Issue Date: September 13, 2009
MoneySmart |
WALECIA KONRAD |
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Prepare for open enrollment season
Changes to your health care plan could come soon.
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It's almost that time again, when companies roll out their new plans for health insurance, and the news is not good. Rising health care costs and the recession mean employers are cutting back more than ever before, says Jennifer Calhoun of the benefits consulting firm Mercer. Her sneak preview:
Your insurer may change. Lots of strapped companies aren't willing to stomach the hefty annual increases their health insurers charge and have taken their business elsewhere. Be sure to read the new carrier's fine print: You could end up with less coverage for more out-of-pocket costs. At the least, you should become familiar with a new claims system, websites, etc.
Dependent coverage may be eliminated. More companies are eliminating coverage for an employee's spouse and/or kids. Those that still offer coverage may ask to see proof of dependent status.
Expect a lot of questions. More employers are asking workers to fill out questionnaires about illnesses and lifestyle habits to help estimate health costs. Many companies are giving employees incentives, such as discounted co-pays, to entice them to respond.
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