Open Enrollment - Five Tips When Selecting Your Health Insurance Plan

Open Enrollment – Five Tips in

Selecting Your Health Insurance

Plan

Between the Affordable Care Act (“ObamaCare”)

requirements, the roll out of health care exchanges, and growing use of High Deductible Health Plans

(HDHP’s), there are many moving parts.

Further, more of your compensation decisions are made during open

enrollment. Retirement savings allocations and

health insurance decisions can be 15% or more of a

family’s budget.

Open enrollment decisions can have a big

impact on your retirement, for many of

you years down the road.

Five ideas to keep in mind

1. Determine what you need. More coverage or

less? All the local hospitals or just one or two? Out of state benefits? The “less” you buy, the smaller the

insurance premiums.

2. Review the plan specifics. Compare monthly premiums, co-pays, deductibles, out of pocket maximums, network

coverage (doctor/hospital/clinic), and

other details. Know what you are buying.

3. Compare the “all-in” costs across plans. Use an online calculator as a guide. However, with so much in health currently

in flux, expect the unexpected.

4. Consider the “retirement” savings

available in HDHP/HSA combinations. High

deductible health plans offer both smaller premiums

and a smart way to save more for retirement health

costs.

5. Participate in the incentive programs. Whether

it is employer matches, wellness incentives, Flexible Spending Accounts (FSA’s) (for health, transportation and childcare), and other

benefits, take advantage of extra benefits.

When you are done, print out or store a copy of your elections and any relevant plan information. You may want the details later down the road, whether choosing

the following plan or responding to an old bill.

Thank You!