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.
*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. Don't be like 73 percent of employees
who don't understand their health insurance benefits.
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.
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 partner with
you for long-term health, so take time to ensure you can see your preferred
partners.
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'll be glad you did.