Are you getting the most out of your health insurance plan?
Most of us leave money on the insurance table, not deliberately. We’re busy living our lives. We think about health insurance when we need it. Sometimes we consider our health insurance once a year or when there’s a birth, marriage or other significant life change.
But even then, we’re overwhelmed by insurance. About 50% of people in the United States spend less than one hour researching benefit plan options on an annual basis. About half of the U.S. population gets their health insurance through an employer plan or through the open market: that’s a lot of people (over 150 million) making decisions that can and will adversely impact their pocket.
It’s estimated that 42% of people waste about $750 each year (at least) by making mistakes with their insurance benefits or by not taking advantage of features readily available to them (AFLAC survey).
What would you do with $750? Would you be willing to spend more than one hour a year to keep $750 (or more) in your pocket?
Most people are not health insurance literate. For example:
- About half (51%) of Americans do not understand basic health insurance terms like premium, deductible and copay (American Institute of CPAs)
- Only 16 percent of respondents in a Kaiser Family Foundation survey could calculate the cost of an out-of-network lab test (Kaiser)
Be an active consumer of your health insurance
• Read the fine print
• Keep good notes
• Learn how to navigate your plan and the health insurance landscape
• Don’t assume what you’re told is accurate; trust but verify