Minute Monday: Tips on Insurance Benefits

It’s National Insurance Awareness Day tomorrow, a day to recognize and remind each other of the importance of insurance. Every now and then we have trouble deciding which insurance plans would be best for us or what information we need to be aware of.  In observance of National Insurance Awareness Day, our very own Benefits Specialist Jennifer Hale offers advice and tips for you to take into account when reviewing your insurance benefits!

Read all provided insurance materials
Make sure you read all the insurance materials that your insurance provider gives to you.  These materials contain important information that explain everything included in the different insurance plans offered.  By not reading, you may not get all the benefits you need or you may be paying for things you will never use!

Look at your deductibles and “Out of Pocket” Limits
You always want to be aware of how much you will need to spend before you reach your limits.  You may need to switch plans in order to meet your current needs, and by understanding what deductible and “out of pocket” limits there are, you will be able to make a better decision.

Consider your insurance use
Sometimes, your insurance can get very costly if you don’t use your insurance as often as you thought you would.  Take time to consider how much you actually use your insurance and whether or not you should be paying higher insurance premiums for the richer plans. Depending on your needs, you may realize you should go one way or the other in order to save money in the long run.

Understand your savings account and flexible spending account options
Make sure that you take advantage of the benefits offered in the savings accounts and flexible spending accounts that your insurance plans offer.  Understanding how these work could save you a lot of money in the long run and help you out in emergencies or with unexpected health care expenses.

Network vs. out-of-network
When choosing a healthcare provider, use a network provider as often as possible.  Staying within your network will cut down on costs and help you save on out-of-pocket expenses in the long run.  Making it a habit to stay within your network will allow you to return back to that healthcare provider if necessary and not have to worry about paying the out-of-network costs repeatedly.

 

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