Light & Wonder Employees: How Your Credit Score Influences Your Insurance Premiums
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As ACA premiums rise and subsidies expire, Light & Wonders flexible plan options and preventive care coverage offer employees a stable and cost-effective alternative to marketplace plans.
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As an employee of Light & Wonder you may find it interesting to know, one landmark study found that credit-based insurance scores are used by about 95 percent of all auto and home insurers in calculating the cost of insurance to individuals.
While the vast majority of insurance companies use credit-based insurance scores to help determine the price of insurance, it is banned in the states of Massachusetts, Hawaii, and California. Some states only allow it as a factor for property insurance like auto and homeowners insurance. Other states allow it to be used with any type of insurance.
Several Factors
Generally, an insurance company will use a credit-based insurance score as just one factor in its underwriting process. We'd also like to remind our Light & Wonder clients that other factors may be considered, depending on the type of insurance. For example, with auto insurance, other factors could include your zip code, the age of the drivers, the make, model and age of the car, and the number of miles you drive annually.
The use of credit scores to determine insurance rates is rooted in research that has shown individuals with lower credit scores had higher car insurance losses and higher claims payouts.
You can ask your insurance company if a credit-based insurance score was used to underwrite and rate your policy, and in which risk category you were placed.
For Light & Wonder employees who want to improve their credit-based insurance score, you should consider taking the same steps you would to improve your credit rating: make timely debt payments, clear up past disputes and keep credit card balances low.
With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Light & Wonder offers a comprehensive benefits package that includes both a 401(k) plan and a retirement pension plan. The 401(k) plan at Light & Wonder, offered through Fidelity, is a cornerstone of their retirement offerings. Employees can contribute to the plan and are eligible for a company match, where Light & Wonder will match 100% of the first 1% of eligible earnings contributed and 50% of the next 5%, meaning employees who contribute 6% or more receive a 3.5% match. This plan is available to all employees, with eligibility beginning immediately upon employment (MyLNWBenefits).
The company's retirement pension plan is known as the "Defined Contribution Plan," where employer contributions are made directly to individual accounts. Eligibility for the pension plan requires a minimum of five years of service, and employees must be at least 21 years old. The pension formula is based on the final average salary and the number of years of service. This formula determines the annual pension benefits employees will receive upon retirement (MyLNWBenefits).
The 401(k) and pension plan structures at Light & Wonder ensure that employees have multiple pathways to secure their retirement, aligning with industry standards for retirement savings and security. These details were found on the Light & Wonder benefits website (MyLNWBenefits) (MyLNWBenefits).
Light & Wonder has been managing its benefits with a focus on healthcare options and 401(k) matching for its employees. The company offers up to a 3.5% match on employee 401(k) contributions and comprehensive healthcare plans including virtual primary care, telemedicine, and preventive services. They also introduced fertility benefits and tobacco cessation programs as part of their enhanced healthcare strategy. Additionally, Light & Wonder maintains on-site health clinics at their manufacturing facilities, offering free care to employees. This news is important because it highlights the company’s commitment to supporting employees' health and retirement benefits amidst ongoing economic changes, potentially positioning it as a resilient player in the evolving political and tax environment.
Light & Wonder offers a variety of stock options and Restricted Stock Units (RSUs) to its employees, primarily aimed at retaining top talent and incentivizing long-term performance. Stock options provide employees the right to purchase company shares at a predetermined price after a set vesting period. Meanwhile, RSUs are granted as company stock, becoming fully owned after the vesting period without any purchase requirement.
In 2022, Light & Wonder (LNW) had approximately 2 million stock options and 3 million RSUs outstanding, continuing to use these incentives as a core part of employee compensation (Business Wire) (Stock Analysis). The RSUs are made available to both executives and key employees, while stock options are more broadly distributed. The company has maintained these plans through 2023 and 2024, adjusting vesting schedules and eligibility criteria to align with its ongoing growth strategy and performance targets (Stock Analysis).
Light & Wonder has prioritized employee health by offering comprehensive benefits, including three medical plan options tailored to different needs. Their healthcare packages, which include Essential Care, Choice Care, and Critical Care plans, emphasize preventive care with no cost for in-network services. Light & Wonder also offers virtual care through Aetna/CVS and Doctor on Demand, providing employees access to medical consultations from home, with minimal copays. Employees enrolled in these programs benefit from family planning services such as in vitro fertilization and surrogacy support through Progyny, highlighting their commitment to diverse healthcare needs. This reflects Light & Wonder's proactive approach to healthcare, integrating digital access to medical professionals while focusing on comprehensive family health solutions (MyLNWBenefits) (MyLNWBenefits).
The company has also introduced wellness initiatives like onsite health clinics at their Allentown, PA, and Irvine, CA locations, which offer no-cost services for routine checkups, vaccinations, and flu shots. Their B. Well Centers ensure that employees have direct access to healthcare during work hours, fostering a culture of wellness. Given the current economic uncertainties, providing robust healthcare is crucial for maintaining employee morale and productivity. Light & Wonder's benefits reflect an awareness of healthcare's broader impact on the workforce in light of political and tax changes affecting corporate healthcare contributions (MyLNWBenefits) (MyLNWBenefits).
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