- Text
Open enrollment season
Before you get too wrapped up in preparations for the holiday season, turn your attention to getting smart about healthcare at work. It's that time of year when employers ask employees to pick a plan for 2012. Kelli Grant, Senior Consumer Reporter for SmartMoney.com offers advice on what to consider.
Many employers will roll over coverage to next year, even if you don't actively select a healthcare plan. But others may not, which could leave you uncovered. Even if you're pretty sure you don't want to change anything, go through the paperwork. There are often new options and slight plan shifts that could mean you're better off with a different choice than last year.
Weigh the different plan's premiums and deductibles. Healthcare costs are projected to jump 7% in 2012, and much of that is likely to come out of your pocket. You might see that increase in a higher premium, which is the cost you pay to participate. Or you might see it in higher co-pays and deductibles, what you pay out of pocket before the insurance kicks in. Or both. Compare all your options based on the care you need, and don't forget to consider your spouse's options, too.
More employers are offering a discount on premiums or cash if you pledge to make healthier choices. Ask HR if the company offers any perks for quitting smoking, losing weight or attending health screenings. It's worth exploring: the average consumer could save $500 that way.
Calculate your prescription costs. Many are getting more expensive as employers move to tiered coverage. But new laws also make birth control and other women's health services free for some plans starting in August 2012, which could cut some people's bills. Figure out what your out-of-pocket costs will be under the 2012 plans.
Many plans allow you to set aside pre-tax dollars for next year's out-of-pocket medical expenses. Add up those co-pays and prescription costs for your new plan. But keep in mind that new rules no longer cover over-the-counter medicines without a prescription. Then figure out how much to set aside based on expected costs.
For more information on open enrollment season and other consumer tips click here.
- Prisoner Exchange
- President's Bus Tour
- Top Car Seat Picks
- Nevada debate
- Flying for the holidays
- Riots in Greece
- Republican Debate
- Betty Nguyen
- Eating Disorders: The Truth
- Accusing Iran
- Flying for the holidays
- Republican debate
- About Us
- Bending The Rules During Pregnancy
- What to Eat While Pregnant
- The "Exercise Personality" Quiz
- The common cold
- Bali bombing suspect re-enacts alleged crime
- Chinese court rejects activist appeal for protest
- Philippine communist rebels raid banana plantation
- Chavez to return to Venezuela after medical tests
on Facebook
- Police: 3 exotic animals still loose in Ohio
- After toddler is left to die, China disquieted
- Some sales from Bieber's new CD to go to charity
- Dangerous animals escape Ohio preserve
- Meet the cyclops shark and other creepy creatures
on CBS News
