How to Handle Constant Medical Insurance Changes

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Handling constant medical insurance changes will definitely be stressful, but it also isn't impossible. Find out how to handle constant medical insurance changes with help from the president of The Stratford Financial Group, Inc. in this free video clip.

Part of the Video Series: Health Insurance & More
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Video Transcript

Hello, I'm Jeffrey Ingalls; President of Stratford Financial Group and Stratford Employer Services in Wayne, New Jersery. And right now, we're going to discuss how to handle constant medical insurance changes. Let's discuss this from the perspective of both the employer and the employee. From the employee perspective, you want to make sure that you keep accurate records of the start and end date of each policy. When you change medical insurance carriers, you also have to be aware of the following changes. The benefits themselves may change, the list of covered services may change as well as the deductible amounts, copay amounts, co-insurance amounts and maximum out of pocket. Additionally,when you change medical insurance plans or medical insurance carriers, the pharmacy vendor may also change. They're also maybe changes to the formerly list that your prescription drug card may use as well as the pre-certification requirements relative to both medical services and pharmacy services. From the employer's perspective, you want to handle constant medical insurance changes by offering adequate communication. You want to communicate to your employees and their dependents through utilizing the strengths of a qualified broker or consultant the changes to the medical insurance plan. A good way to communicate such changes would be during open enrollment meetings, an employee benefits handouts through employee benefit booklets, through webinars and through other educational formats that may work best for your company. My name is Jeffrey Ingalls. I'm the President of Stratford Financial Group and Stratford Employer Services in Wayne, New Jersey. We can be found online at www.stratfordlink.com and you just watched how to handle constant medical insurance changes. Thank you.

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