chaplain services at its distribution center in Oklahoma City, which spans over 10 million square feet and handles more than 80,000 SKUs. The company offers a host of other benefits to employees, including a 401(k) retirement plan, paid holidays, and paid time off.
Overall, employees at Hobby Lobby rank their perks and benefits in the Bottom 40% of all similar-sized companies with 10,000+ employees.
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Cost of insurance
Hobby Lobby offers health insurance benefits to eligible full-time employees and their dependents. This includes medical, dental, vision, and prescription drug coverage. However, it does not cover the morning-after pill.
The cost of insurance for employees is reportedly good, with some reporting that there is no cost to the employee. However, adding a spouse was said to cost around $600 per month, with additional costs for children.
The cost of the premium for a family health insurance plan is approximately $190 every two weeks, with a family deductible of $2725. The out-of-pocket maximum is approximately $8500.
Some have described the insurance as "cheap", with a lower deductible, but a high out-of-pocket maximum. One source stated that their deductible is $7500 with the same weekly charge.
Health insurance for an individual is estimated to be around 5% of their gross income.
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Hobby Lobby's retirement plan
Hobby Lobby offers a 401(k) retirement plan to its employees. This plan is available to eligible employees who are at least 21 years old and have worked for Hobby Lobby for a minimum of one year. Employees can contribute up to 75% of their salary, and Hobby Lobby matches these contributions dollar for dollar up to 3% of the employee's salary. This means that if an employee contributes $100, Hobby Lobby will also contribute $100, but only up to 3% of the employee's salary. This matching contribution from Hobby Lobby is a great benefit for employees, helping them save for retirement.
The 401(k) plan allows employees to save and invest a portion of their salary for the long term, with the potential for compound interest. This can be a powerful tool for employees to grow their retirement savings over time. Additionally, money saved in the 401(k) plan can reduce an employee's taxes by lowering the amount of income eligible for taxation by the IRS. Investment earnings and gains in the 401(k) are also tax-deferred, which means employees only pay taxes when they withdraw money during retirement.
It is important to note that highly compensated employees should be aware of contribution limits and consider seeking assistance in planning for this possibility. Additionally, once an employee reaches the age of 50, they are allowed to contribute more to their retirement plan, which is known as a "catch-up" contribution.
Hobby Lobby also provides on-the-job training for many positions, where employees are trained by their managers and supervisors to become valuable assets to the company.
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Eligibility for insurance benefits
Hobby Lobby offers a range of insurance benefits to its eligible employees. These benefits include medical, life, and long-term disability insurance, as well as flexible spending plans. To be eligible for these benefits, employees must be at least 21 years old and have worked for Hobby Lobby for a minimum of one year. Employees can contribute up to 75% of their salary towards insurance, and Hobby Lobby will match contributions dollar for dollar up to 3% of the employee's salary. Additionally, employees working 35 hours or more per week are eligible for full benefits, including health insurance.
Hobby Lobby also provides an on-site clinic and chaplain services at its distribution center, showcasing their commitment to employee well-being. They also offer a positive and supportive work environment, flexible scheduling, employee recognition programs, and community involvement opportunities.
It's important to note that Hobby Lobby's insurance plans have been criticized for high costs and poor coverage, particularly regarding vision and eye care. However, for part-time employees or those without other insurance options, the health insurance benefit can still be appealing.
Hobby Lobby's benefits package also extends beyond insurance. They provide competitive salaries, employee discounts, bonus programs, and employee appreciation awards. The company fosters a collaborative, Christ-centered work environment that encourages creativity and mutual respect among employees.
Overall, Hobby Lobby offers a comprehensive benefits package that includes insurance coverage, career development opportunities, and a supportive work environment to eligible employees.
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Types of insurance coverage
Hobby Lobby offers health insurance benefits to eligible full-time employees and their dependents. This includes medical, dental, vision, and prescription drug coverage. However, it is important to note that Hobby Lobby has been involved in a landmark Supreme Court case, Burwell v. Hobby Lobby, where the company objected to providing birth control coverage as part of its health insurance plans on religious grounds. As a result of the ruling, Hobby Lobby-like companies can refuse to cover birth control, but health insurance companies must directly provide birth control to employees at no cost.
In addition to health insurance, Hobby Lobby also provides life insurance and long-term disability coverage to eligible employees. They also offer flexible spending plans and a 401(k) retirement plan for employees who are at least 21 years old and have worked for the company for at least one year. Employees can contribute up to 75% of their salary, and Hobby Lobby will match contributions dollar for dollar up to 3% of the employee's salary.
The costs of Hobby Lobby's insurance plans vary, with some employees noting that the premiums are affordable, while others mention high deductibles and out-of-pocket maximums. For example, the family health insurance plan has a lower deductible but a high maximum out-of-pocket cost of approximately $8500. Additionally, there is a weekly charge associated with the plan. It is important to note that insurance coverage and costs may vary depending on individual circumstances and the specific plan chosen.
Hobby Lobby does not provide relocation assistance, and the company has a hostile attitude towards the use of marijuana, regardless of its legality.
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Frequently asked questions
Hobby Lobby offers health insurance benefits to eligible full-time employees and their dependents. The coverage includes medical, dental, vision, and prescription drug coverage.
Health insurance for an individual is about 5% of their gross income. Adding a spouse costs $600/month, and adding children is even more expensive.
Hobby Lobby also offers life and long-term disability insurance to eligible employees. Flexible Spending Plans are also available.
Hobby Lobby offers a 401(k) retirement plan to eligible employees who are at least 21 years old and have worked at the company for at least one year.
