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.
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.