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Health and Dental Coverage
One of the most valuable benefits a company can offer its employees is health and dental insurance. Given the increasing cost of medical treatment in most countries, the option of entering into a health plan managed by your employer is highly beneficial and could save you hundreds if not thousands of dollars each year.
A huge variety of health insurance plans are available. An employer will most likely encourage you to join a preferred scheme, but sometimes you will have a choice of insurance plans to join. These may range from basic, low cost plans through to comprehensive insurance that covers you for most if not all forms of medical treatment. Some plans cover only the individual employee while others provide coverage for both the individual and his or her dependants.
One of the most popular forms of health coverage offered by companies is the traditional health coverage plan. These plans offer greater flexibility than others by allowing employees to visit any doctors and hospitals they wish. Three types of coverage are available: basic coverage, major medical coverage and comprehensive coverage. Basic coverage will cover short hospital stays but often not the full cost of treatment. Comprehensive coverage offers full coverage while Major Medical coverage falls somewhere in between.
While traditional health insurance plans generally provide a high level of cover and convenience, there are disadvantages. Monthly premiums are generally higher and not all medical services fall inside the plan's remit. In cases where employees have elected to take out less comprehensive cover, the insurance fund pays a percentage rather than the full cost.
Another form of health insurance plan is the prepaid plan where employees must seek treatment from a specific pool of medical professionals. If they choose to access resources outside the pool, their medical expenses are not covered. Prepaid plans are usually cheaper than traditional health plans but offer less flexibility and choice. For example, patients must obtain a referral from a general practitioner before the insurance fund agrees to pay the bill for any specialist services.
As a new employee, it is worthwhile signing up for a company health plan regardless of the coverage it offers. Health insurance is increasingly more expensive so it pays to take advantage of this benefit if offered to you.
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