Employee benefits are often used as a draw card to secure the most talented employees. A good employee benefits package includes a health, dental, and vision insurance. Any company worth its salt should also offer a solid retirement plan, life, and disability coverage. However, you may have the best plan but not be fully aware of its benefits. Here’s what to look for when choosing a plan, and how to get the most out of your employee benefits program.
Health, Dental, and Vision Insurance
Choose an employee with health insurance benefits that cover maternity costs if you plan on starting a family, general checkups, pediatric care, mental health services, hospitalization, emergency services, free preventative care, as well as prescription medication. Your insurance may cover pre-existing medical conditions, so utilize that too here.
If you have good dental health, save by choosing a cheaper basic plan which includes general restorative and preventative services. Comprehensive dental cover is usually reserved for orthodontist services, so if you have that, feel free to use it. If a loved one needs dental care, be sure to add dependents to your plan. You also have the option to choose disabled dependents.
Your network of providers for vision insurance may include some of the most reputable professionals, so peruse the list thoroughly to select the best one. Choose a network with surgeons who can perform corrective procedures such as LASIK, if there’s a possibility you may be needing it.
Your 401 (k) Retirement Plan
If your employer offers a 401 (k) retirement plan, you should take advantage and invest a portion of your paycheck to the plan. It’s advisable to not accept the default savings rate when you are first employed. The default is usually 3 percent, but would usually not be enough to maintain your expenses and lifestyle upon retirement. Aim to save a higher percentage every year, and strive towards achieving a match to increase your balance. Stay at the company until you are vested in order to retain your match. If you do change employers and there’s a 401(k) balance, do not withdraw the money prematurely, as you will be penalized. Talk to us about options for rolling over your 401 (k) into another investment plan.
In some cases, we tend to overlook the benefits that are available for us. If you have these benefits as a part of your employment, make sure you take full advantage of them.