Things You'll Need:
- Plan documents and descriptions
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Step 1
Well in advance of the date of open enrollment, start doing research on the health plan offerings. Everyone has different needs and one plan will be better for you, but you have to analyze your options carefully.
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Step 2
If you use lots of prescription drugs, generic versions are your best alternative and can be purchased at Walmart and Target stores for $4 per month in many cases. If you can obtain them through a national retailer at a less expensive rate, it helps the health care system by lowering the costs of your plans.
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Step 3
Don't be afraid to call up an insurance representative for the plan you are thinking about joining and asking specific questions that pertain to your practices and personal needs. It is their job to get you the information you need to make a good decision.
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Step 4
Read carefully the sections on benefits out of your immediate location, particularly if you travel or have multiple homes and vacation destinations. Some plans are designed to offer benefits in a specific location but are more limiting outside that area.
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Step 5
Consider all the costs including the co-pays and premiums when making your decision. A higher premium may mean more inclusive benefits overall if that is a concern for you. Generally, the older you are, the more you should spend on the plan premiums, just in case you need more benefits than you expected.
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Step 6
Use your flexible spending benefits to the fullest extent possible. Particularly if you use your benefits frequently, remember than all co-pays, Rx co-pays and even lots of over-the-counter products can fall under the flexible spending plan.
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Step 7
If you don’t know what this is, you need to talk to your HR representative. The key issue is that if you don’t spend it, you lose it, as defined by IRS regs. However, you can always stock up on aspirin, stomach aids or even new eye glasses to use up the money in the account. Keep all your receipts for submission to the plan administrator.
