Busting the 5 Myths about Trust Fund Benefits
Are you making smart benefit plan choices? Let's review the 5 myths:
1. I have the student health plan, so I'm all set.
FALSE: The student health plan doesn't include dental & vision. These are separate, supplemental plans and you have to actively apply for these benefits. If you rely on just the student health plan, you will have no insurance when you go to a dentist or eye doctor.
2. I have dental through my parents or spouse, so I'm all set.
FALSE: You can have two plans simultaneously, and use both toward any services you receive.* Often the grad employee plan has higher levels of coverage, so you should compare the plans. Also, our family plans are very inexpensive ($100/yr for dental, free for vision), so it may be worth switching from your spouse's plan altogether. Finally, you can always decline the dental and vision, and just opt into the $190 gym reimbursement.
3. I am skeptical that this is free. It seems too good to be true.
FALSE: Enrollment in the plans is completely free. As with any insurance, you will have copayments if you have certain dental or vision procedures. Your dental cleanings, exams and x-rays (according to the schedule) are covered at 100%.
4. I see an out-of-state dentist, so this doesn't apply to me.
5. I'll just wait and see if I need it.
FALSE: Dental emergencies can erupt out of nowhere and you don't want to scramble around to get covered. Enrollment isn't instantaneous, so if you wait for an emergency, you could end up paying out-of-pocket and having to get reimbursed after the fact.
It's free, so why not opt in to the benefits you have earned? It takes 5 minutes to complete the online application.
*Most plans have what's called a coordination of benefits policy, outlining which plan is billed first in the event you have two plans. We can provide you with a copy of this policy if you are interested.