We are now in the midst of open enrollment season, which probably means you have been bombarded with health insurance plan options and are now ready or nearly ready to make a choice. Employer’s want to make sure you choose the plan that not only makes sense to you and your lifestyle, but to the company’s bottom line as well.
Here are a few quick tips to consider in choosing the health plan that works best for both parties.
Follow the Trends:
What is changing this year? For starters, we have a new president-elect. Whatever healthcare policies the new administration repeals, replaces or introduces could have serious implications on your plan. It will be important to stay informed on what the latest reforms are. Here is a good place to start.
Additional trends include wellness programs and wearables incorporated into the work environment. How will they affect your benefits plan? Some employers may incentivize wellness programs and wearables participation by offering discounts on premiums, or for simply taking a physical examination. Stay engaged and you could help yourself and your company avoid unnecessary healthcare costs. It’s about working together to improve overall health!
Have a roadmap:
It will be important to have a good idea of where costs can and may increase in the months ahead.
- Deductibles?
- Stop-Loss?
- Co-Insurance?
Know what costs you are held responsible for within these segments so you can budget around fees that may have otherwise been a surprise. It is always important to know how much you are financially responsible for.
Consider Your Lifestyle:
As alluded to above, an optimized health plan should be customized to your lifestyle (and may even incentivize a health-focused lifestyle changes). Are you a newlywed, starting you journey through life with a partner who you are sure to start a family with? If so, you may want to consider a plan that accommodates maternity leave with the greatest expedition and efficiency. Or perhaps you have a chronic condition that requires constant healthcare support. If thats the case, you may want to consider whether your primary care physician is in network or if the plan offers generic vs brand drugs.
The number of options and potential pitfalls can be overwhelming, but it’s important to review each option carefully and with due diligence. To learn more, reach out to your HR department and request thorough information and guidance.
Oh, and one more quick tip: Meditation is a wonderful stress reliever that can even yield health benefits!
