6 Tips for saving on your health insurance during Open Enrollment

6 Tips for saving on your health insurance during Open Enrollment -

Now more than ever, you must take the time to review your health plan to ensure you do not leave the money on the table. Go on "autopilot" during the open enrollment season can be an expensive mistake. A new survey from Kelton / eHealthInsurance shows that workers tend to be lethargic about selecting their benefits for next year, which can bite them in their portfolios. Here are some tips to help you save money on your health insurance.
1. review all your options. Review all plans available from your employer as soon as you receive your open enrollment packet. For good measure, check your options in the market for individual health insurance purchased too. Although the group still plans can provide a more robust coverage and will cover pre-existing medical conditions, individually purchased plans may offer a stronger alternative than they did a few years ago.
2. Shop smart If possible, enroll in a plan that covers only the services you need. This can mean a lower monthly premium. For example, a plan with robust maternity coverage may not be the best match for singles. And if you do not care for branded drugs, see if you are offered a plan that covers only generic drugs instead. Choosing a high deductible plan may be smart for some individuals and families because it typically reduces monthly premiums, but be prepared to pay the amount of the deductible in the coming year based on care needs health arise.
3. Consider a Health Savings Account . Many employers offer a high deductible with an HSA option. Some may even contribute to the HSA for you. Depending on the use of health care, this can be a good option to save because the money can be deposited before tax in your HSA to cover unexpected health expenses not covered by your health plan. Unused savings can also roll over year after year until retirement.
4. Mix and match, if any. According to your own health and your family and how an employer contributes to a charge to cover, it may be less expensive for certain family members to be on a separate, individually purchased plan of health. Do the math on separate policies if there are special needs. It's easy to price individual and family plans online. But remember that it is possible to be denied coverage purchased an individual plan based on the medical history of a candidate, do not cancel an existing line of coverage until you are approved for a new one.
5. Search innovations in the individual market. If you can not afford health insurance by the employer, or if your employer's plan does not meet your needs, look for new options in the individually purchased health insurance members market. some States carriers offer incentives to avoid too much using your coverage. For example, some may substantially reduce your deductible next year if you do not use your full deductible this year; others can encourage healthy habits by sending you gift cards and other rewards for positive health outcomes.
6. Check your medical expenses. Regardless of what plan you choose for 2012, be sure that you follow all your health care costs, including insurance premiums, co-payments and drug costs. This will give you the knowledge you need to assess your insurance choice disease in 2013.
Carrie McLean is an open registration specialist with eHealthInsurance.com.