New employees usually have to make a quick decision on a health insurance plan. Other employees can change health insurance plans once per year. If there is a significant life change, workers can change benefits including health insurance. Some employees select a health insurance plan based only on the cost per paycheck. There’s much more to consider in the health insurance decision.
Health Insurance Cost Involves More Than Just the Premium
The cost per paycheck is certainly important, but there are other considerations to be sure you select the right health insurance plan. Compare your choices, weighing several important elements.
- If you have a personal physician, does he or she accept the health insurance?
- Does the health insurance plan require specialist referrals? If so, this adds a step to your health care process and may limit your choice of doctors.
- Is there a deductible you have to fulfill before the health insurance payments begin? If you have family coverage, does a deductible apply to each person?
- Does the health insurance plan cover prescriptions? If so, will you have to pay more for your specific medication?
- Does your health insurance plan pay if you are treated outside of your local area?
Add up all the costs you are likely to incur under each group health insurance plan option in order to make the most informed choice. The least costly health insurance plan may actually be more expensive than other choices, depending upon the amount you’ll pay for deductibles, office visits and prescriptions.
Secrets to Saving on Health Insurance Plan Costs
One of the most overlooked health benefits available to workers is a payment for opting out of the employer’s health insurance plan. Some employers will actually pay you to decline group health insurance coverage if you have other health insurance. Ask your benefits representative if this is offered by your company.
A growing number of employers are offering payments for healthy habits. Enrolling in stop smoking or weight loss programs may earn you discounts on health insurance plan premiums. Some employers offer prizes or cash for eating right, exercising regularly or taking steps to reduce stress.
Ask about ways to save on prescription costs. If your health insurance plan covers medications, generic drugs usually cost less. Your health insurance may include a mail-order prescription option which is a convenient way to save money.
Health Insurance Plans May Cover Your Dependents
Your group health insurance plan may allow you to cover family members. If you choose to do this, you will most likely need to prove eligibility by providing:
- A marriage license for your spouse
- Birth or adoption certificates for your children
Gather these documents ahead of time to make the health insurance enrollment process go smoothly.
Providing health insurance coverage for your dependents is usually more costly than selecting single coverage under your group health insurance plan. Take time to explore other options for your dependents if any are available, to be sure that you are maximizing your healthcare dollars.
Your Benefits Office Can Help You Choose a Health Insurance Plan
If you’re still confused by the options available within your group health insurance plan, turn to your company’s benefits or human resources representatives. These individuals want to help you make the health insurance choice that is best for you. Write down all of your questions and call or visit your benefits department. Many companies also offer benefits fairs, where you can visit with insurance company representatives. These are fun events that may also offer free gifts and a festive atmosphere.
Use all of the resources available to you and take time to consider your group health insurance offerings during open enrollment season. Choosing a health plan is an important decision. Weigh all factors, not just the per-paycheck cost to select the best health insurance plan for you and your family.
Lillian LeBlanc - Ms. LeBlanc is an HR exeutive, commercial pilot, skilled public speaker and published author. She holds an MBA.
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