Open enrollment season is back amid bad economy

The stumbling economy may make this year’s “open enrollment” decisions more important than ever for many workers.

Fall is the season when millions of employees pick a health plan. And typically, they face an increase in their monthly premium costs for health insurance, and often, a rise in deductibles and co-pays for medical services.

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The economic downturn, meanwhile, is driving many Americans to cut back on spending.

Benefits experts say that amid this financial anxiety, workers should research their choices and become savvy consumers, getting the most out of their health-care dollars.

Enrollment tips include:

DO YOUR HOMEWORK: Don’t assume the health plan you chose this year will fit your needs next year. Compare your options. Read the fine print. Assess what worked for you this year and what didn’t. Were the doctors you saw covered under your plan? How much did you spend in out-of-pocket costs?

TRADEOFFS: If you have a choice of health plans, determine your out-of-pocket costs and monthly premium costs. Figure out whether it makes sense to pay a higher premium for lower out-of-pocket costs, or vice versa. Plans with low premiums often have high deductibles, which can be onerous for some workers.

COVERAGE: Factor in your medical conditions when making your choices. Prescription drug coverage can vary on co-pays and which drugs are approved. Dental, vision and disability coverages are important items to consider.

WELLNESS: Your employer may offer smoking cessation programs, discounted gym memberships and weight management seminars. Some companies also provide incentives, such as credits or lower deductibles, if you join a wellness program. Other firms offer incentives for filling out a health risk questionnaire. Wellness can be a win-win for both you and your company.

LIFE CHANGES: Update your benefits to reflect a significant change in your life, such as marriage, birth, adoption, and divorce.

TAX-FREE ACCOUNTS: Many employers offer flexible spending accounts for medical expenses, and dependent care spending accounts. These can give you big tax advantages because contributions are made before your paycheck is taxed.

GET HELP: Some employers offer online tools to help you compare benefits options. Take advantage of this help. Also, don’t be afraid to ask questions about your choices.

Sources: Hewitt Associates, Mercer, MetLife, Blue Cross and Blue Shield of Georgia, Guardian.