” I have benefits at work!”

Let us talk about the title of my blog for a moment; “I have benefits at work”.  This statement is used quite frequently when I ask individuals if they would like to discuss insurance, regardless of which type.  It seems that the majority of Americans believe that what an employer allows you to purchase is simply enough for every individual regardless of different family demographics and personal needs.

Let’s take life insurance for example. How much life insurance coverage do you have at work?  Do the benefits reduce at age 65 right before you begin to retire?  Does your employer plan offer a permanent life plan or is it a term life plan?  Do you have conversion privileges? Do they have living benefits?

Well, do you know the answers to these questions??  Don’t you think you should, especially if you are paying for them weekly? 

Also, when it comes to Health Insurance do you know what your deductibles are and the total out of pocket cost per plan year?  Lastly, if you have children and a spouse are they covered on your work plan for life insurance and health insurance or just health and how much are they charging you for your dependents? 

These are very important questions you need to know the answers to.  Knowing what your coverages are and how they work is better than just assuming what your employer gives you is enough.

Employer plans typically charge very high premiums for dependent coverage such as spouses and children.  Employer plans also limit the amount of coverage for life insurance for dependents as well.

Most people are unaware that there are individual health plans for spouses and children which could save a family thousand on premiums and out of pocket cost each and every year. Also, people are not aware that just because your employer offers group benefits, doesn’t mean you have to put your entire family on the plan.  Employers typically pay a minimum of 50% or more of the individual premium which makes the group plan very affordable for the employee, however, the dependent coverage is usually not funded at all by the employer which makes up a majority of the employees premium.  I encourage everyone to evaluate your current coverages and talk to a professional to see if there may be some areas of concern, learn how you may mitigate them, save money and have better coverage with a policy you truly own and not one that will go away or reduce at age 65. 

When it comes to your life and health insurance needs, you can count on us to help you shop for the most affordable plans in your area.  We take a personal look at what your desires and needs are and what you would like to accomplish and make those plans become a reality!

MW