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This as-told-to essay is based on a transcribed conversation with Matt Phillips, 45, the assistant vice president of benefits, health operations at AT&T, from Dallas. Business Insider verified his employment with documentation. The following has been edited for length and clarity.
The benefits enrollment process is a two-way street. My department spends a lot of time on our package, but employees also need to understand and engage with those benefits so they can make the most of them.
I've worked in the HR benefits department at AT&T for over 10 years. We spend a lot of time trying to educate and inform employees on what they need to know about their benefits.
Prior to that, I worked as an actuarial consultant, where I consulted on post-employment benefits, such as pension and retiree health, and also worked for a nonprofit.
Since joining AT&T in 2013, I've worked in multiple areas of our benefits department, including in strategy and in running savings plans. Five years ago, I moved into my current role, overseeing all health and well-being operations.
Here are some of my top tips about benefits enrollment for employees:
Asking yourself key questions can help you pick the best health plan during enrollment season.
For example, do you want to pay more or less now for your health plan?
Choosing a high-deductible plan that's cheaper in terms of what comes out of your paycheck exposes you to higher out-of-pocket costs throughout the year. I think a good idea is to pair a plan like this with an additional ancillary medical plan, like a critical illness, hospital indemnity, or accident insurance plan.
For example, my son runs cross country, and in 2022, he fractured his tibia. There were significant costs for urgent care, imaging, and a specialist appointment, but through my accident plan, I got a payment from the insurer to provide more financial security at this time.
Also, virtual care has come a long way. I often hear employees say they don't have time for preventive check-ups with primary care physicians. However, it's possible to establish an ongoing relationship with a primary care physician virtually, so I'd encourage employees to look into virtual benefits options.
This can also include virtual mental health counseling. If you feel you don't have time in your day to go see a therapist or coach, you may be able to do it over the phone.
I spend a lot of time telling employees not to just focus on their medical plan but to ensure they're taking advantage of all the other benefits available to them.
For example, at AT&T we offer employees a robust legal plan. If you may need to do something like write a will or set up an estate plan, a legal plan can help provide services around that.
My family has also benefited from an elder care planning service under my benefits plan. The company paid for a professional to come and meet with my wife, her cousin, and me about making a plan for caring for my wife's aging aunt.
While you do have to specifically enroll in something like a legal plan, companies may give other benefits to all employees automatically. Our dependant care and mental health benefits are given to all employees without a need for enrollment, for example. Ask the HR or benefits person at your company what you're entitled to that you don't even have to enroll in.
My advice for those thinking about retirement is to make sure you're not leaving any free money on the table.
Look into your company's 401(k) match and make sure you're maxing that out.
Many employers also have a retirement planning tool that can help you. We have an online one where you can say, "I want to retire at this age, I want this much money in retirement," and it helps you build a plan for how much you should contribute to hit that goal by the time you retire.
People should also be thinking about healthcare expenses for retirement. That's likely to become a larger share of your out-of-pocket expenses once you leave a company, especially if you retire before you become Medicare-eligible. Make sure you speak about this with your advisor and think about leveraging a Health Savings Account for that.
You don't lose your HSA when you leave a company. You can contribute tax-free, interest is tax-free, and if you use it on qualified healthcare expenses, it comes out tax-free. Plus, your employer might offer to contribute to or match your HSA contributions as part of a benefits plan.
When both spouses work and have children, it doesn't make sense to cover the children under both benefits plans. You'll end up paying double out of your paychecks but not necessarily getting double the benefits out of it.
If one parent's insurer agreed to cover or make a payout for a claim, then the other parent's insurer likely wouldn't, on the basis that the family has already received coverage and potentially a payout for the claim. Insuring dependents under both parents' plans could cover potential gaps in one parent's coverage, but it's often not worth it.
Instead, parents should compare potential costs under each plan and pick the best option.
There's usually someone in your company you can contact to talk about benefits options. If it's not your direct HR person, because you're at a really large company, they will have hired resources to help you. Call that phone number, download that app, or chat with that person.
Your company will hopefully have invested in those resources to help you navigate the process; you just need to reach out and take them.
Are you a professional or consultant with advice for employees to maximize their employment? Email Charissa Cheong at ccheong@businessinsider.com
