Open Enrollment – These Tips are Easy as 1, 2, 3!
Did you know that this week signaled the beginning of the Open Enrollment period for many employers? That’s right! For the next two or three months, employees will be selecting their health insurance policies for the next calendar year – choosing from categories including vision, dental, and health. We know that choosing a policy is not always the easiest task. Check out these 3 tips to make sure you and your team selects the best plans possible: Higher Deductibles Will Lower Premiums If you’re a relatively healthy individual who anticipates minimal use of healthcare facilities, a higher deductible plan may be the best option for you. Under this type of policy, you are responsible for a greater portion of your initial healthcare costs when you use your insurance. This balances out with lower monthly premiums. An example of this policy would be as follows: your health insurance presently leverages a $500 deductible that needs to be met before your insurance covers the costs of your bills. With a higher deductible plan, you may have a $1000 or $1500 deductible, but your monthly premiums may be reduced 20-30% per month. Be sure to check with your benefits administrator if going with a higher deductible policy is right for you! HMO versus PPO – Do Your Research! Not all healthcare plans are the same, especially when it comes to HMOs and PPOs. Each plan offers perks and disadvantages, so you will need to determine how often you will be needing care and what type of care you anticipate during the next 12 months. While a PPO offers more freedom in flexibility since you don’t need to choose a Primary Care Physician (PCP), they do carry higher premiums than HMOs. HMOs are lower-cost but members must stay within a network of doctors and ask for referrals when needing additional services. Before you select a plan, make sure to research not only the costs associated with each plan, but also the benefits for choosing a particular type of insurance. You may need to adapt your healthcare coverage based upon changes in your life style, age, or other circumstances. Check Your Network Before Choosing Your Plan Healthcare plans change on a yearly basis. This is due to increase (or decrease) in pricing or coverage – depending on what your employer feels comfortable providing. Before you “rubber stamp” last year’s selections, read through the plan carefully. There could be minor changes in the plan that affects your coverage, such as your deductible or prescription coverage. Pay attention to all of the details – you don’t want any surprises when you need care. You’ll also want to verify that your preferred doctor is still in network if you’re on an HMO. Benefits enrollment can be tricky, especially in the ever-changing regulatory landscape with the Affordable Care Act. Emplicity's large-group benefits provides companies of all sizes access to policies that can lower premiums and gain a better variety of services. Reach out to one of our benefits experts to find out if moving to Emplicity is the right choice for your company. You can get more information about our service options by visiting www.emplicity.com or giving us a call at 1-877-476-2339.