3 Tips for Choosing Your Yearly Benefits

Like most Americans once a year we have to choose our yearly benefits. For most of us, it’s a time we dread and push-off until the last-minute. Do you know most people spend more time researching their vacation plans, than planning for their yearly benefits?! Crazy, Right? So my question for you is – Do you take time to research your yearly benefits? If not,  I have 3 Tips for Choosing Your Yearly Benefits.

 Choosing our yearly benefit options for the open enrollment season is overwhelming to me. There is so much to retain and so much to discuss.  I have 3 tips that we use in our home to decide what’s best for our family and I want to share them with you.

Read

It’s so important to know exactly what you’re getting, how much it costs, and really if it’s necessary for your family. I know it’s overwhelming to see a huge stack of paper, but it’s really important to read everything. If you don’t understand, go to a trusted friend or family member who has knowledge and can help you choose what’s best for you.

Research

With anything, research is key. You need to know what exactly your coverage is, and where your money is going.

• Don’t just look at premiums. Figure in other out-of-pocket costs you will face.
• Watch out for benefit limits, including annual and lifetime maximum payouts.
• Check deductibles. See if it’d even possible to hit that dollar amount.
• Compare to last years policy and see where premiums, benefits, and deductibles were and how it all played out.

 My biggest piece of advice is, don’t think you are only tied down to what your company has to offer. If you’re not happy with those options,  it’s ok to look elsewhere.

 Check into other companies like Aflac to see what Supplemental Insurance has to offer. Aflac Incorporated is a Fortune 500 company providing individual and group voluntary insurance products that help deliver protection to more than 50 million people worldwide.

 It’s great that most companies offer health, life, dental, and more, but those policies don’t pay the bills when something unexpected happens and you have to be off of work for an extended period of time. Aflac’s  voluntary insurance policies, which are designed to supplement major medical plans, pay policyholders directly for unexpected costs associated with a covered serious illness, injury or loss. In addition, the cash benefits can be used to help pay rent, gas, groceries, child care or any other out-of-pocket expenses a worker may have. And they are enrolling now!

Aflac offers accident, dental, life, vision, cancer, hospital intensive care and more voluntary insurance policies.

Retain & Review

The last step is to review and retain all the information. This is a time where as a family, we discuss our questions and concerns before we hit submit.

Ask your employer to arrange meetings with health care insurance agents or brokers to answer questions.

Attend on-site seminars, as well as take part in webinars to read the relevant education materials.

Choosing out yearly benefits is so important. Employees pay an average of $4,565 a year in premiums for an employer-sponsored health plan, which helps protect their health and financial well-being, yet the 15 minutes devoted to benefits selections, pales in comparison to time spent researching popular consumer purchases. The key here is, to take the time to research, know what you’re getting for your money, and know exactly what your benefits are. Take the time to make an informed decision.

I was selected for this opportunity as a member of Clever Girls Collective and the content and opinions expressed here are all my own.