Research Your Benefits This Open Enrollment Season

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Disclosure: “This post is sponsored by Aflac. I was compensated for writing it, but all opinions are 100% mine.”

Healthcare is important to have for people of all ages, however there are many misconceptions when it comes to the benefit choices available. Having worked in the healthcare industry, fall marks the beginning of open enrollment season. This is the time when you can review your employer-sponsored benefit offerings and select the plan that is right for your financial and healthcare needs!

Open enrollment is the time to do research on the various benefit options available and ask any questions you may have about the benefit offerings.

Here are some tips for this year’s open enrollment:

  • Ask questions! If there is a word or phase you dont understand, ask what it means and how it will affect you! Make sure you are familiar with the terms- deductible, coinsurance, premiums, etc.
  • Consider the cost of your out of pocket expenses- including copays, deductibles, and coinsurance. Don’t focus solely on the premium.
  • Make sure you understand the terms of the plan you select. If you opt for the High Deductible Health Plan (HDHP), make sure you understand your financial responsibility, especially if you encounter a serious illness.
  • When selecting a health plan, find out if other benefits options are available, such as a health savings account that helps pay for out of-pocket costs such as deductibles.

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Why is Open Enrollment important?

  • More than 55% of Americans waste up to $750 annually with mistakes made during open enrollment with insurance benefits.
  • According to the 2015 Aflac Open Enrollment Survey, many millennials do not take the time to read the fine print of the policies offered to them.
  • 55% of millennials say they spend less than 30 minutes researching their benefits and 31% say they spend less than 15 minutes.

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Why is voluntary insurance worth considering?

  • Voluntary insurance is a key component of health care – especially for millennials who are often in denial about being diagnosed with a serious illness or a disability.
  • Voluntary insurance policies such as accident, critical illness and hospital help to protect millennials from high out-of-pocket costs that major medical insurance was never designed to cover.
  • Many pay cash benefits that can be used for groceries, child care, lodging or parking at the hospital.

This open enrollment, make sure you are doing your due diligence and #ResearchYourBenefits when selecting a health care plan! Know the basics of the plan, your financial responsibility, and consider the benefits of voluntary insurance!

 

Disclosure: “I was selected for this opportunity as a member of Sway Group, and the content and opinions expressed here are all my own.”

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