How Do I Choose the Right Employee Benefits for Me?

Employee Benefits

The National Association of Insurance Commissioners (NAIC) reports that there are now almost 6,000 different insurance companies for employers to choose from in regards to work-sponsored plans. This substantial amount of choices directly depicts a large number of policy options that are available on the market. Many employees feel at a loss when it comes to choosing benefits since the options can appear to be overwhelming. Knowing exactly what to look for before enrolling in future plans can help ensure that you choose the right policies for you.

There are four major types of insurance policies offered by employers: medical, disability, life, and retirement plans. Medical is typically the form of insurance that potential employees are the most concerned about. While examining your policy options, be sure to look at the financial aspects first. Are the premiums and copays within your budget? Will you be able to meet the deductible for each term? Also, be mindful of which doctors are within each policy’s network for continuation of care.

Evaluating policies regarding disability and life insurance are a bit different. Disability insurance (DI) is used to protect the worker’s earnings should they ever be met with a disability that impairs their ability to perform their job duties. Work-sponsored life insurance plans provide a contract that ensures beneficiaries receive a settlement amount if the policyholder should pass. Both of these insurance forms could be highly beneficial to those at risk for various health conditions.

In terms of retirement plans, the most popular enrollment options are either a 401(k) or 403(b). The 401(k) option gives employees a savings plan in which pension funds will be disbursed steadily once the individual retires. This plan is a great option for those searching for positions in small businesses. A 403(b) offers the same type of savings plan but is best for those who will be working in public sectors or non-profit organizations.

The ability to decipher which employee benefits hold the most value for you will provide you with the highest level of protection in future circumstances. Every individual has a different set of requirements depending on their personal situation, and finding a plan that is parallel to those requirements is the most vital part of the enrollment process. Now that you have gained a higher level of familiarity with the most common employee benefits, choosing the right policies should be much less of a project.

from Trisha Ball | Business http://bit.ly/2W8czhK
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