1. What are the types of general employee benefits that I may be eligible for?
The types of employee benefits available for working individuals are virtually limitless, but most employers are required to provide minimum coverage under the Affordable Care Act. These generally include health insurance, prescription drug coverage, and dental benefits for dependents. All other collective benefits are offered by employers who aim to promote the welfare of their employees, so it is worth considering. These benefits can include standard options such as vision care, health savings accounts, flexible savings arrangements, life insurance, short- and long-term disability insurance, retirement savings plans, profit sharing, and more.
There are also a large number of voluntary benefits plans that employees can pay for at significantly reduced bundled rates, including auto insurance, homeowners insurance, cancer care, hospital indemnity plans, optional life insurance, stock purchase options, and more.
Finally, many benefits enjoyed by employees are fully funded by employers and may include paid time off (vacation, sick, and personal leave), corporate wellness and fitness programs, wearable fitness trackers, onsite perks such as childcare, free meals, company-sponsored events, training and development programs, educational reimbursement, and more.
2. Why should I enroll in employee benefits when I am healthy?
It may seem logical that if you are healthy, why would you buy health insurance? But this is similar to the thinking of why a safe driver would buy car insurance. First and foremost, under the Affordable Care Act, consumers are required to purchase health insurance or participate in a cost-sharing healthcare program, otherwise they will face tax penalties. Secondly, health insurance allows consumers access to preventive healthcare services that identify issues before they become serious health threats.
At a minimum, consumers need health insurance benefits to cover themselves in the event of a catastrophic illness or accident that can easily bankrupt anyone due to serious surgery or hospitalization. Peace of mind and income protection are sufficient reasons to enroll in benefits.
3. How can I determine what types of employee benefits I need?
This is an individual question that depends on your unique needs and lifestyle. Everyone is responsible for their own well-being, except for young children who need their parents to provide care for them. To better answer this question for yourself, identify the health services you are likely to engage with in the coming year. You can look back at your past health history, age-related concerns for screenings you may need, and any current medical care you are receiving. You will also want to consider other factors such as what your budget allows in terms of monthly premiums and out-of-pocket costs.
Do you have specific health goals you wish to accomplish this year? You may want to select a plan that includes access to discounts for weight loss support, fitness benefits, or smoking cessation programs. Then there are the legal requirements. You will need a health plan that meets the minimum requirements of the Affordable Care Act.
Read more about choosing the right benefits for your needs here
4. What if I only need health coverage for my dependents?
Generally, it is recommended that if your company offers group health benefits, you can maximize your savings by enrolling in a family coverage plan. However, depending on your family size, income, and the ages of your children, you may be able to obtain health insurance benefits at a low cost just for your children. Some states have generous income subsidies for working parents who need public health assistance for their children.
5.
When can I enroll in employee benefits at work?
You should first check with your human resources representative to find out what benefits are available to employees and whether you qualify to enroll in a plan. Each organization may have rules regarding waiting periods before new employees are eligible or until the next open enrollment period begins. This may have been explained to you when you were first hired, or the information may be included in your company’s employee handbook.
In either case, your employer will notify employees when the annual benefits enrollment period begins and ends, so be attentive to these alerts. This may occur around the end of your company’s fiscal year (late summer) or close to the end of the year in preparation for the upcoming year (November to December).
6. If I get new benefits, do I have to change healthcare providers?
This is a common concern among working individuals, as they are generally tied to a preferred doctor or hospital network. The good news is that most insurance companies work with large networks of healthcare providers in every state and area. So, you may end up with a healthcare plan that previously allowed you to visit a specific doctor or hospital group, but the new coverage will allow you to continue receiving the same care.
A good way to find out beforehand when enrolling in a specific plan is to visit the official site and do a quick search for your healthcare providers. You can also call your healthcare provider directly and ask if they accept the insurance plans offered to you at work. In most cases, they will accept your new insurance without any issues at all.
7. Can I make changes to my employee benefits selections – if so, how?
Yes, it is possible to make changes to your benefits. There are three ways a health insurance member can make changes. The first way is when changing jobs and enrolling in new coverage. Generally, you will have a certain number of days after your eligibility period to make changes to your benefits and enroll in a new plan. This can vary from employer to employer, but it might be within the first 30 to 90 days of your job.
The second time you can make changes to your benefits plan is during the open enrollment period at your workplace. The company usually announces the open enrollment period once or twice a year, during which all eligible employees can enroll or re-enroll in their group benefits for the upcoming year. Employees can also make changes to their benefits, such as adding or removing dependents, upgrading to a plan with a lower deductible, adding additional benefits, or completely switching plans.
The third time you can make changes to your benefits plan is when you or your spouse experiences a qualifying life event that necessitates a change. A qualifying life event can include loss of benefits due to job changes or termination, birth or death of dependents, adoption of a child, divorce or marriage, becoming a U.S. citizen, and moving to a new state that does not offer your current plan. There are other exceptional circumstances that allow for benefit changes, so be sure to check with your human resources department for more information.
8. If my employer does not offer the benefits I need, where can I get help?
Although employers with 50 or more employees are required to provide access to affordable health benefits under the Affordable Care Act’s requirements, this does not mean that the offered plans will be adequate. If you find yourself in this situation, you can take some actions.
First,
Schedule an appointment with the benefits administrator at your workplace and discuss your needs. There’s a good chance that the company can put you in touch with a voluntary benefits provider who may have some options you need to fill the gaps. You may also be eligible to shop for your own choice plan and take advantage of the specified contribution option, which is where your employer provides you with a set amount each year to pay for benefits expenses.
Secondly, you can check the state health insurance marketplace (if your state participates) and shop for health insurance plans there. You may provide this information to your employer for reimbursement. Depending on your income and family size, you might also be eligible for government assistance to help pay for your health insurance premiums. Alternatively, you may qualify for public health benefits like Medicaid.
Finally, you could participate in a healthcare cost-sharing program or a discounted wellness program where you pay a fixed monthly amount and receive services at lower costs. There are also low-cost voluntary benefits available at group rates, such as medical, vision, and prescription coverage, among others. This can help reduce the impact on your budget.
9. If I work part-time, can I get benefits through my employer?
A growing number of employers recognize that part-time employees also need access to healthcare. Depending on your company’s policy on this, you may be eligible for group health benefits if you work fewer than 40 hours in the standard week. Check with your HR department to learn more. Keep in mind that companies often offer many benefits to all employees that part-time workers can take advantage of, such as paid leave, sick leave, flexible schedules, on-site services, bonuses, wellness programs, free meals and drinks, and professional development benefits.
You can also read more about benefits for part-time and temporary workers here
10. How can I choose between the benefits offered by my employer and the benefits available in the marketplace?
When shopping for health insurance coverage, it’s important to carefully weigh the pros and cons of the plans offered by your employer against those available through other channels, such as the state health insurance marketplace. Most experts recommend checking the plans offered and their prices through the health insurance marketplace before open enrollment periods,
Source: https://www.thebalancemoney.com/top-employee-benefit-faqs-for-working-people-4034069
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