Don’t Forget to Review Your Employer-Sponsored Health Insurance Benefits During Open Enrollment

2009-11-10 01:04:17 - For many Americans who have employer-sponsored group health insurance, open enrollment, the period in which you can review and change health insurance benefits, is still going. Don’t forget to take advantage of this opportunity to carefully assess your health insurance situation.

CHICAGO – November 9, 2009 – Open enrollment, a period where employees with employer-sponsored group health insurance, is now in full swing for some and already coming to an end for others. Many companies and health benefits administrators have strict deadlines as to when an employee can opt-in for certain benefits, such as a Flexible Spending Account or vision coverage.

While there are some advantages to having employer coverage, it’s not necessarily the best or most affordable health insurance available.
All around the country costs are sharply increasing for group health plans and some businesses are even cutting benefits. So along with weaker coverage, an employer-sponsored plan could suffer from higher out-of-pocket costs, higher deductibles and higher premiums next year.

These are the reasons it’s so important to carefully review your benefits and even consult with a professional before you make your health insurance decision.

Many experts would agree that exploring your options in the individual market would never hurt. So what are some advantages of individual health insurance?

• Portability. Employer coverage is dependent on your job. If you decide to change jobs, you have to switch plans. An individual plan goes wherever your career takes you.

• Customizable. Most don’t realize group health insurance premiums are typically higher than the individual market because there’s no underwriting process per employee. Individual health insurance is customized to only your health needs — which can mean much lower rates.

• Options. If your health needs aren’t met by one of the plans offered by your employer, you’re out of luck. In the individual market, there are literally thousands of plans to choose, from many different insurance companies.

Keep in mind that individual health insurance is not for everyone. Those who have pre-existing health conditions are better off staying on their group plan.

Services like GoHealthInsurance, found at www.gohealthinsurance.com, provide free health insurance quotes from top insurers such as UnitedHealthOne, many Blue Cross and Blue Shield companies, Aetna and more.

Whether you decide on venturing into the individual health insurance market or you stick with your employer coverage, look over your benefits early on so you make sure you have all the coverage you need for 2010.