Every year around this time, the HR manager at work sends out the obligatory paperwork for the Open Enrollment for our health benefits. Because I hate paperwork and usually don't like reading a bunch of gibber jabber, I always stay with the same plan I have.
Wrong move.
After reading the information provided to me by Aflac, I realized that I should have and should be taking a more proactive role in my health benefit choices. Who knew? I am making some of the most common mistakes a lot of people seem to making. Look at the info below:
The Open Enrollment Survey found that consumers are on auto pilot when it comes to the benefits selection process and aren't even aware of the options they have. Reported mistakes of American workers include:These are the exact mistakes I make. I never bother to see if my plan has increased the in-network deductibles, emergency room co-payments and prescription drug co-payment. I just assumed that everything was the same. I don't find this out until I go to the doctor and realize I am paying $30 instead of $25 for the visit.
- More than 6-in-10 consumers (61 percent) are only sometimes or not at all aware of changes to their policies each year.
- 89 percent say they simply elect the same benefits options every year.
- Almost half (47 percent) rarely or never exceed deductible costs.
- Only 16 percent contribute the right amount to flexible spending accounts.
I realize that I needed to make better decisions this fall when we receive our health benefits open enrollment forms. I am going to be a little more aware. Our HR person does other jobs so she does not always know how to answer some questions. It is not her fault. It is hard keeping up with all the changes and paperwork. So this year, it will become my responsibility to take control.
After reading the information, I realized that I had my deductible too high. Last year, I got sick and reached it but in years before and this year, I might not exceed my deductible costs. I also realized that I could change my plan into a felxible spending plan and that might be a better deal for me.
Check out this Infographic that breaks down how much money people are losing by not taking the time to read and learn about their health insurance. I also learned that I have to definitely look into supplemental insurance needs as I get older.
Last year, I had so many tests done and so many doctor's visits that I had a lot of out-of-pocket expenses. Luckily, the tests showed I was in pretty good health but, if I had been diagnosed with something serious, I cannot imagine how much more money I would have needed to cover my bills.
Supplemental insurance is something that I am going to research after reading the materials provided to my by Aflac. It can come in handy if an illness comes on and your own insurance does not cover it. Boy, I realized that I really need to start more control of my insurance decisions. I am wasting money by not doing so and that is just foolish.
So come this fall, I am going to sit down and make sure I make the best decisions possible. I encourage every one to do this as well. With the economy the way it is, every penny counts!
Disclosure: “I wrote this review while participating in a campaign by Mom Central Consulting on behalf of Aflac and received a promotional item to thank me for taking the time to participate.”
