Maximizing the Benefits Provided by your Company Health Insurance Plan
To retain and attract top talent, employers are increasingly seeing the importance of offering additional perks and benefits to their employees.
A survey by Glassdoor revealed that 4 in 5 employees prefer benefits or perks over pay raises, with a significant 40% of employees voting health insurance as the top most coveted perk, followed by paid annual leave (37%), and performance bonus (35%).
With healthcare costs on the rise, it’s no wonder why the health insurance perk is often referred to as “crown jewels” in the benefits administration industry.
Employees often make the mistake of storing their employee benefits packet away when they get home without really looking into the details and advantages provided by their health insurance plan.
To make sure you don’t miss out on your company health insurance benefits, this article by insurance broker Pacific Prime Hong Kong provides a few handy tips on getting the most out of your plan.
Sign up during the enrollment period
The enrollment period, which usually comes around once annually, is the period of time when you’re entitled to enroll or make changes on your health insurance plan.
Failure to meet the enrollment deadline could result in loss of coverage for you and your dependents, which may even cause a significant impact on your finances.
Make sure you consider whether the healthcare needs of you and your family have changed, as this will be important when you address any amendments that will need to be made during this period.
Plan options and benefits may also change, and insurance providers may sometimes be switched, so be sure to voice any concerns you may have so that the people in charge of renewing or changing the company health insurance plan are aware of their employees’ expectations.
The inclusion of dependents
Find out if your company health insurance plan covers dependents. If so, then you’ll be able to acquire coverage not just for yourself, but also for your family (e.g. your spouse and children).
This will result in significant cost savings for your entire family, so it’s definitely not something to be overlooked.
Please be aware that there’s usually a restriction on the number of dependents covered. Also, many plans will not provide coverage for a dependent that already has a health insurance plan of their own.
If your spouse’s employer has already provided him/her with a health insurance plan, they likely will not be eligible to be covered by your plan.
Know what’s included (and what’s not)
Many people think that being secured by their company health insurance plan will mean that they’re mostly or completely protected from healthcare related costs.
That’s not always the case, as each plan is different, and some plans will cover much less than others. It’s important to check what exactly is covered, and what’s not covered. Here are a few things to look out for:
- Does your plan cover pre-existing conditions? If you have a chronic condition, you’ll want a plan that covers this, as some plans will exclude this. It’s also a good idea to also double check the limits on your plan, as treatment for pre-existing conditions tend to be expensive.
- Are you entitled to dental or maternity benefits? Some plans offered by companies will be more comprehensive than others. Cheaper plans will only cover hospitalization costs, some plans will cover both inpatient and outpatient expenses, and full coverage plans will provided added benefits such dental, maternity and/or vision insurance.
- Is there a preferred network of healthcare providers? Many plans will cover a select number of healthcare providers. If you visit a doctor outside of this in-network, then these costs will likely not be covered.
Additional perks
Some company health insurance plans may come with additional health-related perks that can save you money and also make you healthier. Examples of these perks include:
- Discounts to fitness classes
- Health club memberships
- Gym membership
- Programs to quit smoking
- Counselling
If needed, consider a top-up plan
Once you’ve identified what’s covered and what’s not, you may find that there are a few gaps in coverage that you would also like covered.
For example, your plan’s coverage may be too low for the healthcare needs of you and your family, so you may want to consider purchasing a supplementary plan to reduce the financial risk of spending hundreds and thousands on treatment not included in your plan.
It can be hard to go through all the specifics of your insurance plan, especially when terms and conditions may change every year. To avoid this hassle, it often pays to talk to a trusted insurance broker like Pacific Prime Hong Kong for a professional and unbiased opinion on your insurance needs.
About the author
If you are looking for the best value health insurance plans on the market, why not visit Pacific Prime Hong Kong’s Health Insurance Plans page to purchase your plan today? Their team of experienced insurance advisors offer a wealth of experience that you can rely on.
Category: Health, Medical Insurance
