Things to consider when signing up for employee benefits

If you are one of the many faced with making decisions about employee benefits, listen up. There are a few things that you might want to think through to be sure that you and your family are properly covered, and that you are getting the most from these benefits. 

Pay attention to changes in health plans. Not only might premiums be going up, but you might not be able to use the same doctor, and some services may not be covered the same as previous years. If you will be taking advantage of family coverage, make sure that all family members are listed for the coming year. Also, read all of your benefits materials, attend a learning session, and ask questions about other benefits. So often we hear from people who assumed that they had a particular plan or benefit, only to learn it had changed, was no longer available, or that it came with strings attached. And, pay attention to deadlines for signing up or making changes. If you miss the deadline, you may lose out on getting coverage or taking advantage of some great benefits.

If you are expecting a change in your family, alert your employer as soon as possible. If you do not alert your employer of a change in a timely manner, you could have delays or denials of coverage. Also, update beneficiaries on insurance and retirement plans. If you will be leaving your employer, make sure that you ask questions about continuation of coverage, and how leaving your employer could affect insurance, tuition reimbursement, and the payout or transfer of retirement plans.

In addition to speaking with your benefits department, it might also be a good idea to reach out to financial and tax professionals. They may be able to guide you with other options to consider, or how these benefits can you help you to save money on taxes. 

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