Choosing the best plan for your needs is as easy as asking yourself a few questions and considering a few what-ifs. When you have a handle on what you need, choosing the right plan is a no-brainer.
Here are our top five tips to help:
1. Consider your health needs
Most benefits include predetermined categories like dental, vision, professional services and prescription medications. You can get the most out of your coverage by identifying the categories you’ll need most (and least) then opting for the plan that gets closest to those needs. Find out what you need most by asking yourself a few questions: – How often do you visit the doctor?
– How often do you need dental care?
– Has your vision changed recently?
– Do you anticipate your health needs changing?
– Do you have dependents to cover (e.g. a baby or elder)?
– Are you taking prescription medications?
Use these answers as a guide while you’re considering your plan options. One thing to check: do you have coverage through a spouse’s plan? You may be able to take advantage of coordination of benefits.
2. Weigh your insurance options
It’s hard to know exactly what the future holds, but insurance can offer some peace-of-mind in case something happens that prevents you from earning an income. Here are two types of insurance to consider:
Life insurance: Do you have a spouse, children or other dependants who rely on you for financial support? Your group benefits program can provide some protection for them—or supplement any existing life insurance you may already have.
Disability insurance: Life is unpredictable and a disabling injury can happen at any time. Take a few minutes to calculate your personal disability quotient (PDQ) to see what the chances are for people in your demographic to have a disabling injury or event.
3. Take a look at your current situation
The only constant about life is change. When you’re considering your benefits, keep in mind that they may no longer be all about you. You may have new dependents or had a life-changing event. Here are a few questions to consider:
– Did you get married?
– Did you adopt, foster or have a baby?
– Did you go through any other major life-changing events?
These events and changes should guide your decision-making when you’re choosing your plan. You may have other people to consider for coverage besides yourself.
4. Assess your finances
Some employers may offer a matching program for different types of savings accounts. Chat real-time with our Care Team to find out if yours is one of them — it’s a great way to invest in your future and stay on track with your financial goals. Even if your employer doesn’t offer a matching program, enrollment or renewal is a good time to consider your own contributions for the next year or so since you’re already in the mindset of making switching things up.
5. Review your plan options
Do yourself (and your dependents, if applicable) a solid and take some time to carefully review your plan options. Go beyond skimming — find out what the coverage includes, how much it includes, and who it covers. Compare your plan options closely and choose the one that best lines up with your unique needs and circumstances. A carefully considered plan will go a long way in helping you live a healthier, happier life.
