INDIANAPOLIS — It is that time of year when employers start open enrollment for employee insurance coverage for next year.
With upcoming open enrollment for insurance and benefits, an insurance expert encourages people to pay attention to an expected increase in rates and really evaluate each option.
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"This is the year to ask questions, this is the year to start early," said Erik Wissig.
The annual window for employees to sign up, change or cancel employer-sponsored health insurance is called the open enrollment period.
Once coverage choices are locked in, you typically cannot change them after the deadline.
Every employer has a different enrollment deadline, and so does Medicare.
"People will often say, 'Hey, I just want to keep what I have and continue based on what I've always done.' I think if there's any year not to do that, it would be this year because what often people don't understand is the type of plan that they're getting into," said Wissig.
Wissig suggests asking for help from your Human Resources department to understand the benefits you pick and the total price you pay. Premiums, co-pays at the doctor's office, medication and out-of-pocket maximums can add up quickly.
"Even plans that have, say, a $0 deductible could incur a total out-of-pocket cost of several thousand. So, you want to pay attention to the incurred costs beyond those," said Wissig.
In an effort to keep premiums down, many employers offer plans that have higher co-pays, the amount you shell out for every doctor's visit or test.
"If you're going to a physician or facility a lot, and you have a much higher co-pay in one plan versus the other, you want to take that into consideration because those can add up as well," said Wissing.
Don't forget to check the maximum out-of-pocket annual cap on your plan. It may be significantly higher than it was last year.
