after rounds of interviews, you have a job offer on the table. The position is exactly what you are looking for, and the salary is more than you expected, and you are ready to accept it. Before you say “yes,” take a look at the employee benefits package.
Exploring Benefits Coverage
It is best to have complete information before accepting a job rather than discovering an unpleasant surprise later. For example, if you are not married and would like to cover your partner, will your health insurance plan provide coverage for them? Perhaps, if domestic partner coverage is offered and you meet the requirements. Some employers or insurance companies require unmarried domestic partners to provide a declaration through their human resources department.
Health Insurance
Employer-sponsored insurance plans may have waiting periods of up to 90 days. Therefore, if you are leaving a job to move to another position, you may need temporary coverage. If you are leaving an employer that provides coverage, you can choose to continue your health care coverage through the Consolidated Omnibus Budget Reconciliation Act (COBRA). Or you can purchase a policy through your state’s health insurance marketplace via HealthCare.gov.
Note: Losing health insurance coverage for any reason is considered a qualifying event under the Affordable Care Act. This means that you can purchase health insurance at any time and not just during the annual open enrollment period.
Individual and Family Sick Leave
When you have young children or aging parents or are otherwise a caregiver, you will want to know how generous the sick leave policy is. Some employers offer sick leave when you or a family member is ill and allow leave for doctor visits. Others may not be as flexible.
Holiday Pay
Some companies offer holiday leave, while others expect you to work. If you are required to work on a holiday, you may be paid extra, or you may not. It depends on the organization you work for.
Vacation Pay
Vacation leave also varies depending on the organization you work for. Some employers offer a generous amount of vacation or flexible time off for rest; others do not.
Reviewing Benefit Options
There are many different scenarios, as you can see, so it’s important to review the coverage offered and determine whether the employee benefits package meets your needs. Note: A high salary is not always enough to compensate for a benefits package that does not provide what you need.
Questions to Ask
Does the employee pay for health insurance coverage? If so, how much does individual and/or family coverage cost? Is the premium deducted from my paycheck? What is the deductible? Can I review a summary of health insurance plan options? What are the limits and challenges? What about pre-existing conditions? When does coverage start? How much sick time and leave is provided? Does the company offer paid time off? When do benefits start to accrue? What type of retirement plan is available? How much does the company contribute? Is life insurance provided? Does the company offer short-term and long-term disability coverage? Are there educational and training benefits? If so, are they available for my family in addition to me?
Note: Never ask these questions during the interview. Wait until you receive a job offer to discuss employee benefits, either with the human resources department or the person who is offering you the job.
How to Make Your Decision
Review the benefits offered. Do the programs meet your needs? What are the costs of the benefits you will incur? How much will these costs be annually? If you have a family, is the workplace family-friendly? Regardless of whether you have caregiving responsibilities, will the company culture support your work-life balance?
Finally,
Make a decision to accept the job based on the total compensation plan, including the salary and any additional benefits that may be offered or negotiated. This way, you will accept or reject the job based on the overall compensation rather than just one aspect of it. Most importantly, you will not have any unexpected costs or issues with benefits when it is too late to take any action.
Source: https://www.thebalancemoney.com/employee-benefits-questions-to-ask-2060431
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