Think twice before choosing any employee benefit plans
HARARE, Health and life insurance coverage aren’t the only employee benefits you’ll soon be signing up for at work.
Additional benefits may also include accidental death and dismemberment, critical illness insurance and more.
Not all of these may be right for you, so take a close look during enrollment season.
Just because your company offers you a brand-new employee benefit, doesn’t mean that you have to take it.
October kicks off the beginning of benefits enrollment season for many employees, as they sign up for next year’s health care plan and life
insurance coverage.
But the list of potential perks — known as voluntary and fringe benefits — goes beyond the core suite of life and health insurance
coverage and 401(k) plans.
A June survey by the National Business Group on Health found that about 9 out of 10 large employers offered accidental death and
dismemberment insurance.
“There is no shortage of benefits that employers offer which you can take advantage of, so it can be very overwhelming to figure out what
you need in a given year,” said Ellen Kelsay, chief strategy officer at the National Business Group on Health.
You ‘ll likely pay more for selecting those additional benefits, so choose carefully.
Just because your company offers you a brand-new employee benefit, doesn’t mean that you have to take it.
October kicks off the beginning of benefits enrollment season for many employees, as they sign up for next year’s health care plan and life insurance coverage.
But the list of potential perks — known as voluntary and fringe benefits — goes beyond the core suite of life and health insurance coverage and 401(k) plans.
A June survey by the National Business Group on Health found that about 9 out of 10 large employers offered accidental death and
dismemberment insurance.
“There is no shortage of benefits that employers offer which you can take advantage of, so it can be very overwhelming to figure out what you need in a given year,” said Ellen Kelsay, chief strategy officer at the National Business Group on Health.
You ‘ll likely pay more for selecting those additional benefits, so choose carefully.
Extra life insurance
Group life insurance is a staple of many benefits plans. Nearly all of the 68 companies participating in the National Business Group on Health’s survey said they offered it.
Should you boost your coverage beyond the basic offering? Financial advisors say it depends.
“I don’t go after group life insurance much unless you’re unhealthy,” said Darin Shebesta, a certified financial planner and vice president
of Jackson/Roskelley Wealth Advisors in Scottsdale, Arizona.
One of the biggest benefits to electing life insurance at work is that there is little to no medical underwriting.
The amount your employer pays to provide you with up to $50,000 of group term life insurance coverage is excluded from your income.
“Long term disability coverage is something to look at seriously, and making sure that it’s ‘own occupation.'”
Just because your company offers you a brand-new employee benefit, doesn’t mean that you have to take it.
October kicks off the beginning of benefits enrollment season for many employees, as they sign up for next year’s health care plan and life
insurance coverage.
But the list of potential perks — known as voluntary and fringe benefits — goes beyond the core suite of life and health insurance
coverage and 401(k) plans.
A June survey by the National Business Group on Health found that about 9 out of 10 large employers offered accidental death and
dismemberment insurance.
“There is no shortage of benefits that employers offer which you can take advantage of, so it can be very overwhelming to figure out what
you need in a given year,” said Ellen Kelsay, chief strategy officer at the National Business Group on Health.
You ‘ll likely pay more for selecting those additional benefits, so choose carefully.
