As the new year comes hurtling closer and closer, many people find themselves faced with making some major decisions about their healthcare choices. For a great deal of employers, the first of the year marks the advent of their health plan’s open enrollment period. This time of year allows eligible employees to make changes to their health insurance coverage regarding their health coverage. However, since the employee and their family will have to live with these decisions for the next year, there are many things he should consider before he makes his election.
Adding additional family members to your health coverage is one type of change you might make during your employer’s open enrollment period. If you couldn’t afford to add your family members to your coverage last year, you should reconsider that affordability now. Bear in mind, however, that if your family members weren’t covered under some other type of policy before you added them to your medical insurance they may be subject to a waiting period before your insurance will cover certain types of illnesses or injuries. Make sure your human resources director explains these limits to you.
Many employers will allow you to choose between PPO or HMO medical insurance coverage. PPO’s typically allow you to see any doctor you’d like, although you may see reduced benefits with providers that are outside of the PPO’s network. HMO’s, on the other hand, require you to see providers within their network. Unless there is an emergency, HMO’s usually offer no benefits with providers outside of their network. Take a look at the way you and your family use your benefits to decide which type of coverage is best for you. Remember, though, that you can’t usually change this election for another year.
Finally, you’ll want to take a look at the other types of coverage that are available for you and your family at this time. Are you enrolled in your employer’s dental coverage? If you’re not, should you be? Paying for your bi-annual cleanings out of your own pocket isn’t usually too expensive, but other dental work can quickly get out of control.
Vision coverage is another popular supplemental coverage offered by employers. For a relatively small amount, you can add your entire family to this plan. If you have a lot of eyeglass wearers or contact lens users, this may be a worthy investment for you.
