New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

Disability and Your Finances for Gilead Sciences Employees

Healthcare Provider Update: Healthcare Provider for Gilead Sciences Gilead Sciences, a leading biopharmaceutical company known for its innovative therapies, typically partners with various healthcare providers and networks to facilitate patient access to its medicines. Specific details about Gilead's healthcare providers can vary by region and therapeutic area, but they often collaborate with hospitals, specialty clinics, pharmacies, and physicians nationwide to ensure effective treatment and management of diseases, particularly in areas like HIV, oncology, and liver diseases. Potential Healthcare Cost Increases in 2026 In 2026, healthcare costs are anticipated to rise significantly due to a combination of factors affecting the Affordable Care Act (ACA) marketplace. With some states projecting premium increases of over 60%, the expiration of enhanced federal subsidies could lead to over 22 million enrollees experiencing out-of-pocket premium spikes exceeding 75%. Contributing to these increases are escalating medical costs driven by inflation, higher utilization of healthcare services, and record profitability reported by major insurers, which are amplifying price pressures on consumers seeking affordable healthcare solutions. Click here to learn more

'For Gilead Sciences employees, personal disability insurance is a vital financial protection that provides a stable source of income to replace lost earnings due to a disabling injury or illness, unless government programs are unavailable.'

'Given the recent changes in the government disability benefits, it is important for Gilead Sciences employees to purchase personal disability insurance to cover their needs in case of disability due to health problems.'

In this article we will discuss:

1. The need for personal disability insurance as an alternative to government benefits.

2. Workers' compensation and personal disability insurance: What are the differences?

3. The benefits of individualizing disability insurance coverage for the needs of each person.

As a Gilead Sciences employee, you should be aware that the Social Security Disability Insurance program paid out $143.7 billion in benefits in 2018. However, the number of applicants every year means that the fund is expected to be exhausted by 2034 unless the government acts. Instead of turning to the government's program to help them meet their financial needs during a disability, many people protect themselves with personal disability insurance.

Disability insurance helps by paying between 50% and 70% of your salary if you become disabled due to an injury or illness. Because disability can result in two forms of financial burden, this type of coverage may be very useful. Disabled people are usually unable to work and face other costs related to their condition.

What About Workers' Comp? Most people think that workers' compensation is a kind of disability insurance. However, workers' compensation is only available to workers who are disabled in the course of their employment. If your disability was caused by a car accident or other non-work related incident, you may not be eligible for workers' compensation. We would like to remind our Gilead Sciences clients that every state regulates its own workers' compensation laws and payments, which means that the availability of the coverage can be very different. Especially if you have a hazardous job, you may want to find out what your state offers and then make up for the shortage. Similarly, if any of our Gilead Sciences clients have an active pastime that may lead to disability, it may be wise to seek additional protection.

Private disability insurance can be purchased to pay weekly or monthly amounts during a period of disability. Provided you have paid up your premiums, the benefits are not taxable income. When buying a policy you may be able to adjust coverage to suit your needs. For example, you might be able to change the benefits or the elimination period. You may decide on general protection or decide to define coverage more specifically. Some policies also provide partial disability benefits, cost of living adjustments, residual benefits, death benefits, and pension benefits.

Because the purpose of insurance is to replace income, almost everyone decides to buy coverage only during their working years. Despite reforms being made to the federal disability programs, they usually provide only a small amount of money, and one must qualify for it. For the Gilead Sciences employees who do not want to depend on the government for funds in the case of an accident or illness, disability insurance can be a good way to secure their income and assets.

Out of Commission:

The unemployment rate of working-age disabled Americans is 19.6%. Chart Source: ACLI Life Insurers Fact Book 2018 Administration of Social Security, 2019 Policy coverage is written by participating insurance companies. Not all states offer all policy categories and product features. Any obligations are dependent on the insuring insurance company's ability to pay claims. This information is not intended to serve as tax or legal advice. It is prohibited from use to evade federal tax penalties. After-tax investment returns could be influenced by changes in federal and state laws and regulations. Contact a tax professional or an attorney for information that is applicable to your situation.

Added Fact:

According to the Harvard Business Review, the average length of a long term disability claim is 34.6 months. This means that if a Gilead Sciences employee was to get a disabling injury or illness, they could be out of work for over two and a half years without income. This is the reason why it is crucial to consider the need for personal disability insurance for Gilead Sciences employees to ensure that they are financially secure in the event of a disability. This way, they can have peace of mind knowing that they have a safety net to turn to in the event of a disability.

(Reference: Harvard Business Review, 'The Disability Disconnect: The Workers' Compensation System Fails to Protect All Workers,' March-April 2019)

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There is no protection for disability risks if one has no financial preparation. It is, therefore, not recommended to walk the tightrope without a safety net. As Gilead Sciences employees, you have strived to achieve financial freedom but a disability can undo all your efforts. As a tightrope walker, the safety net gives him confidence and security, personal disability insurance gives financial security. It guarantees that if you are unable to work due to a disability, you will not be left financially vulnerable. Disability insurance provides support, which means that it helps you by paying you a certain amount of money to help you sustain your financial status. It is therefore important to take disability insurance to ensure that in case you are unable to work due to an injury or illness, your financial future is secure.

Sources:

1. Social Security Administration. Annual Statistical Report on the Social Security Disability Insurance Program, 2018 . Social Security Administration, 2019, www.ssa.gov/policy/docs/statcomps/di_asr/2018/di_asr18.pdf .

2. Fort Pitt Capital Group. 'Should You Carry Disability Insurance Beyond Age 65?' Fort Pitt Capital Group , 24 Sept. 2020, www.fortpittcapital.com/blog/disability-insurance-in-retirement .

3. Special Needs Alliance. 'An Introduction to Private Disability Insurance.' Special Needs Alliance , 2021, www.specialneedsalliance.org/the-voice/private-disability-insurance-2 .

4. Guardian Life. 'Long Term Disability Insurance vs. Social Security.' Guardian Life , 2021, www.guardianlife.com/disability-insurance/long-term/vs-social-security .

5. MassMutual. 'Disability Income Insurance Policies for Individuals.' MassMutual , 2021, www.massmutual.com/insurance/disability-income-insurance .

How does Gilead's approach to employee benefits evolve to ensure comprehensive health coverage for full-time and part-time employees, and how do these benefits align with industry standards? Additionally, considering the competitive landscape, what specific initiatives does Gilead undertake to maintain and enhance its health benefits offering?

Gilead ensures comprehensive health coverage for both full-time and part-time employees by offering competitive medical, dental, and vision plans. Full-time employees, as well as part-time employees working at least 30 hours a week, are eligible for a range of health benefits, including coverage for spouses, domestic partners, and dependent children. This benefits package includes life and disability insurance, health savings accounts, and wellness services such as biometric screenings and fitness reimbursements, aligning with industry standards(Gilead_2016_Company_Peo…).

In what ways does Gilead's professional development program contribute to the personal and career growth of its employees? How does Gilead gauge the effectiveness of these development initiatives, and what feedback mechanisms are in place to continually improve the offerings?

Gilead’s professional development program contributes to employees' personal and career growth through extensive training opportunities, leadership development programs, and an MBA program in partnership with Golden Gate University. Gilead monitors the effectiveness of these initiatives through completion metrics, feedback surveys, and by tracking career progression. A continuous feedback loop ensures that employee development programs evolve based on participants’ experiences and business needs(Gilead_2016_Company_Peo…).

Gilead emphasizes a pay-for-performance model in its compensation structure. How does this model operate in practice, and in what ways are performance metrics tied to employee compensation at Gilead? Moreover, how does the company ensure transparency and fairness in its pay practices?

Gilead operates a pay-for-performance model, where employee compensation is directly tied to individual performance evaluations and business results. Regular reviews ensure that compensation remains fair and competitive, with transparency maintained through structured performance assessments. Gilead promotes pay equity, regularly reviewing compensation practices to ensure fairness and alignment with market conditions(Gilead_2016_Company_Peo…).

Given the unique challenges associated with employee parental leave, how does Gilead support employees who are navigating this transition? Furthermore, how are Gilead's policies aligned with or surpassing industry standards regarding parental leave and adoption benefits?

Gilead supports employees during parental leave transitions by offering 12 weeks of paid leave for new parents in the U.S., along with adoption benefits and reimbursements of up to $5,000. This benefit, extended to both U.S. and international employees, ensures legislative compliance and alignment with market standards, often surpassing industry norms(Gilead_2016_Company_Peo…).

With the increasing importance of mental health support in the workplace, how does Gilead's Employee Assistance Program (EAP) address the diverse wellness needs of its employees? In what ways does Gilead promote the utilization of these services to ensure engagement and effectiveness?

Gilead’s Employee Assistance Program (EAP) addresses a broad range of wellness needs, including mental health support, counseling, and legal or financial assistance. The company promotes these services through internal communications and wellness campaigns, ensuring employees are aware of and engage with these offerings, which are designed to provide confidential and comprehensive support(Gilead_2016_Company_Peo…).

How does Gilead foster an inclusive work environment that values diversity? What specific programs and initiatives are in place to promote inclusion, and how does Gilead measure the success of these diversity initiatives?

Gilead fosters an inclusive work environment through Employee Resource Groups (ERGs) and diversity initiatives aimed at professional development and community engagement. The company measures the success of its inclusion efforts through employee feedback, participation in diversity programs, and performance management processes that now include “inclusion” as a core value(Gilead_2016_Company_Peo…).

Considering Gilead's Employee Stock Purchase Program (ESPP), how do the company's policies encourage employee investment in Gilead? What benefits do employees gain from participating in the ESPP, and how does it contribute to their overall financial well-being?

Gilead’s Employee Stock Purchase Program (ESPP) encourages investment by offering U.S. employees the ability to contribute 1-15% of their pay to purchase Gilead stock at a 15% discount. This program helps employees build financial security and aligns their interests with the company's success, contributing to overall financial well-being(Gilead_2016_Company_Peo…).

What role does volunteerism play within Gilead's corporate culture, and how does the company facilitate employee engagement in community service initiatives? Additionally, how does participation in these programs impact employee satisfaction and retention rates?

Volunteerism is integral to Gilead’s corporate culture, with the company supporting employee involvement in community service through its Gilead Volunteer Community. These activities align with Gilead’s mission and values, and participation positively impacts employee satisfaction and retention by fostering a sense of purpose and community engagement(Gilead_2016_Company_Peo…).

How does Gilead ensure that its benefits package remains competitive within the biotechnology industry? What strategies does Gilead employ to regularly assess and enhance its offerings to meet the evolving needs of its workforce?

Gilead ensures its benefits package remains competitive by regularly reviewing and benchmarking against industry standards. The company adjusts offerings to meet evolving employee needs, particularly in areas like health and wellness, retirement plans, and work-life balance, ensuring that its benefits are both market-competitive and supportive of long-term employee well-being(Gilead_2016_Company_Peo…).

For employees seeking more information about Gilead's benefits and retirement options, what are the best channels to contact Gilead? How does Gilead ensure that employees have access to clear and timely information regarding their benefits, and what resources are available to assist them during the retirement process?

Employees seeking more information about Gilead’s benefits and retirement options can access resources through the company’s HR portals, internal communication channels, or by contacting HR directly. Gilead provides clear, timely information and offers comprehensive resources such as retirement planning consultations and financial wellness programs to assist employees during the retirement process(Gilead_2016_Company_Peo…).

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Name of Pension Plan: Gilead Sciences does not appear to have a traditional defined benefit pension plan as of the latest information for 2022, 2023, and 2024. Instead, the company emphasizes its 401(k) plan as a primary retirement benefit. Pension Formula and Qualification: Since there is no traditional defined benefit pension plan, there are no specific formulas or age/service qualifications related to a pension plan. Name of 401(k) Plan: Gilead Sciences 401(k) Plan 401(k) Plan Eligibility: Employees are eligible to participate in the Gilead Sciences 401(k) Plan upon meeting certain criteria, including a minimum period of employment which is typically 30 days. Contribution Details: Gilead Sciences offers a matching contribution to the 401(k) Plan, with the company matching a percentage of employee contributions up to a specific limit.

Restructuring and Layoffs: In 2023, Gilead Sciences announced a significant restructuring plan aimed at optimizing its operational efficiency. This included a reduction of approximately 5% of its workforce. The company stated that these changes were part of a broader strategy to streamline operations and better position itself for long-term growth amidst evolving market conditions. Source: Business Insider. Importance: Given the current economic volatility and changes in the investment landscape, understanding these developments is crucial for stakeholders to assess the impact on company performance and stability. The restructuring is also relevant due to its potential effects on employee benefits and overall corporate strategy.

Gilead Sciences Stock Options and RSUs Stock Options and RSUs Overview: Gilead Sciences has offered stock options and Restricted Stock Units (RSUs) as part of its compensation package. For Gilead Sciences, stock options are typically granted to executives and key employees based on individual performance and company goals. RSUs at Gilead Sciences are generally awarded to a broader range of employees, including those in key roles, to align their interests with shareholder value.

1. Company Official Website Gilead Sciences Official Website: Gilead Sciences Benefits Summary: Gilead Sciences offers a comprehensive benefits package including medical, dental, and vision coverage. They provide options for both HMO and PPO plans, and there are additional wellness programs and resources for employees. 2. Glassdoor Gilead Sciences on Glassdoor: Glassdoor - Gilead Sciences Benefits Summary: Employees on Glassdoor report strong health benefits including generous health insurance coverage, wellness programs, and an Employee Assistance Program (EAP). The company also offers flexible spending accounts (FSAs) and health savings accounts (HSAs). 3. Indeed Gilead Sciences on Indeed: Indeed - Gilead Sciences Benefits Summary: Indeed highlights that Gilead Sciences provides extensive healthcare benefits including medical, dental, and vision insurance, with coverage options for family members. Employees appreciate the company's focus on health and wellness. 4. Employee Benefits News Employee Benefits News - Gilead Sciences: Employee Benefits News Summary: Recent news indicates that Gilead Sciences has been updating its benefits packages to include more mental health support and telemedicine services. They are also expanding their wellness programs to address holistic health needs. 5. HR Dive HR Dive - Gilead Sciences Benefits: HR Dive Summary: HR Dive reports that Gilead Sciences has introduced new benefits in response to the evolving healthcare landscape. This includes enhanced telehealth options and increased coverage for mental health services.

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For more information you can reach the plan administrator for Gilead Sciences at , ; or by calling them at .

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