by Jennifer Fairweather, Human Resources Director
comments open from August 11 until August 30
For many of us, open enrollment is just around the corner – the time to select your health insurance plan for the upcoming year. Here are some quick tips for selecting the right plan for you and your family.
• Take time to review what the plan covers and compare this to the particular needs of you and your family.
• Understand health insurance concepts such as deductible, co-pay, co-insurance and out-of-pocket maximum. Choosing the right benefits is an important decision.
• Research premiums and plan designs.
o Don’t assume the most expensive plan is what you need. You may end up spending more on premiums then possible out of pocket costs.
o Don’t assume the cheapest plan will provide what you need. You need to read the plan documents carefully to understand all out of pocket costs and how they might apply to your specific situation and those of your dependents.
• Make sure the facilities and doctors you wish to use are covered in the plan as part of the network. This generally provides for lower costs if you plan to use medical providers that are in the network.
• Carefully review the plan’s prescription formulary to understand if your medications are covered and the associated cost. Be sure to find out the prescription formulary changes for the upcoming plan year.
• Ask about wellness programs that reward you financially and personally. Some employers offer programs that provide financial rewards, such as completing health assessments, participating in a wellness activities, lowering your cholesterol, and signing up for a health coaching program.
• Don’t forget about other benefit options. Many employers offer a variety of benefits, such as dental and vision plans. Research shows there is a connection between oral health and overall health. Adding a dental and vision plan may help prevent larger medical problems.
In performing more upfront research, you can ensure you have the coverage you and your family need while proactively managing your costs. Now is the time to educate yourself about your health benefits!