Once I get a job, what do I need to know about my health benefits? Who do I go to if I have questions?
If you have recently graduated from high school or college and are on your way into the workforce, you've got a lot of important decisions to make — including figuring out your health benefits options — to keep you feeling and looking your best. allaboutthebenefits.com gives you the information you need to make better health benefits choices.
One of the most important things you need to know after you've gotten a job is that you have a limited time to sign up for a health plan. Check out the options available to you and make a choice of plans by your employer's deadline. Once you have chosen a plan, be sure you understand when your coverage starts. Does your plan kick in right away, or is there a waiting period? If there is a waiting period, go to Temporary Health Insurance options in the Health Benefits Essentials to make sure you're covered in the interim.
Remember, your company selects your health benefits options. If you have questions, go to your HR department or check your employer's website. It is their job to know the ins and outs of the plans, and be able to explain things to you in terms that are easy to understand. Know all of the benefits that your plan offers, so that you can take full advantage of everything. You could get discounts on a gym membership — just ask!
Alphabet Soup — HMO, PPO, POS, CDHP — What does it all mean?
When you're enrolling in a benefits plan, realize your company may offer a couple types of health benefits plans that cover medical expenses, such as hospital stays and services, prescription drugs, dental, etc. Most plans these days offer a network of doctors and hospitals. Traditional HMOs only allow you to visit doctors within your network, except in emergency situations. PPO and POS plans provide benefits for both in and out of network care, but you may have to pay out-of-pocket for services outside your network. Consumer-directed or consumer-choice health plans (CDHP) are plans designed to give you more control over your health-care spending (that's where HSAs, FSAs and HRAs come in). Overwhelmed by all of the acronyms and insurance jargon? Check out the glossary for the translations.
Understanding your plan description
When you enroll in a plan, ask your company's HR director for a benefits booklet or Certificate of Coverage. This describes the benefits, limitations and exclusions included in a health benefits plan. A copy of the Certificate of Coverage is generally provided when you enroll in a plan. If you can't find your copy, contact your plan directly or your employer.
Also, make sure you understand up front how much money will be coming out of your paycheck each month to avoid any surprises.
Paycheck calculator — how much money will come out of my paycheck each month for health benefits?
The amount of money that comes out of your paycheck each pay period depends on many different things— the health benefits you've selected, your base salary, even the state you live in. It also depends on your deductions, or the money that is taken out for taxes, insurance, retirement accounts or other preauthorized plans. Generally you walk away with 70 to 80 percent of your gross pay, after all the things listed are deducted. What you're left with is called your net pay or take-home pay.
Go to the Health Benefits Essentials for a list of common paycheck deductions.
How do I translate my health insurance card?
Your health insurance ID card is incredibly important. Consider it your lifeline or your right arm. Not only does it help your doctor figure out which plan you have and where to send your claim or payment information, but it helps you stay connected with your health plans' customer service department. Go to the Health Benefits Essentials to see the basic anatomy of a card.
