Employee Health Insurance
Most major US employers today offer their staff some form of employee health insurance plan. This insurance generally covers the cost of medical expenses incurred by the employee or their immediate family, and as such is a very beneficial type of insurance policy to have. The premium for a typical employee health insurance plan is often much lower than for a similar individual health insurance plan; another factor that attracts a lot of employees.
Unfortunately some employee health insurance is not as comprehensive as it first seems to be and buying into such a plan can be a mistake. With this in mind it is vital that all employees consider the following five questions before signing up for an employment-related health insurance plan.
- Does the plan cover all of your basic medical needs? Most plans provide employee health insurance benefits that include the cost of physician visits, medicines, diagnostic laboratory tests and surgical procedures. These are the basic medical needs to look for but be careful to read the small print as there may be a maximum number of physician visits allowed per year or some forms of long term medicines that aren’t covered. Long term hospital stays may also need to be subsidized by you, so check exactly what is covered and what isn’t.
- Does it cover your entire family? Most insurance policies will cover your entire family, however, some small business employee health insurance plans may only cover the medical expenses of you and your spouse. This means you will need to buy additional coverage for your children if you have any.
- Does it offer any additional benefits? Occasionally employee health insurance plans will include the cost of dental work, chiropractic appointments, optical work and alternative/complimentary therapies. Many don’t though, so don’t turn down a plan simply because these extras aren’t included.
- Are the premiums competitive? You should make a point of comparing the premiums for the employee benefits health insurance plan against a range of individual or private plans that offer the same level of benefits. This will quickly show you whether the premiums are competitive or whether they are overpriced for the health insurance policy in question.
- Can you tailor the policy to your needs? This isn’t automatically an option with some employee health insurance plans but if it is it is a real bonus. By tailoring the plan to your needs, and those of your family, you only pay for the services you think you may use in the future.
Generally speaking, most employee health insurance plans are worth investing in, and this is especially true if you have a growing family or have had large medical bills in the past.