7 Tips On Choosing Group Health Insurance Benefits

Benefits consultants Hewitt Associates says its research indicates that more than 60 percent of workers will simply default to the choice they made the previous year. This may not be the best choice. If you do not make a choice at all your employer may choose for you and they will probably pick the option that saves them the most money but may cost you more. Here are some tips that were detailed in the business section of our local paper.

1. Do your homework and seriously evaluate all benefit options and weigh them against your specific needs. Look over what you did last year and see where you could improve other than not ever getting sick. In other words – did you put enough dollars in your flexible account, did you use docs covered under your plan, how much did you spend in co-pays and out of pocket costs. Most employers can provide access to past medical and dental claims so you can estimate what the costs this year might be.

2. Think about any life changes that may affect the benefits you select this year. Are any of your dependents no longer eligible for coverage or will you have a new dependent.

3. Use the tools available to you. Many employers offer health care cost estimators that allow employees, to comparison shop for health insurance by evaluating two or more health care plans at a time. Users an compare monthly premiums, co-payments, deductibles and coinsurance payments.

4. Read the fine print. More employers are changing the rules of the annual enrollment process, and it’s up to you to make sure you fully understand if and how those rules may affect you.

5. Assess your family’s needs. More companies are requiring employees to pay a bigger portion of the cost of coverage for their dependents. You should assess if your spouse or partner can get coverage under an employer plan. It may be more cost effective for each of you to take coverage under your own employer health plan if that option is available.

6. Consider participation in health and wellness programs, like smoking cessation, weight management or physical fitness. It could improve your health and save you money.

7. Take advantage of tax free benefits like flexible spending accounts and dependent care spending accounts.
Looking to save money on your car insurance too? See our post on Cheapest Cars To Insure

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