Be Educated. The Top 5 Things To Consider During Health Insurance Open Enrollment #Aflac #MC #sponsored

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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.

For many years, I thought having health insurance was enough. You get sick, your doctor’s bills are partially or even completely covered. Simple. Except it isn’t that simple. In reality, even if you have awesome insurance with no out of pocket, if you’re facing major illness or surgery, or even recovering from an auto accident, finance becomes an issue because you lose time from work.

For many years I was the breadwinner, and the one who carried our health insurance. I thought I had a good grasp on how it worked. It wasn’t until I changed fields and went into medical billing that I learned there’s so much more to health insurance. Enrolling and choosing coverage can be confusing. The terms can be dizzying for some. HMO. PPO. POS. Deductible. Copayment. Coinsurance. Out-of-pocket. In network vs out of network. And the plans, sometimes there are more then one and they all loo almost the same.

On top of all that, you have to have it all timed right, because you can only enroll or change coverage at certain times. That’s why Open Enrollment is a very important thing to be aware of. It’s important, because it’s your opportunity to change your plan, add supplemental coverage, or even drop coverage. At this important time, there’s one thing you need to keep in mind. The only dumb question is the unasked question.

Having been a medical biller in my past life, I can’t even tell you how many people have no idea of the ins and outs of their health insurance. They don’t know what it does and doesn’t cover, or what they’re responsible for. Aflac recently conducted a study of American workers regarding their health insurance. The study found that 74% of those workers don’t fully understand all of the benefits that their insurance policy covers.

I remember a day when I was one of those people. For years I have told people one thing – know your coverage. Open it up and read it, even the fine print. If you can’t understand the terminology, bring it to your HR rep at your job. Or, call the insurance company. Ask questions to clarify anything and everything that you aren’t clear on. Please, please, believe me when I say that it’s better you ask questions now then be shocked to receive a bill that you never expected for something you thought was covered.

When considering coverages, obviously the numbers are important. When considering coverage options, look carefully at what your premiums will be, what your annual deductible is, and what your maximum out-of-pocket costs will be. Then, think about what I would call the top 5 things to consider when choosing health insurance.

1. Current and past health history. Don’t pick a plan that obviously will not suit your needs. It may seem to save you money each week but in the long run what you put out of pocket can override that savings.
2. Know if and when you will need referrals. If you prefer certain doctors, be sure to know who participates and who doesn’t. There’s nothing worse then having to see a doctor that you don’t really like for a year. I was in that position once and it was awful. Be sure to keep #1 in mind when choosing between plans that do and don’t require referrals.
3. Review current expenses, particularly maintenance expenses such as prescriptions, therapies, counseling, lab work, diagnostic imaging. These can easily slip the mind for some because they’re already a part of your routine. Preventative coverages should also be considered, for things like immunizations and mammograms.
4. Consider past medical needs, expenses and coverage. If you had coverage last year, did you need that level, more or less?
5. Consider future medical needs, such as a planned pregnancy. If you are trying to get pregnant you don’t want to be caught with your pants down. Well, not when it comes to insurance anyway. 😉

Aflac found that 56% of employees estimate they waste up to $750 because of mistakes made with insurance benefits elections. Noone wants to be in that group of people. It is avoidable if you are educated. Think about the five things I mentioned, then look at the plans again. You should now be a little more prepared to evaluate your options. If not, find someone knowledgeable that can help you.

There is one more thing I can suggest.  Ask if supplemental coverage available. While life threatening conditions may be the first to come to mind, they aren’t the only thing that can take you out of commission. An accidental fall causing a broken leg, a bout of mono, gallstones. Things like these can take you out of work for weeks. How will your expenses be covered during that time, since you won’t be earning your full pay, or in some cases any pay. Years ago I worked a ta company that offered Aflac. I was pleasantly surprised at how affordable supplemental Aflac coverage was, and signed up figuring that I’d likely never need the coverage but wouldn’t miss the $3 per week. As it turned out, I had major surgery that year and was out of work for 6 weeks. The additional coverage from Aflac sure did help a lot. I find myself often hoping that my husband’s job will offer it as well.

Visit Aflac Open Enrollment Resources for additional open enrollment information you may find useful.

Let’s talk. Do you fully understand your health insurance?