Medical Insurance

Eligible full-time employees may enroll in either a single or a family contract. Participating employees can enroll under our medical insurance plan’s dental care and prescription drug programs.

COBRA

Employee and their covered dependents will have the opportunity to continue medical (and/or dental and vision) benefits as per the provisions of the Federal Consolidated Omnibus Budget Reconciliation Act (COBRA) when group medical (and/or dental and vision) coverage for the employee and their covered dependents would otherwise end due to employee’s death or because:

You terminate, for reason other than gross misconduct.
Your status changes due to a reduction in hours.
Your child ceases to be a “your dependent” under terms of the medical (and/or dental and vision) plan.
You become divorced or legally separated.
You become entitled to Medicare.
Life Insurance
Paramount provides a life insurance plan for all eligible full-time employees. The total cost of insurance is borne by the employee.

Section 125 Plan

Paramount offers a pre-tax contribution option known as a Section 125 plan.

A Section 125 plan is a benefit plan that allows you to make contributions toward premiums for medical insurance on a “before tax” rather then an “after tax” basis. This means your premium contributions are deducted from your gross pay before income taxes and Social Security are calculated.

401K Plan

Paramount offers a 401(k) plan, which is a type of voluntary retirement plan. Employees can contribute to the plan and save for their retirement and all contributions are tax-deferred, which means that taxes are paid on the contributed amount only when withdrawals are made, presumably upon retirement. Paramount may contribute up to a certain percentage of the employee contributions.