With open enrollment season in full swing, now's the perfect time to evaluate your employee health insurance benefits. Unfortunately, a recent Aflac survey reveals that most employees don't spend enough time evaluating their benefits packages.
Survey highlights
- Two out of five, or 41 percent, of American employees spend under 15 minutes choosing health benefits for the upcoming year.
- Twenty-four percent spend less than five minutes selecting benefits.
- These same employees will research new cars for 10 hours, family vacations for five hours and new computers for four hours.
You owe it to yourself and your future health to invest time in choosing the right health insurance benefits.
Understand Your Benefits
Technical jargon on insurance papers can be confusing, but would you rather wade through it now or miss out on important benefits when you're sick? Take time now to figure out which procedures are covered, where you can get treatment and how much deductible you'll owe.
Know What's Changing
Maybe your employer now offers Health Savings Accounts or dental insurance; these benefit changes could help you stay healthy. Unlike 64 percent of employees who don't take time to understand their benefit changes, you can ask about changes and understand them.
If you want to compare limited-coverage options, review Mini-Med Health Plans.
Select Partners for Long-Term Health
Now's the time to switch coverage options if you want to switch doctors or pharmacies. While you're inspecting your benefits package, make sure your preferred hospital and lab is covered, too.
Your healthcare team partners with you for long-term health, so take time to ensure you can see your preferred partners. If your workplace offers fitness or wellness benefits, you may also review Health Club Employee Benefits Liability for related considerations.
Save Money
When you don't make a careful decision about your benefits, you could be throwing away $750 a year on wasted premiums and lost benefits, which is what 42 percent of Americans do. Save that money when you invest time in choosing your health benefits.
Choose Premiums You Can Afford
Employers increasingly push rising insurance costs onto employees. By picking and choosing the benefit package options you want, you also select the premium you can afford.
A few hours now prevents insurance premiums from straining your family's budget in the new year.
Although nine out of 10 Americans auto-enroll and keep the same benefits every year, take time to ask your employer or insurance agent questions and verify the exact coverage you want; you can also ask your agent for help. You'll be glad you did.
Frequently Asked Questions
How much time should I spend reviewing my benefits during open enrollment?
Spend at least an hour comparing plans and reviewing provider networks and deductibles, and more time if your health needs are complex.
What is a deductible and why does it matter?
A deductible is the amount you pay out of pocket before insurance starts to cover costs; higher deductibles usually mean lower premiums but more upfront costs when care is needed.
What is an HSA and who can use it?
A Health Savings Account (HSA) lets eligible enrollees save pre-tax money for qualified medical expenses and typically pairs with high-deductible health plans.
Can I change doctors during open enrollment?
Yes; open enrollment is the time to switch plans if you need a plan that covers a preferred doctor, hospital, or pharmacy.