Weighing Pros And Cons Of Your Group Benefits

As an incentive to its employees, most employers offer group benefits. Here are some things to consider regarding your group benefits.

DO YOUR OWN RESEARCH These decisions will have a great effect on your family’s everyday life (such as health insurance) and your family’s future (such as retirement). Therefore, it’s prudent to devote time, effort, and research before enrolling in any benefit. Ask your employer questions. Read over the pamphlets, discuss benefits with your financial or tax advisor, and do some research online.

REVIEW OTHER OPTIONS Purchasing insurance through a group policy can often be cost-effective and especially helpful to those with pre-existing conditions. Compare what is offered with your group to individual life, disability, or long-term care insurance you could obtain outside the company. Even if it’s not cheaper, it may provide more flexibility, options, and continuity than your group benefits.

FOLLOW UP Be your own advocate. Monitor your benefits throughout the year, not just during open enrollment.