A lackadaisical approach to benefits enrollment could leave you short on coverage or end up costing you more than it should. Gathering information and making time to thoroughly consider your options and needs can help ensure you’re getting the best value from your employer’s benefits package. Approach this year’s open enrollment with these tips in mind.
Get the Most Out of Your Benefits Enrollment
(Family Features) A lackadaisical approach to benefits enrollment could leave you short on coverage or end up costing you more than it should. Gathering information and making time to thoroughly consider your options and needs can help ensure you’re getting the best value from your employer’s benefits package.
Approach this year’s open enrollment with these tips from the experts at Colonial Life in mind:
Take life changes into account. A major event like a birth or marriage makes you eligible to adjust your benefits between enrollment periods, but there are many other factors that may affect your coverage needs. For example, you may not bother with dental coverage for a newborn, but once that child has some teeth and is mobile, it’s a good idea to add coverage in the event a fall damages a tooth.
Be conscious of changes. It’s quite common to allow your benefits to renew automatically when the enrollment period rolls around. This can create problems as plans and coverages often change from year to year. Deductible amounts, office visit co-pays and even categories of coverage can shift from one year to the next. Even if there aren’t changes to the coverage, there may be a new pricing structure or additions to coverage that could benefit you.
Dedicate some time. When signing up for benefits for the first time, most people spend at least a little time reviewing each plan option. If you have your premiums deducted from your paycheck automatically, you probably don’t give a lot of thought to your benefits, especially if you’re relatively healthy. Open enrollment is the time to give them more than a passing thought.
A survey by Colonial Life showed 69% of employees spend less than 60 minutes learning about their benefits choices, but that limited time commitment can ultimately affect overall job satisfaction.
“This can be a huge problem for both employees and their employers, because a lack of engagement with the benefits program leads to lower morale and higher turnover,” said Steven Johnson, vice president of enrollment solutions at Colonial Life.
Instead of a cursory flip through the materials, dedicate some time to thoroughly review all the information and make notes about areas you have questions.
Discuss your options. Benefits can be complicated, and there are a lot of terms and jargon in the insurance world that can make it hard to understand exactly what your benefits will cover. That’s why it’s a good idea to sit down with a knowledgeable benefits counselor to discuss your family and personal financial situation.
Technology may be king for many aspects of life, but the survey found just 11% of employees name the internet as the place they turn to learn about benefits during enrollment each year. However, 76% of employees turn to humans including HR professionals, coworkers, family and friends.
There isn’t a one-size-fits-all solution for benefits, but a one-on-one counseling session can help simplify the entire benefits process. A private consultation may help you understand how each benefit election impacts your paycheck, as well as simplifying complex benefit concepts, answering your questions and walking you through the enrollment process.
Learn more about how to maximize your benefits at ColonialLife.com.
To gain a better understanding of your benefits, these definitions from HealthCare.gov can help you identify and recognize some common terms.
Benefits: The health care items or services covered under a health insurance plan.
Coinsurance: The percentage of costs of a covered health care service you pay (20%, for example) after you’ve paid your deductible.
Copayment: A fixed amount ($20, for example) you pay for a covered health care service after you’ve paid your deductible.
Deductible: The amount you pay for covered health care services before your insurance plan starts to pay.
Flexible Spending Account: An arrangement through your employer that lets you pay for out-of-pocket medical expenses with tax-free dollars.
Health Savings Account: A type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses.
Network: The facilities, providers and suppliers your health insurer or plan has contracted with to provide health care services.
Photo courtesy of Getty ImagesSOURCE:
To the delight of animal lovers everywhere, awareness of the physical, mental and emotional toll taken by stress is leading progressive employers to create take-your-pet-to-work programs.
(BPT) - If you’ve ever felt tense, anxious or simply unable to relax while performing your job, you’re far from alone.
A recent survey by the American Institute of Stress found 80 percent of U.S. workers across industries have felt stress in the workplace; nearly half say they could use help dealing with it and 42 percent said their co-workers could use some relief.
To the delight of animal lovers everywhere, awareness of the physical, mental and emotional toll taken by stress is leading progressive employers to create take-your-pet-to-work programs. For example, for the past 20 years Purina has encouraged its associates to bring their pets to work, and in a typical week hundreds of dogs and cats enjoy spending time with their owners at the pet food maker’s St. Louis campus.
"Pets bring a wealth of benefits — both physical and emotional — to pet owners and their families, so it's no surprise those same benefits also apply to the workplace and employees," notes Dr. Kurt Venator, Purina's chief veterinary officer. "Whether a pet helps provide a calming sense during a challenging situation or encourages employees to take a walk during their lunch break, here at Purina we experience the benefits of pets at work every day, and want others to as well."
As more and more companies adopt a pets-at-work policy, consider these facts based on a recent Purina report about the many advantages of such programs:
* They can benefit health: Pet-employee interaction has been shown to reduce the employees' blood pressure and cholesterol levels in addition to alleviating anxiety.
* They can improve employee retention: Sixty-three percent of employees in pet-friendly workplaces say they’re very satisfied with their work environments — nearly twice as many as those in other workplaces. In fact, respondents rank the option of bringing pets at work as the second most-valuable employee perk — more valuable than free coffee and parking. Overall, three in five survey participants wish their workplace would institute a pet-friendly policy.
* They can alleviate loneliness: Eight in 10 employees who can bring pets to work say that activity makes them feel more happy, relaxed and sociable. That's partly because talking about pets can be an ice breaker, making it easier for people to approach co-workers and get to know them better.
* They can promote physical activity: Many employees spend breaks and lunchtime playing with their pets or taking them for walks, boosting their own aerobic activity at the same time.
* They can increase pets’ happiness: Rather than staying home waiting for their owners to arrive, pets get to socialize with new people, play with other pets and enjoy more activity. Nearly nine of 10 people in the survey agree that bringing their pets to work strengthens owner-pet bonding.
In light of the proven benefits, Purina encourages other employers to consider allowing pets in the workplace. A toolkit with tips and information is provided at Purina.com.
“Our goal with our report is to continue to raise awareness of the benefits of taking pets to work and to arm employees and employers with insights that can help facilitate pet-friendly environments within their companies,” notes Dr. Venator.
Interested in Publishing on The Career IDEA?
Send your query to the Publisher today!
Get this content for your website with our RSS Feed below!