Open Enrollment: Review Health Plan Options

This time of year is known as “open enrollment” for those who receive health benefits from their employers. It’s not really surprising that health insurance premiums, in general, are up. MarketWatch reports that premiums on family coverage are up by around 5%. In this economy, many families can’t afford that sort of an increase. Especially since, for many, health insurance was barely affordable before.

Bottom line: There can be health care reform all over the place, but without a viable public option health insurance companies will have no incentive to work efficiently, or reconsider the practices that somehow lead to CEOs being paid hundreds of millions of dollars a year while premiums constantly rise. (Maybe the premium increases are “cost of living” bonuses for these CEOs.)

At any rate, as open enrollment approaches, make sure you review your options. The same plan you had last year may not be the best deal for you this year. Many employers are offering a variety of options that can allow you to customize the plan a little more, or receive discounts if you agree to answer a health questionnaire, have a blood test, go through preventative programs or show that you are living a healthy lifestyle. All of these items are ways some employers hope to keep costs down on health insurance by preventing sickness in the first place. (Really? What a novel idea. If only our health care system actually operated in such a way as to encourage prevention.)

While you can’t do much about increasing health insurance premiums, you can do your due diligence. Review your coverage and see if you have something extra that you don’t need, or if there are some programs that can reduce your premiums. Don’t just re-enroll. Do your homework and see if you can find a better deal.

Image source: U.S. Government via Wikimedia Commons