Today was our deadline to enrol for employee benefits. My employer offers a pretty good health plan, and I've kept my coverage at the same level as last year.
This is one of those "hidden" spending areas, where I make annual choices regarding my level of coverage, and then have the corresponding amount deducted from my paycheque for the rest of the year. It's easy to forget that my bi-weekly benefit deductions represent actual spending on my part, and it's even easier to forget that my employer's contribution to my benefits represents part of my annual compensation.
Our "benefits year" runs from March to February, so starting on March 1, I'm planning to track all of our health-related expenses and reimbursements, in order to determine what sort of value we're getting from our coverage. I suspect that, between our prescriptions, massage therapy and vision care, we're getting more out of the plan than we put in, but I'd like to be sure.
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2 comments:
Always remember that medical coverage is insurance - you're paying a little bit now for protection in case something big happens later.
If you're young and healthy and don't yet have a family, chances are that you won't have many health claims. Over the years, though, health insurance becomes a far better "deal" once you've got children and the usual health problems that creep up on you as you get older.
I agree. The real benefit of medical coverage is that, if things get really bad, I know we'll be able to pay for the care we need.
Getting our money's worth today is just the icing on the cake.
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