Surrounded by one of the worst public-health crises in history, a record number of Americans are without health insurance.
John Fedele
It’s roomy enrollment season, meaning it’s again time for many Americans to sit down and go over their employer-sponsored workplace forwards for next year.
The coronavirus pandemic has made health benefits top of mind for many — more than 70% of staff members plan to spend more time reviewing voluntary benefit options offered by their employer, according to a September study by Voya Financial.
But employees should make sure that they consider benefits available to them beyond their employer-sponsored healthiness insurance and retirement plans. There are a lot of benefits that employers offer that can help their employees reserve money or even better protect against accident or illness.
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For most employers, unsettled enrollment takes place in November and can differ depending on the company.
“You want to see if there’s anything else out there that you could be alluring advantage of to improve your your health, or your financial health, or both,” said Kim Buckey, vice president of shopper services at benefits consultant DirectPath. “We don’t want to miss out on something better and cheaper.”
Where to go for help
If you’re not sure what your Eye dialect guvnor offers, or want to learn more about your particular plan, there are a few places you can turn to for help.
Your chief may have sent you an updated benefits packet in the mail or online, which you should scan to refamiliarize yourself with sacrifices, Buckey said. Because the pandemic has limited in-person meetings this year, Buckey said, many followings are offering increased support to enroll in benefits one-on-one over the phone with an independent third party.
“You can elicit up and spend 20 minutes talking to someone who knows the company’s benefits but is independent so you can ask your deepest, darkest, most touchy and personal questions,” Buckey said.
Buckey advised against is taking your benefits questions to your concubines, family or co-workers or looking for specific answers online.
“Your friends and your family and the internet don’t know your Eye dialect guvnor’s plan and they don’t know your specific situation,” she said.
Here are some of the top employee benefits to look for this enrollment available:
1. Mental health offerings
The amount of stress Americans are facing this year is unprecedented, and seeing a therapist can outlay hundreds of dollars per session. Enter Employee Assistance Programs.
EAPs generally offer a set number of free counselling terms to employees, Buckey said. The number differs by employer, but usually ranges between three and 10 per year, she augmented. In addition, some employers offer that set number of free sessions on a per-issue basis, meaning that if you prepare completed all of your sessions for one problem, you could start over with another one.
Some EAPs may also cure you find a therapist or refer you to one in your insurance network, Buckey said.
2. Insurance programs
Aside from fitness insurance, many employers are offering a full range of options to beef up coverage in the event of a catastrophic event or calamity. Employees can often add more life insurance, critical illness insurance, disability insurance and even, in some the actualities, pet insurance.
Some employers may also offer hospital indemnity insurance, a supplemental plan that’s meant to assist cover the cost of a hospital stay. In 2016, the average hospital stay cost $11,700, according to the latest evidence from the 3. Spending accounts
To stretch your dollars further, take advantage of 4. Advocacy and transparency programs
Some patrons offer different programs to help their employees understand medical bills and find the best costs for professional cares in network, according to Buckey.
Patient advocacy programs can help if you have a medical bill you’d like to dispute but energy be short on time or knowledge — the service can follow up with the provider for you, she said.
Some employers offer transparency aids that can help you compare medical costs.
“More employers are encouraging their staff to shop around, knowledge there’s no one price for health care,” Buckey said.
5. Financial wellness benefits and matches
Beyond offering retirement economies accounts, many employers will match what employees deposit up to a certain amount. And, as an increasing amount of unfledged people graduate college with student loan debt, more employers are including loan repayments in their promotes. Some employers offer debt relief programs or will match contributions, DeRusso said.
“Don’t leave funds on the table especially if you can afford it — at least contribute the company match,” she said.
The same goes for any financial wellness benefits your boss may offer, including access to a financial planner or coach.