It's that time of the year again- time for benefits enrollment. This can also be an anxious time for some as the cost for medical insurance will go up again next year and also there is a lot of information to read and study along with numerous forms to complete! Who wants to make a mistake that will affect them for an entire year, right? Hence, the dreaded task begins.......
This year I was fortunate to have the opportunity to assist a number of my colleagues in their benefits enrollment. As I assisted others, I also learned along the way. Here are five of the most useful tips I found while helping others with their benefit enrollment:
1) Budget the frequency of your doctor visits- Being able to estimate how often you plan to see a doctor in the upcoming year is going to make a big difference in your medical insurance selection, as you could budget your annual out-of-pocket expenses in advance. Some plans cost less upfront, however the amount of annual out-of-pocket will be more, so in the end, you would end up paying more if you visit the doctor very frequently.
2) Select your medical provider- Do you prefer the flexibility to see any doctor of your choice without getting a referral? If so, you would have to go with a PPO plan. One of the downsides of a PPO plan is that they can be quite costly. But, if you already know who your medical provider is and they are listed as a preferred doctor with your insurance, and you don't mind needing a referral, then selecting an HMO plan would probably be a better choice as it would save you a lot of money.
3) Enroll in Flexible Spending Account (FSA)- A Flexible Spending Account are comprised of your pretax dollars that you may use to pay for qualified medical expenses that are not covered by your health insurance plan (such as your co-pay, prescription medication, and even dental costs). Previously, you could not carry over the balance from your Flexible Spending Account- any unused amount leftover from the previous year would be forfeited. On October 31, 2013, the U.S. Department of Treasury announced changes to this "Use or Lose" rule. You may now carry over $500 from your unused FSA to the next year. http://www.treasury.gov/press-center/press-releases/Pages/jl2202.aspx
4)Sign up for your biometric screening- Many insurance providers are offering biometric screening as an incentive to reduce insurance costs. Some people are reluctant to participate in biometric screening as they cannot find time to do it or they believe they would fail the screening due to a pre-existing condition. The screening does not actually take much time -usually around 10-15 minutes and involves screening for nicotine usage, Body Mass Index (BMI), cholesterol level, glucose level, and blood pressure. It is usually followed by another 10-15 minute questionnaire (which you could complete at a later time before the dateline). Also, even if you initially fail the screening, you could still appeal the results (I have heard some colleagues have successfully done so). It's definitely worth a try.
5)Opt for the mail-order pharmacy- Most of the insurance plans offer a choice of using a traditional pharmacy or a mail-order pharmacy for filling prescriptions. Remember to use the mail-order pharmacy- it could save you a lot of money along with the convenience of having your prescriptions delivered right to your home.
I hope the above tips will help you with your benefits enrollment.
Be Healthy!
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