MAKING THE MOST OUT OF YOUR BENEFITS
As employees, one of the most rewarding experience of your everyday struggle to go to work and finish your tasks is being able to maximize your benefits, as utilizing them is like harvesting some of the fruits of your hard work. For individuals that would soon enter a new job, these are one of the things they consider and look forward to. However, in the midst of all the excitement brought by their newest challenge, some employees tend to either be negligent in handling benefits available to them, or unaware of how to use them in a way that would be most beneficial for them. If you are one of these soon-to-be staff of a certain company, here are some guides in handling your benefits.
Before choosing a health insurance plan, take into account your current health situations, such as a recurring illness, pricey medications, and others. Do not use monthly premium accounts as your only basis, because given such cases similar to the aforementioned, you will be better off with insurances that offer higher percentage for your health expenditures. However, if you are the type who rarely see needs to go to the doctor, a high-deductible plan may be more appropriate for you, coupled with a health savings account.
For disability insurance, the same factors should be considers to help you decide whether you would get a long-term coverage, which would pay you in case something occurred that left you unable to work for more than six months. Before diving into this, assess your company’s offer first. If they are willing to pay with an amount sufficient enough for you, there’s no need to purchase a coverage any more. A short term insurance, on the other hand, may last up to 52 weeks and will provide you part of your compensation for a brief disability incident.
Life insurances, the most common of all, usually requires no payment. Same with disability, if your company provides you with adequate benefits, you do not have to purchase additional coverage. One important consideration with this is whether you can keep your coverage even after you terminate your employment in the company. It would be best to acquire one that you can retain even after you leave your current job.
Lastly, when dealing with retirement plans, contributions are vital. Inappropriate election of contribution may result to you finding it difficult to increase them overtime. It is also necessary that you allocate your assets properly, since a properly allocated portfolio will do more than a stable fund in terms of value as it is bound to give you lesser returns.
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