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By Transamerica / Dec 17, 2015

5 Voluntary Benefits That Santa Offers His Employees

employee benefits

Santa Claus1 understands the value of a thriving, healthy workforce. “When your business is bringing joy to all the children of the world,” he says, “it’s important to offer employees a robust benefits package that contributes to their mental and financial well-being.”

Although the generous cookie compensation and free housing elves enjoy at the North Pole are important, Santa believes voluntary benefits are a key part of what keeps his elves joyful. “Knowing how they’ll get their cookies2 if something goes wrong gives them peace of mind.”

Elvish immortality makes life insurance unnecessary, but other voluntary employee benefits contribute to their security:

1. Critical Illness Insurance

“When your diet is cookies, heart disease is always a concern,” Claus says. “Even with the exercise we get from dancing and singing, I like offering the elves insurance that pays a benefit in the case of a major illness.” Critical illness insurance pays a cash benefit (or a lump sum of cookies in the currency of the North Pole) if an insured elf suffers a policy-specified illness like heart attack or stroke.

2. Accident Insurance

“The elves are gleeful,” Claus says with a shrug. “They get home after a long day at work and try to juggle Christmas ornaments while dancing…accidents happen.” Accident insurance pays the elves a cookie benefit (similar to the cash benefit offered to employees of companies farther South) when injuries happen away from work. With deductibles and copays rising, even in a cookie-based economy, accident benefits come in handy when something goes wrong.

3. Short Term Disability Insurance

“I felt terrible for Tinsel,” Claus says with a sad smile. “It was just one of those things. One minute she’s crafting Spiderman action figures out of wood with that carving knife, and the next…” His eyes fill with tears, and he sniffs. “Well, I’m glad our short term disability insurance was there to help when she needed it.” If an injury, on- or off-the-job, takes an elf away from work after he or she becomes totally disabled and after a policy-specified elimination period, Short Term Disability replaces a portion of his or her income until work is possible again.

4. Hospital Indemnity Insurance

“I’m not gonna lie,” Claus admits, laughing so that his stomach shakes like a bowl full of jelly. “Our hospital prices are crazy. I don’t know why the fairy dust costs have gotten so exorbitant.” Hospital indemnity insurance offers the elves specific benefits for policy-detailed procedures or illnesses. Similar benefits are paid in dollars in cash-based societies.

5. Dental Insurance

“Again,” Claus says. “It all comes down to cookies. More cookies, more problems.” Claus says the elves have so many fillings “they might as well just switch to dentures. Flossing only does so much when all you eat is sugar.” Claus’s version of dental insurance offers benefits like cookies for yearly check-ups and cleanings. North Pole dentists have been known to complain that paying for dental care with cookies is “counterproductive,” but Claus opines that they don’t seem to mind getting their own cookies for providing care.

Your company deals in dollars, Euros or other official currencies, not cookies, but many of the policies that serve Claus’s employees are available through your employer, too. Ask your human resources department if these types of insurance are offered, and learn more about the real-world details of Transamerica products at www.transamericaemployeebenefits.com/Products/Health.

1 DBA Kerstman in the Netherlands, Papai Noel in Brazil and Ded Moroz in Russia. This blog post is not intended to express a legal opinion on the existence of Santa Claus under any name and is for illustrative purposes only, to give a general idea of the purposes and typical benefits of supplemental insurance.

2 No insurance company, including Transamerica Life Insurance Company, pays benefits in cookies to employees of any business other than Santa’s Workshop. All benefits are paid in the currency of the country in which the business resides.

Critical illness insurance, accident insurance, short term disability insurance, hospital indemnnity insurance and dental insurance have limitations and exclusions. Refer to the policy, certificate and riders for complete information. Products underwritten by Transamerica Life Insurance Company, Cedar Rapids, IA.

Up to date information regarding our compensation practices can be found in the Disclosures section of our website at: www.tebcs.com.

THESE POLICIES ARE NOT MAJOR MEDICAL INSURANCE AND ARE NOT A SUBSTITUTE FOR MAJOR MEDICAL INSURANCE. THEY DO NOT QUALIFY AS MINIMUM ESSENTIAL HEALTH COVERAGE UNDER THE FEDERAL AFFORDABLE CARE ACT.

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