Before I decided to become a work-at-home mom, I spent ten years working as an insurance agent. While my specialty was coastal homeowners insurance, we were required to learn a little about everything, so heath insurance and supplemental coverage were on my list of credentials. At my company, we all knew what we were doing when it came time to select our coverages. We understood open enrollment. We knew just where the holes in coverages were and how to fill them. Even today, I still make sure my family has the best possible coverage for the best price. This isn't always easy. Policy terms change from year to year and with the new health care reform, we can expect even more drastic changes. Whether these changes are beneficial or not will depend on the individual and their plan, but one thing remains constant. There will always be holes and the only way to determine what you are and are not covered for is to READ YOUR POLICY. Yes, this is boring to the point of lapsing into a catatonic state, but its something we all have to do if we want to make sure we have the coverage we need.
The time to make changes in your coverage is a period called Open Enrollment. It usually occurs once per year, and this is the time to take into consideration any changes to your family or lifestyle. Coverages can be added or taken away. They say as many as 74% of workers are unaware of this important and limited time frame. Aflac wants to raise awareness of Open Enrollment and make sure everyone is taking advantage of this time period to ask the right questions and get the right coverage for their families. Talk to your human resource department or ask to speak with the agent or broker in charge of writing your policy.
So many people don't think about their insurance coverage. They assume its there when they need it. But if you don't pay attention at open enrollment, you could miss pertinent information that could result in higher out of pocket expenses. Often people are torn between outrageous deductibles or higher premiums, but trading down coverage doesn't have to be your only option. Here are a few tips to help you prepare for open enrollment.
1) Prepare ahead of time. Don't wait until the last minute. Do some research. Read all of the information you're provided. Make a list of questions and don't be afraid to ask your insurance agent.
2) Don't make assumptions. Don't assume your employee is making the right choices for you. Even if they have only the best intentions, only you can determine the best path for you. Make sure you talk to your HR department to iron out the details.
3) Check your spouse's coverage. You may find you can't ensure your spouse through your policy anymore so be sure to check into other options. Even if your employer does offer coverage for your spouse, you may discover it's cheaper for them to seek their own plan.
4) Don't double up - The heath insurance reform is requiring certain areas of dental and vision to be covered, so make sure your clear on what this means for you before you purchase additional coverage.
5) Examine Premium Costs - Its not always about the bottom line. Cheaper is not always better. Don't be penny wise and dollar foolish and cut back coverage. You may very well wind up paying more out of pocket medical expenses than you'll save in premiums.
6) Consider Supplemental Insurance - Companies like Aflac offer supplemental policies that cover the gap in most insurance policies. They can also provide loss of income in case of accident or illness, so you and your family are able to meet your financial responsibilities even if you're out of work.
This open enrollment season, take the initiative. Get the facts and make educated decisions. Its too late when the medical emergency occurs. Make sure you and your family have the coverage you need to maintain your lifestyle even if the unexpected happens.
I participated in a campaign on behalf of Mom Central Consulting (#MC) for Aflac. I received a promotional item as a thank you for participating.
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