Going to the hospital and missing a few days from work may leave you with a smaller-than-average paycheck for that week. What’s worse? Finding out that you don’t have the best or even basic employee health insurance benefits, thus leaving you with a mountain of debt. This can be avoided by reviewing your benefits every year. The following are some of the areas of your employee insurance benefits that you need to look out for the next time your company seeks to make changes.
Does it Include All the Basics?
More often than not, people will tend to look at how high or low their premiums are and grade the insurance plan based on those numbers. Having a low premium is not what should determine your plan’s worthiness. Instead, it is what is actually covered. Many of the larger companies in the country offer incredible benefits to improve employee productivity, one of which includes Lasik surgery for your eyes. Lasik can help with several conditions by correcting common eye vision problems such as nearsightedness and presbyopia, which causes difficulty when reading. Women who are seeking to become pregnant in the future should also review their plans as an organization might not cover any costs relating to giving birth or paternity leave costs.
Who Are My Doctors?
You may believe that your employee health care plan is pretty good. However, it may not be worth much if no doctor around you accepts it. Many health care organizations and employers provide online tools that enable you to clearly see which doctors are in your plan’s network. Those wanting to keep seeing a long-time doctor should first utilize these tools to determine if they can. There are cases where employees choose to opt out of their plans due to these restrictions. In any case, it is always best to speak with your supervisor about these issues.
What is My Final Cost?
Health care is a very complicated issue that’s peppered with many complex words. Therefore, it is quite understandable to feel some sort of intimidation when hearing words like deductible, premium and copay. Nevertheless, these are essential common words with which you need to familiarize yourself in order to understand how much you are really paying out of pocket. Your deductibles, premiums and other parts of your insurance plans should be requested from your employer. Once you have these numbers, you can sit down and compare that to other plans in order to figure out how much you are truly paying out of pocket and if negotiations should take place.
The number one recommendation for employees is to think ahead. Understanding your needs for not only the upcoming year, but also throughout your life is vital to choosing the right employer that can give you what you need. It might be a little intimidating asking your employer to go over health care plan options, but it is a necessity for a long, happy and healthy life.
Here’s another article we think you’ll like: 3 Things You Should Know About Going to In-Network vs. Out-of-Network Practices