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The Power of an Hour: Planning Next Year's Health Benefits in 60 Minutes or Less

There’s a lot you can do to better your health in an hour. You can take a yoga class. Make a healthy meal. Go to the dentist for a teeth cleaning. Get a massage. Keeping your health benefits in order is one more smart way to help your physical and financial health.  

Studies show that changes in health benefits can result in big changes to a family’s finances. That’s why this year’s open enrollmentopen enrollment
A time, often in the fall, when employees choose their health plans for the following year. You typi... more period is more important than ever.

Open enrollmentOpen enrollment
A time, often in the fall, when employees choose their health plans for the following year. You typi... more is the time when you can make changes to your health benefits planhealth benefits plan
A plan purchased by an individual or provided through an employer that provides payment for health c... more. It’s held once a year, often between October and December and lasts for about 30 days. Think of it as your personal health care makeover. Our experts came up with four steps to help you skip the confusion and get your health planhealth plan
A health plan that you buy or that is provided by your employer. It pays for health care services. I... more working for you in 60 minutes or less:

Prioritize

First, think about what’s most important to you and your family. Is it the cost of prescription drugsprescription drugs
Medicine that requires a doctor's permission to buy. These drugs are different from over-the-counter... more? Is it being able to see out-of-networkout-of-network
Refers to care you receive from doctors and other health care professionals who do not participate i... more doctors without a referralreferral
In some health plans, you must receive a referral from your primary care doctor to see a specialist ... more? It might even be services like dental or vision exams. 

The Health Benefits Priorities tool will direct you to a plan that meets your needs.

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Calculate

You wouldn’t buy a house without knowing how much your monthly mortgage payments cost, right? Tracking your spending is a great way to make better choices about your health benefits.

  • Make sure you can afford the premiumspremiums
    The amount charged by a health insurer for a health insurance policy. If you have a health plan thro... more    .      The health reform law passed by Congress in March aims to keep premiumspremiums
    The amount charged by a health insurer for a health insurance policy. If you have a health plan thro... more     in check. But no one knows for sure what will happen when some of the new rules go into effect in 2014. For now, be sure to pick a plan that’s right for your health needs and your budget.
  • Estimate last year’s medical costs. This will help you plan how much to set aside in a flexible spending account (FSA)flexible spending account (FSA)
    A FSA is an account tied to an employer-sponsored health plan. It can be used to pay for medical exp... more    . Since money in an FSA is exempt from most taxes, you’ll get to keep more money from your paycheck each month. And you can use those pre-tax dollars for health care costs. A good thing to keep in mind for planning is that health reform will put a $2,500 annual limit on your FSA by 2013. 
  • Check annual or lifetime limitslifetime limits
    A limit on the total coverage you may get from your insurance company over your lifetime. An insuran... more    .     As a result of the new law, insurers will stop lifetime limitslifetime limits
    A limit on the total coverage you may get from your insurance company over your lifetime. An insuran... more     on health benefits and curb annual limitsannual limits
    A limit on the amount your plan will pay in a year while you're enrolled in a health plan. Limits ar... more    .[1] Be sure to check with your health planhealth plan
    A health plan that you buy or that is provided by your employer. It pays for health care services. I... more     about these limits, especially if you have a condition like diabetes or asthma.
  • Look into other ways to save. Health Reimbursement ArrangementsHealth Reimbursement Arrangements
    This is an employer-paid account for employees and retirees. The funds are generally available to pa... more     and Health Savings AccountsHealth Savings Accounts
    This savings account allows people to pay current health care costs or save for future expenses. To ... more     are other ways to save pre-tax dollars for health expenses.

Check out the Health Expense Calculator to estimate annual health care expenses based on age, medical conditions and number of doctors’ visits.

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Predict

Time for a mammogram or colonoscopy? Look ahead to doctors’ visits or health screenings. Health care reform may make services like immunizations and health screenings easier to get. See if you can use of any of these options. It’s a great way to save money and stay healthy.

Some plans offer savings on items like vitamins, health club memberships and eyeglasses. Your work place could have “wellness incentives.” These programs can save you hundreds of dollars a year if you exercise, eat well or take part in stop-smoking programs.

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Compare

If you have a choice between health plans, find the plan that gives you the biggest bang for your buck. If you have just one option with the health planhealth plan
A health plan that you buy or that is provided by your employer. It pays for health care services. I... more at work, or if you buy health benefits yourself, make sure to use all of these benefits that are included. For instance, child immunizations and wellness discounts may not be highlighted. But health care reform may make these types of services easier to get.

Check out Web sites like www.GoHealthInsurance.com and www.Compare-Health-Insurance.org to compare plans.

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Power hour essentials

We asked Susan Kosman, Aetna’s chief nursing officer and Tracey Baker, CERTIFIED FINANCIAL PLANNER® professional, to give us their best advice when it comes to making the most of your health benefits. Here are their top three tips:

  1. Don’t Put It Off
    • Save receipts. File FSA expenses right away!
    • Use in-networkin-network
      Also called "provider network." A panel of physicians, hospitals and other health care professionals... more       resources like doctor finders and preferred drug lists.
    • Use online tools like treatment cost estimators and personal health records.
  1. Always Play It Safe
    • Schedule regular health screenings.
    • Ask about gym membership discounts.
    • Look into programs offered to help manage health conditions like diabetes or asthma.
  1. Put Family First
    • Talk to your child’s doctor about immunizations and other health screenings.
    • Schedule other wellness check-ups as needed (like dental, allergist or dermatologist visits).
    • Keep your child covered. Under the new health reform law, anyone younger than 26 can stay on their parents’ plan if they can’t get benefits through work.

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Short on time?

If you have 5 minutes, ask yourself five questions:

  1. Am I being FSA-savvy? Putting pre-tax dollars into a flexible spending account (FSA)flexible spending account (FSA)
    A FSA is an account tied to an employer-sponsored health plan. It can be used to pay for medical exp... more     means more cash in your pocket. For example, putting $2,000 in an FSA gives you money to spend on some health care expenses and can result in savings of more than $450 for someone making $25,000 a year.
  2. Does it pay to be healthy? Some plans offer wellness incentives for exercising regularly and eating a healthy diet.
  3. Can my benefits help me save time? Yes! Some plans cover online visits. Talk to your doctor or insurer to see if this service is available. And your health planhealth plan
    A health plan that you buy or that is provided by your employer. It pays for health care services. I... more     may use personal health records. These online tools can help you track your health care spending or manage your care. They may even help you coordinate with your doctor’s office.
  4. Can mail-order help me? It can if you take certain prescription drugsprescription drugs
    Medicine that requires a doctor's permission to buy. These drugs are different from over-the-counter... more     regularly. Look for a health planhealth plan
    A health plan that you buy or that is provided by your employer. It pays for health care services. I... more     with discounts on mail-order services. One-third of insured adults have ordered clothing, electronics or other products online to save money during the past year. But only 19 percent have taken advantage of a mail-order pharmacy. With some plans, you can get a three-month supply of your drug, but only pay for a two-month prescription. So, if your family spends $50 a month on prescriptions, you could save $200 a year.
  5. Should I go generic? Only 53 percent of insured adults report using generic prescription drugsgeneric prescription drugs
    When the patent on a brand-name drug expires, other companies are allowed to make their own version ... more     last year. Doctors also usually suggest generic prescription drugsgeneric prescription drugs
    When the patent on a brand-name drug expires, other companies are allowed to make their own version ... more    . The average brand-name prescription drugbrand-name prescription drug
    This drug is protected by patent and can only be given to you with a ... more     costs about $85 more than the average generic prescription drug. Try to make the switch and you could save more than $1,000 a year.

If you have 10 minutes, also estimate your health expenses using the Health Expense Calculator so you know how much to put away in your FSA or health savings account.

If you have 15 minutes, also check out your health benefits planhealth benefits plan
A plan purchased by an individual or provided through an employer that provides payment for health c... more Web site. You’ll likely find out about your plan’s networknetwork
Also called "provider network." A panel of physicians, hospitals and other health care professionals... more of doctors, group discounts and drug benefits.

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More resources

  • Let a Trusted Resource Guide You
    Understanding health benefits is not easy. Sign up for a free copy of Navigating Your Health Benefits For Dummies®. The guide breaks down the process to help you make the most of your health planhealth plan
    A health plan that you buy or that is provided by your employer. It pays for health care services. I... more    .
  • Brush Up on the Basics
    It’s easy to be confused by all the terms. Check out our glossary to help you get through the lingo.

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