Upload
hsa-coach
View
113
Download
0
Embed Size (px)
Citation preview
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!