Open enrollment season: Don't ignore your healthcare options
November 11, 2009 14:50 PM
CLEVELAND -- Chances are you may have noticed your healthcare costs have jumped. Nationwide, they're up an average of 10 percent.
The economy and the uncertainty of healthcare reform are two reasons experts say fees are skyrocketing. The question you have to ask yourself is, what risk are you willing to take?
It's open enrollment season and independent insurance broker Jim Schade, of The Alpha Group Agency, is working long hours helping people re-evaluate their healthcare.
His company represents more than a dozen health insurance carriers. He says now is not the time to ignore your coverage options because what worked before, may not work for you now.
"People really can't take that approach anymore because it could be hundreds, or even thousands of dollars that they're leaving on the table," Schade says.
If your employer offers a choice, study the options. Check the deductibles and the out-of-pocket maximums. Then evaluate how you use your health coverage.
How often do you go to a doctor? Do you have a chronic condition? Do you only go once a year for a physical?
Only you know the answers and that should determine how you look at your health plan, how you use your health plan, and which plan is better for you.
Schade advises to take advantage of government tax breaks. If your employer offers a Flexible Spending Account, remember it's a "use it or lose it" plan. But it may help cover drug costs, dentistry and eye care.
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