You’re a couple with two jobs, and if you’re truly fortunate, two different company benefits plans from which to choose. However, it’s likely that each company offers a different range of choices and features. So how do you pick which benefits to use?
The number one piece of advice is to gather the information on your insurance plans for a side-by-side comparison. Then, examine your joint benefits as a totality. Look at each package as its own separate financial offering, and whenever possible, pick the best of both offerings.
When comparing insurance plans, consider each piece of protection separately.
The benefits you get at work are an important part of your overall financial, physical, and emotional well-being. Review all your benefits carefully, including components such as 401(k) plans, health insurance, transportation subsidies, vesting, and other incentives such as stock options, etc.
Ask for details from your respective HR departments, and go over the policies yourselves. Ideally when insurance planning, consider consulting a professional that can help you figure out the real costs and practicality of the services and protection offered – both short and long term.
1Christine Lamontagne, “Should I Choose A High Or Low Deductible Health Insurance Plan?” Forbes.com, Dec. 9, 2014
2Bobbie Sage, “Coordination of Benefits,” About.com, July 28, 2016.