If you are offered a job, it is important that you ask questions about the types of benefits your prospective employer offers. Will the benefits match up with you as an individual and your current stage of life? Consider health plans, disability and retirement, at the very least.
Health Insurance Oftentimes, employers have a 90-day waiting period until medical coverage goes into effect; therefore, if you are leaving one job to go to another, you will need to consider interim coverage (COBRA).
With the rising costs of healthcare coverage, it is also important to ask how much the premiums are, if family members are covered, and what the deductibles and co-pays are. Review all plan options before accepting a position. Remember that you might have to secure coverage on a state or federal health insurance exchange. Your insurance agent can help you with that.
Disability Some employers offer disability insurance, which is a policy that provides income if you are injured or ill and cannot work for a long time. Some policies respond for short-term absences (three months or so); others cover long-term, even permanent, disabilities. Your employer might pay for the policy, or they might offer insurance on a voluntary basis, where you would pay the premiums. Either way, it is a good product that protects you if you are disabled by a non-work-related illness or injury.
Retirement The old days of pension plans are almost entirely history. In their place, employers offer personal retirement investÂment programs, such as 401(k)s and target-date funds. Ask about employer contribution levels, ownership, transportability, perforÂmance, and possibilities for use in emergenÂcy situations. Additionally, products are now available that allow employers to contribute to 401(k)s based on the amount of student loan repayments made by the employee.
You may find that a combination of employer-provided products and personal solutions are best for you. We can help you get the best of both worlds.
