Do you have a new job at a new company? Did you spend an hour with your company’s HR representative as part of your onboarding day and then forget all about what benefits you have? Fear not; this is common! If you’re under a year old in your company’s benefits plan, as you settle in, it's crucial to understand that the benefits conversation with HR extends beyond your first day.
Begin by Considering the Following:
- Is Using Virtual Care Covered? Virtual care is a convenient and often cost-effective alternative to traditional in-person medical visits. It allows you to consult with healthcare professionals via video calls, phone calls, or online messaging. Virtual care can help reduce the need for time-consuming visits to clinics, and it often comes at a lower cost, making it a smart choice for managing routine or non-emergency health concerns. It's important to know how to access these services through your benefits plan.
- Pay Attention to Costs to Maximize your Claims Reimbursement: Understanding the costs associated with healthcare services is crucial for maximizing your benefits. By paying attention to the prices of services and treatments, you can make more informed decisions that help stretch your benefits dollars further. Be sure to review your benefits plan to understand coverage limits, co-pays, and the reimbursement process, so you can avoid unexpected out-of-pocket expenses.
- Be Wary of Unethical Providers Who Offer 'Deals': Some healthcare providers may offer "deals" or incentives that seem too good to be true. These might include offers to waive co-pays or provide free services, which are not covered, in exchange for billing your insurance for unnecessary procedures. These practices are often unethical and can lead to higher premiums for everyone in the long run. Be cautious and avoid providers who make such offers, as they can jeopardize the sustainability of your benefits plan.
- Pay Attention to Providers who Ask About your Coverage Before Giving you Prices: If a healthcare service provider asks you about your insurance coverage before discussing prices, it could be a red flag. Some providers may adjust their fees based on what your plan covers, leading to inflated costs. To protect yourself and ensure you're receiving fair treatment, always ask for a clear breakdown of prices before discussing your insurance coverage. This practice helps you make informed decisions and avoid overpaying for services.
- Understand your Claim Processes: Depending on your provider, the procedure for claims will change and understanding what the process it can ensure that your claims fo smoothly. Spend some time familiarizing yourself with the paperwork and timelines to avoid any hiccups in the processing speed of your claims.
Review your non-health related benefits with your HR department
Retirement Contributions: Understanding your company's policy on retirement savings and any matching contributions is helpful for planning your long-term financial health.
Education and Professional Development: Many companies recognize the importance of continuous learning and offer provisions for further education or professional development within their benefits plans.
Flexible Working Arrangements: The flexibility of working arrangements is a significant factor in achieving a healthy work-life balance. Understanding how flexible your working conditions are and knowing the process for requesting changes is worthwhile.
Mental Health Resources: Access to mental health resources is an important part of your benefits package, reflecting the growing recognition of mental well-being as critical to overall health. Many companies now offer a range of support in this area, providing confidential access to services designed to help you maintain or improve your mental health.
Remember, your HR department is your ally to help you navigate the waters of your employee benefits. Some of the answers to these questions may be contained within an employee handbook, or portal.
Looking for more information aimed at empowering you, the benefits plan member? We have a robust section of information on our blog to help you get the most out of your benefits plan.