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

Essential Insights on Condo Insurance for Biogen Employees: What You Need to Know Before You Buy

Healthcare Provider Update: Offers comprehensive medical, dental, and vision plans, plus telemedicine and wellness programs 1. Employees are encouraged to compare employer plans with ACA marketplace options as 2026 premium hikes approach. Click here to learn more

Biogen employees may benefit from understanding how the ownership structure of a condominium unit is different from that of a single-family house. Here’s what you need to know when purchasing insurance for your condo.

1. Understand the Master Policy

For Biogen employees worried about condo insurance, since the ownership of all common areas is shared with other condo owners, the association of owners typically purchases insurance coverage (a master policy) for the common areas, e.g., hallways, exterior walls, etc. The condo association’s policy will outline what is covered and what is not.

2. Three Types of Coverage

There are three basic types of coverage under a master policy that those employed at Biogen should be aware of.

Primary buildings and common areas
Your unit and any items within your unit, other than personal belongings
Building, unit, and any fixtures

The individual coverage you may consider depends upon the scope of coverage of the master policy. Biogen employees should also try to determine what is and isn’t covered under the master policy – this can influence the coverage you may need.

3. Know the Master Policy Deductible

Generally, an association’s master policy has a deductible that is charged pro-rata among unit owners in the event of a claim. Determining that obligation is important because while it may never materialize, it could represent a meaningful financial commitment.

Featured Video

Articles you may find interesting:

4. Consider Additional Coverage

Similar to any homeowner, Biogen employees will need to make decisions about other coverage options, such as cash value or replacement coverage, adding personal liability coverage, and whether flood insurance may be appropriate.

Several factors will affect the cost of condo insurance, including the insurance coverage provided by the homeowners association. You should consider the amount of your deductible and level of coverage before purchasing a condo insurance policy. Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments.

What type of retirement savings plan does Biogen offer to its employees?

Biogen offers a 401(k) retirement savings plan to its employees.

How can employees at Biogen enroll in the 401(k) plan?

Employees at Biogen can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.

Does Biogen match employee contributions to the 401(k) plan?

Yes, Biogen provides a matching contribution to employee contributions made to the 401(k) plan, subject to certain limits.

What is the maximum contribution limit for Biogen's 401(k) plan?

The maximum contribution limit for Biogen's 401(k) plan is determined by IRS guidelines, which may change annually.

Can employees at Biogen take loans against their 401(k) savings?

Yes, Biogen allows employees to take loans against their 401(k) savings, subject to specific terms and conditions.

What investment options are available in Biogen's 401(k) plan?

Biogen’s 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

How often can Biogen employees change their 401(k) contribution amounts?

Biogen employees can change their 401(k) contribution amounts at any time, subject to payroll processing timelines.

Is there a vesting schedule for Biogen's 401(k) matching contributions?

Yes, Biogen has a vesting schedule for its matching contributions, which means employees must work for a certain period to fully own those contributions.

Can Biogen employees roll over their 401(k) savings from a previous employer?

Yes, Biogen employees can roll over their 401(k) savings from a previous employer into Biogen's 401(k) plan.

What happens to Biogen employees' 401(k) savings if they leave the company?

If Biogen employees leave the company, they can either roll over their 401(k) savings to another qualified plan, cash out, or leave the savings in the Biogen plan if permitted.

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

Biogen is undergoing a significant restructuring that includes layoffs impacting various departments. The company is also making changes to its pension plan and 401(k) benefits.