If you are signing on for a new job, one of the tasks you may do on day one is paperwork. Depending on the job, part of your paperwork may be your benefits package. In some cases, these benefits may offer you the choice of going with different benefit packages including group benefit plans, such as those offered by NFP, P & C, Inc. If you are not familiar with these plans, there are a few points you need to understand before signing on with one.
There are times when you may decide to leave a company. This could be for a better job, due to a move, or due to health issues. One of the key benefits of signing on with group benefit plans is the ability to maintain insurance easily after you leave the job. With group benefit plans, you can opt to sign on with the Consolidated Omnibus Budget Reconciliation Act (COBRA). You can maintain the COBRA insurance for 18 months while you change jobs or obtain other insurance. With traditional employee benefit packages, if you leave the job, you leave the insurance.
One of the concerns with traditional insurance plans is being able to get it if you are turned down by other insurance options. For example, you may have had trouble getting insurance coverage for you or your family due to pre-existing conditions. With group benefit plans, you are guaranteed to be insured along with your family. There is no stipulation in place that would decline you for coverage and nothing that prevents coverage for a pre-existing medical condition of your own or your family members who would be on the insurance plan.
There is a misconception that if you go with a group benefit plan, you have to go with a standard package. The truth is, there are flexible options with group benefit plans. You can choose different coverage options and different deductibles. For example, some group benefit plan options may offer the ability to have chiropractic care covered or specific therapies covered for children with autism. Your deductibles can range depending on your coverage and on your prescription packages as well.
If you still have questions about the group benefit plans you are offered, discuss the options with your human resource director. They can help you with questions, pricing, and deciding which plans may be best for you and your family in the long run.