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Employee Benefits Insurance: What You Need to Know

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Employee Benefits Insurance: What You Need to Know

Whether you’re newly hired or have been at the same job for years, employee benefits insurance can provide you with a sense of security.

Not every employer offers the same types of insurance, and most will not have the same costs and guidelines.

This helpful guide explores the details of a variety of employee benefits insurance so you can find the right options for your needs. Read on to learn more before you sign up.

Medical Insurance

If your employer offers medical insurance, it’s wise to take advantage of this benefit. Whether you’re single or have a family with children, medical insurance is essential to maintaining good health.

The cost for your premiums can vary widely depending on the size of the company, the size of your family, and other factors. Make sure you can see the details of the plan before you sign up.

Your monthly or weekly premiums are usually taken directly out of your paycheck. This makes it easy to ensure that medical insurance for you and your family is always active.

Ask your employer for a detailed list of costs, deductibles, and what is covered under your medical plan. For example, some health insurance includes things like chiropractic care and insurance while other plans might even cover gym expenses.

Talk to your human resources department if you have any questions about this type of employee benefits insurance. In most cases, there is an open enrollment period where you can sign up.

Vision Care: Employee Benefits Insurance

Costs for things like eye exams and glasses are typically covered under a separate vision plan. If you have vision insurance, you can save hundreds of dollars every year on these costs.

Make sure you understand exactly what kind of out-of-pocket expenses you are responsible for. The plan should explain what type of contact lenses and frames are covered.

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In most cases, you’ll only need to pay a small co-pay for eye exams. Some vision plans only cover the cost of one pair of eyeglasses per year so read the fine print carefully.

This type of insurance is a great option if you wear glasses or you have kids who need glasses. The vision discount plan typically covers a large part of the cost for frames and lenses, and you pay the remaining balance.

Dental Coverage

From the occasional cavity to your kid’s braces, dental insurance can save you thousands. Ask your employer if they offer this coverage, which is usually provided separately.

A quality dental insurance plan will cover most of your cleanings and exams. It should also let you choose your dentist from a list of providers within your network.

Ideally, you should get a professional dental cleaning every six months. Your insurance may also cover you for part of the cost of procedures like root canals, cavity fillings, and more.

Just like your medical and dental insurance, the dental policy should explain clearly what is covered and how much is taken care of by the insurance company. Check the list of available dentists in the network to make sure you can be seen by one you like.

Protect Your Family with Life Insurance

Not every employer offers life insurance, but if yours does, it’s good to take advantage of this peace of mind. Most employer-based life insurance plans will give you around $25,000 to $50,000 in coverage.

If you have a 401(k), they may include life insurance as part of the plan. Ask your employer if you’re not sure about life insurance coverage and they can assist you with enrolling.

Some employers don’t offer this type of benefit, but you can always purchase a plan on the open market. Get several quotes and find out how much your premiums will be as well as the total payout to your family.

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Life insurance helps to ensure that your loved ones get financial help should something happen to you. It’s a good way to gain peace of mind.

FSA: The Flexible Spending Account

Whether you have insurance co-pays or prescription costs, a flexible spending account can make paying for these things much easier. This type of account lets you save pre-tax dollars and apply them toward medical-related expenses.

You can even use your FSA funds to pay for items like the cost of eyeglasses that aren’t covered by your vision insurance. The FSA can also be used to pay for things for a spouse and your children.

It’s important to note that the FSA has a “use it or lose it” policy which means you’ll want to use it up as much as possible before the year is over. You should receive a statement showing your FSA balance on a regular basis.

Ask your employer about all your coverage options before you enroll in any program. Some may allow you to add a spouse at any time, but most require you to sign up for everything at once during the open enrollment period.

Making Benefits Work for You

Once you’re aware of the options for employee benefits insurance at your job, you can decide which plans will work for your needs. From vision and dental coverage to medical care and life insurance, check with your employer to get all the details.

Having these benefits available can help you stay healthy and give you and your family peace of mind.

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