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When it comes to signing up for your Employee Benefits you will want to perform some level of risk assessment. Employee Benefits packages are carefully constructed by your employer and provider and are legally obliged to conform to statutory regulations so it’s unlikely they will contain a large risk. But it’s always advised that you take the time to look at your options and become acquainted with and possible long term risks and be in the position have your questions answered.

 

Cost of Options

Some employers offer a number of packages available at varying prices. This could include added benefits, variation in cover types or increased coverage. The affordability of the health cover your employer offers is only measured on the lowest available option, additional extras are not subject to the affordability regulations.

For this reason, you might want to take extra time to assess the cost of the your options and look at the affordability on your own terms. You may find you don’t want anything above the lowest cost option or an alternative package may be better value for your situation.

Family coverage

Some companies offer the option of family insurance coverage, but at a cost. Affordability penalties do not apply to the coverage offered to employee families, so there is no guarantee the cost of family coverage will be in line with the affordability of your self-only policy.

Compare the cost of family insurance with an outside provider against the cost of the premium through your employer. Family insurance can be very expensive; including this in your employee benefits may come at a very high price in the long term.

Retirement

Employee Benefits packages differ from business to business and even within business, with different packages on offer to employees. Many packages include retirement benefits, including pensions and extended health care – but there is no standard requirement. If you have any existing plans for your retirement, look to see how your employee benefits package fits this plan or what changes might take place.

If you haven’t put any plans in place, look to see if the options available appeal to you as an outcome. If your retirement benefits don’t meet your expectations, talk to your employer about your plans or look into alternative options such as outside providers or investments for an option that suits.

Risk assessing your Employee Benefits Package has a lot to do with assessing the possible long term affects on your situation. By taking the time to look at these points in the beginning, you are in a good position to bring any queries to your employer and fully understand your options.

If you have questions about Employee Benefits, schedule a complimentary review with a DDM Advisor.

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