Achieving Security: Your Financial Well-being

Biogen invests in you in a variety of ways, including competitive compensation, retirement benefits and income protection to help you achieve your short- and long-term financial well-being goals.

Tax-Advantaged Savings Accounts

Regardless of which medical plan you enroll in, you have the opportunity to pay your medical bills using a tax-advantaged account. The type of account you have access to depends on which plan you’re enrolled in.

Health Savings Account

Use tax-free dollars — contributed by you and Biogen — to pay for eligible health care expenses incurred by you and your dependents, now and in the future.

Click here to learn about the HSA plan and how it can help you and your family save for future health care costs.

Health Care Flexible Spending Account (FSA)

We know how important it is to take care of your loved ones and the costs that go along with this. Since we value a culture of care and support, we encourage you to contribute up to $5,000 pre-tax dollars each year, which will help you save on day care expenses for dependent children and adults.

To learn more about the differences between the types of accounts, check out “A Closer Look: Tax-Advantaged Accounts” in our Medical Plan Guide.

New platform for Health Equity

Effective January 1, 2022, Health Equity will migrate to a new platform for FSA administration with enhanced features. Please note, the existing Health Equity platform will still be accessible to manage any 2021 claims. The new platform will launch in January for claims incurred in 2022, so if you haven’t spent down your 2021 FSA balance by December 31, 2021, you will need to access two administration sites for a small period of time. New debit cards will be administered for the 2022 plan year.

Dependent Care Flexible Spending Account

Contribute pre-tax dollars each year and save on day care expenses for dependent children and adults.

Income Protection

To ensure you and your family have a source of income in times of financial stress, Biogen provides life insurance and disability coverage at no cost to you. You’ll automatically receive basic life, accidental death & dismemberment (AD&D) and business travel accident insurance equal to two times your pay*.

Supplemental coverage can provide important protection should you have to manage anything unexpected. You may purchase supplemental life insurance if you’d like extra protection for yourself, your spouse or domestic partner, and/or your child(ren). New employees may purchase supplemental coverage without providing proof of good health, up to certain limits*.

*Details may vary. Refer to the Additional Benefits Summary for U.S.-based Executives for more information.

Life and AD&D Insurance

The Company automatically provides basic life, AD&D and business travel accident insurance equal to two times your pay at no cost to you**. For additional protection, you can elect supplemental life insurance in increments of one to seven times your annual pay. This additional coverage is optional and you pay the full cost. The cost for your coverage is deducted from your pay on a post-tax basis. You may also choose to purchase additional coverage for your spouse/domestic partner and/or children. For more information, review the Paying for Coverage guide.

For supplemental life insurance, new employees can elect up to four times their pay (up to $2,250,000 for basic and supplemental coverage combined) without providing proof of good health, or up to seven times supplemental coverage (up to $3,500,000 for basic and supplemental coverage combined) without providing proof of good health*.

** Federal tax regulations require you to pay income taxes on the value of employer-provided life insurance that exceeds $50,000. This is called “imputed income.” The annual value of your imputed income (which is subject to FICA and Medicare withholding) is shown on your W-2 form each year.

Short-term Disability

You’ll automatically receive short-term disability coverage up to 100% of your pay for the first three months you’re unable to work due to an illness or injury, and 70% for the next three months. Biogen provides you with short-term disability (STD) and long-term disability (LTD) insurance through The Hartford.

Long-term Disability (LTD)

If your disability continues for longer than six months, long-term disability coverage continues to provide 60% of your base pay. You also have the option to purchase additional long-term disability coverage to increase your benefit to 70% of your salary in the event of a long-term disability. For more information about LTD coverage costs, review our Paying for Coverage guide.

Benefits Scout

Our decision-support tool, Benefits Scout, provides voluntary insurance benefit recommendations. Just answer a few questions and learn what coverage level may be right for you.

Additional Financial Well-being Resources

Biogen is proud to provide a number of other programs to support your financial well-being. Visit our Financial Well-Being page to learn how you can take advantage of these offerings.

  • Save for your future through our 401(k) Plan, administered by Fidelity.
  • Share in Biogen’s success with the Employee Stock Purchase Plan (ESPP). Purchase common stock at a 15% discount during quarterly offering periods.
  • Assess your financial needs and achieve your goals with CAPTRUST Financial Advising. You have access to one-on-one meetings either in person or over the phone, as well as seminars, online resources and newsletters.
  • Let Biogen support your continued education through our Tuition Reimbursement program.
  • Visit the Perks Portal for discounts on cell phone plans, movie and theme park passes, new vehicle purchase and more!
  • Protect what matters to you with Farmers GroupSelect Home and Auto.
  • Use our credit union partners (Metro Credit Union in Massachusetts and Coastal Federal Credit Union in North Carolina) to help you save for the future.
  • Receive up to $10,000 for adoption expenses through the Adoption Reimbursement program. This benefit is capped at a lifetime maximum of $20,000.
  • Receive up to $10,000 for surrogacy expenses through the Surrogacy Reimbursement program.
  • Receive up to $1,000 for doula expenses through the Doula Reimbursement program.