Open enrollment season is here, and if you’re struggling to decide what to do or what you should get, KNX News 97.1 FM has a cheat sheet to help.
These segments are brought to you by Alignment Health Plan.
#1.) Which healthcare plan works best for me?
While it’s tempting to let your current plan roll over into next year, it could be costing you money. CBS News business analyst Jill Schlesinger says it’s important to do your research.
“I know that it seems like a pain in the neck, but what you really ought to do is to just have this list of your doctors and your prescriptions, and you say, ‘Are these still covered under your current plan?’” She said. “Now, a lot of organizations…they switch providers from time to time, and then the providers will then change what they will and won't cover. So even if you have the exact same insurance offered from last year, things may have changed.”
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#2.) What are health savings accounts?
If your company offers a high-deductible plan, you’ll probably see an HSA, or health savings account. CBS News business analyst Jill Schlesinger says it’s the best deal around.
“To help the employees pay for that higher deductible, the high deductible health plan is paired with something called a health savings account,” she said.
Donna LeValley, a personal finance writer for Kiplinger, said a lot of employers also contribute to this account.
“So it's not even always your money that has to go in,” she said.
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#3.) What options are worth it (and which aren’t)?
There are a lot of options to choose from - such as insurance, legal coverage, and life insurance - which one is actually worth having?
Let’s start with accidental death and dismemberment. Donna LeValley, a personal finance writer for Kiplinger, said that while it sounds kind of gory, don’t put it off entirely.
“I think when you're young, if someone depends on you for their living expenses like a child, or if you have a parent or other relative that you provide significant support for, it may be something you want to consider,” she said.
As for legal expenses, CBS News business analyst Jill Schlesinger is a fan.
“I love the idea of doing legal services because I feel like this is my once-a-year plea to get people to do their estate planning,” she said.
Listen to the full segment here:
#4.) WHY IS INSURANCE SO EXPENSIVE?!
We get it. Insurance can be a lot, especially financially. Johns Hopkins healthcare economist Belinda Bunton said premium health care costs have been really high.
“We're coming off the pandemic,” she said. “We've got labor and wage costs rising, and we've got a lot of uncertainty in the health insurance market because of changes that are being made by acts of Congress and the administration.”
Listen to the full segment here:
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