For many Americans, the open enrollment season, which covers both employer-based and federal health insurance, is underway.
Rising health-care costs are a significant cause of stress, and yet, nearly three-quarters of working adults spend 45 minutes or less reviewing their benefits before enrolling, according to recent research by employee benefits provider Unum.
At the very least, workers should evaluate their existing coverage to make sure it is still their best option.
“Look for what’s changed, what’s new and then what’s new with you,” said Ashley Shope, the assistant vice president of product development at Unum.
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“There are many factors, both in a benefits plan and in one’s personal life, that can change every year,” Kelley Long, a CPA and member of the AICPA Consumer Financial Education Advocates, said in a statement.
“By ‘setting and forgetting’ a benefit plan, you not only run the risk of getting stuck in one that isn’t right for you but also one that costs you extra.”
This year, in particular, there could be some changes to the plans that are offered and the details of those offerings, making it even more important to pay attention.
“In general, everybody should go actively through the enrollment process — today more than ever — because the cost and options are radically different than they have been in the past,” said David Reid, the CEO of Ease, a benefits administration company.