How To Assess Your Employee Medical Benefits

Medical insurance is a serious business, so it's a good idea to assess the medical benefits your employer provides. Healthcare benefits, enrollment benefits, and other employee benefits are all protected by laws passed by the Employee Benefits Security Administration (EBSA), a committee formed by the Department of Labor itself. You have the right to inquire about any and all information regarding your employee medical benefits. You should exercise this right and see whether or not the medical insurance coverage your employer provides is satisfactory. Here are a few tips on assessing your medical benefits:

1. Know your options. There are numerous kinds of medical benefits, from basic health coverage to premium benefits plans. Find out what healthcare benefits your employer provides and what plans apply. You can get this information from human resources, your union, or your employer's health plan administrator.

   Being informed can be a huge help. If, for example, your employer provides a health and medical insurance plan with high deductibles, you can set up a health savings account and save emergency medical funds tax-free.

2. Review available healthcare benefits. You should know the exact coverage of your medical benefits plan. Does it cover dental, vision and preventive care? Knowing how much of your health is covered by your employee healthcare benefits will help you prepare for any health concerns you might have to pay for out of your own pocket.
3. Read the summary plan description. A Summary Plan Description (SPD) outlines your medical benefits and your rights under the laws that protect them. You can obtain a copy of your SPD from your employer. It should contain all the guidelines regarding your healthcare benefits, and the conditions under which they apply.
4. Check about changes. Know that life events, such as changing jobs, marriage and childbirth can affect your medical benefits plan. Note that under the Consolidated Omnibus Budget Reconciliation Act (COBRA), your covered spouse and any dependent children might be eligible to buy extended coverage under your employer's plan in case that you lose or change your job, or get divorced, among other possible situations. The extended healthcare benefits can last anywhere between 18 to 36 months.

   Other family status changes that can affect your medical benefits are marriage, childbirth, adoption, or the death of your spouse. You, your spouse and your kids might be eligible for special enrollment under the Health Insurance Portability and Accountability Act (HIPAA). Be sure to have your COBRA an HIPAA rights explained to you when you inquire about your medical benefits.

5. Find wellness programs. Some employers offer wellness programs that promote healthy living among employees. If you're fortunate enough to work for an employer that does, take advantage of these medical benefits to further ensure better health and a higher quality of living.
6. Ready yourself for retirement. Your employer's health plan may offer medical benefits that extend to you and your spouse during your retirement. Inquire about any coverage that applies and make sure you're informed about the healthcare benefits and how long they will last.