Health Insurance Decision Time: eHealthInsurance Releases Consumers Tips for Open Enrollment Season
MOUNTAIN VIEW, CA, Sep 28, 2011 (MARKETWIRE via COMTEX) --
Today eHealthInsurance (NASDAQ: EHTH), the leading online source of health insurance for individuals, families and small businesses, released its top seven tips for consumers considering their health insurance options this open enrollment season.
Open enrollment is the time of year when workers receiving health insurance and other benefits from their employers are asked to make personal coverage selections for the coming year. For many employers and employees, open enrollment for the 2012 benefit period will occur between October and December 2011.
Despite low overall inflation, employers continue to face increased health care benefit costs that may result in a greater financial burden for employees. A recent report from the National Business Group on Health shows that large employers expect an average increase of 7.2% in their health care benefit costs for 2012. A majority of these employers plan to increase cost-sharing by employees in the form of higher premiums or deductibles(1).
Another survey of mid-sized to large businesses(2) found that fully two-thirds (66%) of employers intend to increase employees' share of health insurance premiums for single-person coverage; nearly three quarters (73%) intend to increase the amount employees pay toward the coverage of dependent spouses or children(2).
As a result, many of today's workers and their families will be looking for creative ways to save on health care and health insurance costs this season. Some may even find that they can no longer afford the coverage offered to them by employers. With these challenges in mind, eHealthInsurance has released the following tips.
Top Seven Health Insurance Tips for Open Enrollment This Year
-- Pay attention to what you -- and your employer -- are paying: Many
employees are not aware of what they're paying toward their own health
insurance premiums, deductibles or copayments. Look out for increases
in these costs compared to last year. In order to gauge the full cost
of your employer health insurance plan, find out how much your
employer pays toward your monthly premiums, for yourself and your
dependents. Remember that if you get laid off next year and enroll in
COBRA coverage, you'll likely be required to pay the total premium
that is currently paid by both yourself and your employer.
-- Review ALL your options: Start reviewing every plan available from
your employer as soon as you receive your open enrollment packet. For
good measure, check your options in the individually-purchased health
insurance market too. Health care reform has improved some benefits
for individually-purchased health insurance plans. While group plans
may still provide more robust coverage and will cover pre-existing
medical conditions, individually-purchased plans may offer a stronger
alternative than they did a couple years ago -- especially for persons
who can no longer afford employer-based coverage.
-- Shop smarter: If possible, enroll in a plan that only covers the
services you need: it may mean a lower monthly premium. For example, a
plan with robust maternity coverage may not be the best match for
single men. And if you don't care about brand-name drugs, see if
you're offered a plan that covers only generic drugs instead. Choosing
a high deductible plan may be smart for some individuals and families
because it typically reduces monthly premiums, but be prepared to pay
the amount of the deductible in the coming year as health care needs
arise.
-- Consider an HSA: Many employers offer a high-deductible option with a
Health Savings Account (HSA). Some may even contribute to the Health
Savings Account for you. Depending upon your health care usage, this
can be a good option for saving because money can be deposited pre-tax
in your HSA to cover unexpected health expenses not covered by your
health plan. Unused savings can also roll over year-after-year until
retirement.
-- Mix and match, if appropriate: Depending on your own and your family
members' health and how much an employer contributes toward dependent
coverage, it may be less expensive for certain family members to be on
a separate, individually-purchased health plan. Do the math on
separate policies if there are special needs. It's easy to price
individual and family plans online by visiting a site such as
www.ehealthinsurance.com. But remember that it's possible to be
declined coverage for an individually-purchased plan based on an
applicant's medical history -- so don't cancel an existing line of
coverage until you're approved for a new one.
-- Look for fresh innovations in the individual market: If you can no
longer afford employer-based health insurance, or if your employer
plan doesn't meet your needs, look for some new options in the
individually-purchased health insurance market. Carriers in some
states are offering incentives for you to avoid over-utilizing your
coverage. For example, some may substantially reduce your deductible
next year if you don't use up your full deductible this year; others
may incentivize healthy habits by sending you gift cards and other
rewards for positive health outcomes.
-- Track Your Health Expenses: Regardless of what plan you choose for
2012, be sure that you are tracking all of your health care costs
including insurance premiums, copayments and drug expenses. This will
give you the knowledge you need to evaluate your health insurance
choices for 2013.
Notes:
(1) National Business Group on Health: http://www.businessgrouphealth.org/pressrelease.cfm?ID=179 (2) Towers Watson: http://www.towerswatson.com/united-states/press/5328
About eHealth eHealth, Inc. (NASDAQ: EHTH) is the parent company of eHealthInsurance, the nation's leading online source of health insurance for individuals, families and small businesses. Through the company's website, www.eHealthInsurance.com, consumers can get quotes from leading health insurance carriers, compare plans side by side, and apply for and purchase health insurance. eHealthInsurance offers thousands of individual, family and small business health plans underwritten by more than 180 of the nation's leading health insurance companies. eHealthInsurance is licensed to sell health insurance in all 50 states and the District of Columbia, making it the ideal model of a successful, high-functioning health insurance exchange. Through the company's eHealthTechnology solution (www.eHealthTechnology.com), eHealth is also a leading provider of health insurance exchange technology. eHealthTechnology's exchange platform provides a suite of hosted e-commerce solutions that enable health plan providers, resellers and government entities to market and distribute products online. eHealth, Inc. also provides powerful online and pharmacy-based tools to help seniors navigate Medicare health insurance options, choose the right plan and enroll in select plans online through its wholly-owned subsidiary, PlanPrescriber.com (www.planprescriber.com) and through its Medicare website www.eHealthMedicare.com.
For more health insurance news and information, visit the eHealthInsurance consumer blog: Get Smart - Get Covered.
For media inquiries, please contact: Sande Drew eHealth, Inc. (916) 207-7674 sande.drew@ehealth.com Kris Kraves Cogenta Communications (805) 527-7733 - direct kris@cogentacom.com
SOURCE: eHealthInsurance
mailto:sande.drew@ehealth.com mailto:kris@cogentacom.com