The world of employee benefits can be confusing and downright intimidating. You probably have an idea of what salary you need in order to make ends meet. However, finding yourself in the middle of the benefits world may feel a bit like you\u2019ve crash-landed on an alien planet.<\/p>\n
A good rule of thumb is to ask your employer (or prospective employer) for a benefits summary. This should give you an overview of the benefits offered, eligibility timeframes, and potential costs.<\/span><\/p>\n Learn the eligibility requirements and enrollment dates for each option. Pay attention to enrollment deadlines!<\/i> <\/span>For some benefits, such as health care, you have a limited timeframe to enroll. For others, such as retirement plans, paid time off, or pet care discounts, you may have to meet a minimum length of employment. When it comes to most healthcare plans, the deadlines are unforgiving. These deadlines are set by the health insurance plan and sometimes the Internal Revenue Service, and there is no wiggle room. If you do not enroll in health insurance when you are first eligible, you will likely have to wait until open enrollment, which could be several months away. <\/span><\/p>\n Health care options can include medical, dental, and vision insurance. Employers often contribute toward your premium. Sometimes they disclose this amount to employees, but not always. Some employers will contribute toward just the employee\u2019s benefits, and others may include family members\u2019 benefits.<\/span><\/p>\n When you are new to the workforce and trying to make ends meet, it is tempting to skimp on benefits or opt out altogether. However, if you don\u2019t have health insurance, paying for your own medical care can be extremely costly. No one plans to get in a car accident, slip on ice, or be diagnosed with a serious medical condition. A healthcare plan can limit your out-of-pocket expenses to a few thousand dollars. While this still sounds like a lot, it is more manageable than tens of thousands (or even more). <\/span><\/p>\n This replaces a portion of your pay in the event you are disabled due to illness or accident. Disability insurance comes in short-term (which usually kicks in after a couple of weeks) and long-term (which doesn\u2019t start until after you have been unable to work for several months) options. Consider how long you could pay bills before <\/span>you would need supplemental income; this will help you determine which option meets your needs.<\/p>\n The cost of life insurance is usually relatively cheap through an employer. Often there is a \u201cguarantee issue\u201d amount, which means a set amount of life insurance you can obtain without needing to submit medical history. If you have a choice to increase the amount of life insurance, you\u2019ll need to think about how much might be needed to meet your financial obligations, including support you provide for children or elderly parents that would need to continue after your death. <\/span><\/p>\n Retirement is a long way off, right? It is never too early to start saving for retirement, and an employer-sponsored plan can be an easy way to start setting aside money. Depending on the retirement plan your employer offers, you can contribute a specified amount or percentage of pay on either a pre-tax or after-tax basis. This money earns interest and over time can grow to cover your expenses after retirement. <\/span><\/p>\n Employers may also contribute to your retirement plan, most commonly via an \u201cemployer match,\u201d whereby your employer matches all or part of your contributions up to a limit. However, if you choose not to participate, you may miss out on any employer contribution. <\/span><\/p>\n Note: Retirement plans vary widely and it is always recommended to consult a financial advisor to determine the best option and learn of any potential tax consequences.<\/span><\/p>\n Paid time off can include vacation, sick time, personal days, holidays, bereavement time, and more. These can vary according to length of employment, how many hours you work, and the state in which you reside. Familiarize yourself with paid-time-off benefits and the process to request needed time.<\/span><\/p>\n Ask your employer what types of CE are covered, and whether the time you spend at events is paid. Since veterinary medicine is always evolving, most companies will cover at least some CE to keep veterinary nurses up to date on their skills, education, and credentials.<\/span><\/p>\n Find out what types of services are discounted and if there are varying discounts on products, pet food, vaccines, surgical procedures, emergency care, and other medical services.<\/span><\/p>\n As you navigate options, consider these important questions:<\/span><\/p>\n Familiarize yourself with your benefits, eligibility requirements, and enrollment deadlines. Ask questions about benefits you do not understand so that you can make educated choices. Ultimately, choosing benefits is a personal matter, but solid information will help you make the best decisions.<\/span><\/p>\n Coinsurance<\/strong> The percentage of a medical bill that you are responsible for paying<\/p>\n Copay<\/strong> The predetermined amount that you pay at the time of care (e.g., $25 for doctor visit, $50 for emergency department visit)<\/p>\n Deductible<\/strong> The amount you must pay before the insurance company pays toward your medical expenses<\/p>\n In-network\/out-of-network<\/strong> An in-network doctor accepts your health insurance plan; costs to you are usually lower. If you go to a doctor who does not accept your health insurance, they are considered out-of-network and your costs may be higher.<\/p>\n Open enrollment<\/strong> The annual window of time during which you are allowed to make changes to your benefits<\/p>\n Out-of-pocket maximum<\/strong> The maximum you would have to pay in a plan year for covered services; this may be a different amount for in-network versus out-of-network<\/p>\n Premium<\/strong> The amount you pay every month (or every paycheck) for insurance<\/p>\n Qualifying life event<\/strong> A life change\u2014such as marriage, divorce, childbirth, or loss of other coverage\u2014that makes you eligible to make insurance plan changes outside of the open enrollment window. There is a strict time frame (typically 30 days from the event date) during which changes can be made; if you miss this window you will have to wait until the next open enrollment.<\/div><\/div>\n","protected":false},"excerpt":{"rendered":" Employee benefits create value beyond your salary compensation, but it\u2019s important to know which selections are right for you.<\/p>\n","protected":false},"author":236,"featured_media":11431,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"iawp_total_views":0,"footnotes":""},"categories":[235],"tags":[],"class_list":["post-11547","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-winter-2023","column-career_advancement","clinical_topics-practice-management"],"acf":{"hide_sidebar":false,"hide_sidebar_ad":false,"hide_all_ads":false},"yoast_head":"\nEligibility and Deadlines<\/h2>\n
Health Insurance: Do I Need It and What If I Don\u2019t Have It?<\/h2>\n
Disability Insurance<\/h2>\n
Life Insurance<\/h2>\n
Retirement Plans<\/h2>\n
Common Retirement Plan Options:<\/h3>\n
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Paid Time Off<\/h2>\n
Continuing Education<\/h2>\n
Pet Care Discounts<\/h2>\n
What Matters When Choosing Benefits?<\/h2>\n
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Conclusion<\/h2>\n