AT&T’s Assistant Vice President of Benefits, Matt Phillips, recently shared insightful tips on optimizing employee benefits during enrollment season. With a decade of experience at AT&T, Phillips emphasizes the importance of understanding and engaging with available benefits.
The benefits enrollment process is a two-way street. Employees must be proactive in understanding what options are available to them. According to Phillips, choosing a health plan requires asking key healthcare questions. For instance, determining whether you want to pay more upfront or face higher costs later can significantly impact your choice. He suggests pairing high-deductible plans with ancillary coverage, such as accident insurance, for added financial security. Virtual care, including mental health counseling, offers flexible alternatives for those pressed for time.
Beyond the basic medical plan, Phillips encourages exploring additional benefits like legal and elder care planning services. These services can provide valuable support, especially when writing wills or planning for aging relatives, and may be included in the benefits package or require specific enrollment.
Retirement planning is another crucial aspect Phillips addresses. Employees should maximize their 401(k) contributions, ensuring they take full advantage of employer matching. Using retirement planning tools can offer strategic pathways to achieve desired retirement goals. He also highlights the growing importance of healthcare expenses in retirement, advising consideration of a Health Savings Account (HSA) for tax-free contributions and withdrawals for medical expenses.
Phillips points out that redundancy in dependent coverage is often unnecessary and can lead to wasted funds. Families should compare potential costs under each plan and select the best option to avoid duplicating coverage without added benefit.
Lastly, Phillips stresses the value of reaching out to company resources for guidance. Whether it involves contacting dedicated benefits personnel or utilizing company-provided apps and phone lines, employees have avenues to better navigate their benefits options.
In summary, effectively managing employee benefits is about making informed decisions and utilizing available resources. By asking the right questions, exploring all options, and leveraging company support, employees can maximize their benefits for both their current and future needs.
Source: Businessinsider
