Essential Insights on Condo Insurance for Light & Wonder Employees: What You Need to Know Before You Buy
Healthcare Provider Update: Offers a wide range of benefits including medical coverage through Aetna, FSAs, life and disability insurance, and retirement plans 1.
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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Light & Wonder 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 Light & Wonder 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 Light & Wonder 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. Light & Wonder 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.
Similar to any homeowner, Light & Wonder 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.
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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