Open Enrollment

Welcome to the Making Margin podcast! Greenway’s team is here to discuss common financial mistakes and to help you navigate them. 

Meet the voices behind Making Margin:

• Nick
• Jeff
• Natalie

Today’s topic is all about open enrollment and how to know which plan is best for you.

• For many, health insurance is the largest single expense.
• According to the Kaiser Family Foundation, the $20,576 average family premium in 2019 is 22% higher than the average family premium in 2014 and 54% higher than the average family premium in 2009.
• At some point, you have to figure these costs are unsustainable.
  
   

Advice:

1. Even if you like your current plan, you should review what’s available out there.
   1. Have your needs changed?
      1. Pregnancy coverage? Adoption coverage? Childcare FSA availability?
   2. Has the plan changed?
   3. Has there been a change in providers available within the plan?
2. Compare estimated annual costs, not just monthly premiums
   1. Premium
   2. Deductible (including co-insurance/co-payments)
   3. Out of pocket max
   4. Most open enrollment options have a calculator to help calculate needs
   5. HDHP might be a better option, even with heavy health care users. Does cash flow support?
3. Factor in the tax savings associated with an HSA
4. Purchasing an exchange plan? Get free help
5. Beyond health insurance….
   1. Disability insurance?
      1. FLU
   2. Life insurance outside of work?
   3. Vision and dental?
   4. Legal plans?

Take Away:  Be careful when considering the plans available to you. Make sure to look at the overall cost/tax savings, not just the premium and deductible.

Resources:
https://www.kff.org/health-costs/report/2019-employer-health-benefits-survey/