How to Understand Your Health Insurance Coverage

Understanding ins and outs of your health insurance plan may be difficult, but it’s an important step in protecting your physical, mental and financial health. To help you out, we’ve assembled some health insurance basics that apply to almost any plan. To begin with, there are so many insurance-specific terms that it’s easy to get tripped up and confuse them. Here are four you need to understand: Deductible: This is the amount you must pay out-of-pocket before the insurance company will contribute to any of your health-related expenses. Coinsurance: This is the amount, usually a percentage, that you pay for any health care costs after you’ve met your deductible. For example, if your deductible is $1,000 and you require a service that costs $2,000 and have 25 percent coinsurance, then you pay $1,000 to meet the deductible and 25 percent of the rest ($250), for a total of $1,250. Copay …

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How to Decide Which Voluntary Benefits to Choose This Open Enrollment Season

If your company offers a multitude of voluntary benefits options, congratulations. These offerings are a valuable benefit that can make your life easier. Still, the open enrollment process and all the paperwork that comes with it can sometimes feel like a hassle. How do you decide which benefits are worth it? Here are a few tips to help you choose the voluntary benefits that will work best for you and your family this open enrollment season. Calculate Costs and Benefits Most voluntary benefits by themselves are relatively inexpensive and are less so when you purchase them through an employer rather than on the open market. That said, anything you pay for but don’t need is a waste of money. To help you determine which benefits are smart buys for your unique needs, Aoife Quinn, founder of Quinn HR Consulting Group, suggests a two-pronged approach: Look at the services you’ve needed …

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Does Your Company Offer Competitive Paid Leave?

Most U.S. employers aren’t required to offer their employees paid leave, but many do and this year they’re offering more. According to a recent Employee Benefits research report by the Society for Human Resource Management, more U.S. employers are offering paid leave benefits. For example, compared to previous years, more employers are offering: Paid sick leave plans Paid parental leave Paid vacation time Paid personal days As these numbers change, it’s important to review your own leave policies to ensure your offerings are competitive. Offering less paid leave than other companies in your industry or geographic area will make it harder for you to attract and maintain top talent. Top Paid Benefits According to the SHRM survey, the top paid leave benefit is paid holidays, which are offered by 98 percent of respondents. Other popular paid leave benefits include: Paid bereavement leave, offered by 86 percent of respondents. Paid jury duty …

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