Are you aware of which insurances your employer should offer? First, your employer should pay 100% unless you are offered it. This is extremely unlikely. You can earn any money that you don’t have money to spend.
Here’s some advice for those of you who aren’t wealthy enough to cover all of your insurance costs.
Life insurance is a great idea if you’re married or have dependents. You should consider a basic policy if your employer does not offer life insurance. These policies are affordable while you’re young and can save your family a lot of heartache in the event of a tragic accident.
Because life insurance is so affordable, most employers offer basic life insurance at no charge to their employees. Before you make any major decisions, check with your HR department.
It is a good idea to have at least some coverage for vision, dental and other health insurance if you have children. It’s safer to be safe than sorry when you have children. Keep in mind, however, that not all policies will be the same. There will be differences in coverage, premiums, and deductibles for some policies (e.g. HSA vs. PPO vs HMO). These differences will be discussed in a subsequent post. Keep in mind that at least one type of insurance is required for all major groups.
You have some flexibility if you don’t have kids. You may be more selective about how much of your weekly paycheck you give to the insurance company.
As for dental insurance, it depends. There are some policies that charge so much per month that you can pay out of pocket for dental services if you brush your teeth and take good care of your gums. If you’re like me, and you didn’t take good care of your teeth when they were still growing, then you should consider at least one of the coverage options. The cost of a root canal or major accident will cover the cost. I’ll discuss DMO vs. PDP later. Except for dental plans, it is the same concept that HMO and PPO.
Two factors are key to vision. It is recommended that you look into any plans offered by your employer if you are already wearing glasses. Many plans cover the cost of a new pair of glasses every two-years. The plan will pay itself if you replace your glasses as often as possible. Keep in mind other factors like blood pressure and diabetes. Get a vision plan if you have recently experienced these health problems. These are two high-risk factors that could lead to vision correction. Having this coverage in place can help you save a lot of time and hassle.
This is a big can of worms for health insurance. Yes, it is a general answer. One type of coverage is best. In other articles, I have discussed the differences between HMO and PPO. You will need one type of insurance regardless of whether you have dependents or spouse. Without this coverage, any one medical emergency can cost you your finances.
I hope you have found this helpful. It doesn’t mean you have to accept every offer of coverage. It may cost you more in some cases. It is worth considering, however, that you can be insured against the unforeseeable.
