Generous Insurance Benefits

Answer:

Employers know that prospective employees often study benefits packages almost as closely as they do salary ranges. Thus, employers may offer generous insurance benefits to attract qualified job applicants. But to determine whether the benefits offered are truly generous, you'll want to know what types of insurance are offered and who will pay for them.

Today, three out of four employees in the United States belong to health insurance programs offered by their employers. But not all plans are created equal. Take a close look at the health coverage you're being offered. Will the coverage adequately meet your needs? Will you be able to keep seeing your current health-care providers? How much will the insurance cost, and will you have to pay for any or all of it? If you need coverage for a domestic partner, does the company offer that also? In addition to health insurance, does the employer offer dental and/or vision insurance? If you have children who require orthodontia or frequent eye care, this may particularly concern you.

You'll also want to find out about life insurance benefits. Many employers will pay for term insurance coverage in an amount equivalent to your annual salary, and they may pay for some life insurance coverage for your spouse or child as well. You may also be able to purchase supplemental insurance at group rates. If so, what will it cost compared to purchasing additional insurance on your own?

A generous benefits package should also include disability insurance designed to protect you if you are hurt or get sick and are unable to work. Many employers offer short-term disability insurance to their employees typically covering the first six months out of work. However, a good benefits package would include long-term coverage as well. Find out what disability benefits you would receive if you were unable to work, how long you would have to wait before receiving benefits (e.g., 1 day, 30 days) and whether you will have to pay all or part of the group premium for coverage.

Finally, an increasing number of employers are beginning to offer employees the opportunity to purchase long-term care insurance, which covers nursing home expenses. Because Medicare or regular health insurance policies do not cover long-term care, and individual long-term care policies may be costly, this may be a particularly valuable benefit. Some of the employers that offer this also allow you to buy coverage for your parents and parents-in-law, which can be a very valuable benefit.

Since not all employers offer these benefits, any employer offering its employees these options, particularly if they are paid for in whole or even in part by the employer, would be offering "generous insurance benefits."