Stretch your dollar during open enrollment

(Image: Shutterstock)
(Image: Shutterstock)

(WTNH) — In regard to health insurance, it is important to know exactly what to look for during Open Enrollment.

It’s that time of the year again and employees need to be prepared for Open Enrollment. News 8 reporter Jocelyn Maminta discusses health insurance and the important things that every employee needs to pay attention to in order to “stretch your dollar”.

Picking the right health insurance can be tricky but with the right tips, the choice becomes easier.

There are a few simple tips: Check your finances and look at what has been spent on prior medical insurance coverage along with how much money has been paid out-of-pocket. Also, compare this with how frequently you go to the doctors. Monthly insurance premiums will cost less if you do not go to the doctor often and change to a higher deductible plan.

If you frequently make trips to the doctors, consider a lower deductible plan. It is also important to know your out-of-pocket maximum and look at co-pays or co-insurance before the scheduled visit to see how much money you are going to spend.

Going to a doctor that is off of your plan is also more expensive. Visit a doctor that is in-network. Consider contributing to a health savings account. This money is a tax-deductible and depending on the company some employers can contribute to this fund.

Lastly, check your health care plan. Regardless of automatic enrollment, plans do change and it is important to review your options.

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