Group Health Insurance Cost Saving Tips for Open Enrollment

Group Health Insurance Cost Saving Tips for Open Enrollment -

For many companies, open enrollment is around the corner for health insurance plans of group. It is time that employees can change their current plans and trying to save money or get more coverage for the following year.

Here are some tips for employees looking to save on group health insurance costs in 2012:

• People with a Preferred Provider Organization (PPO) should compare the cost PPO to a Health Maintenance Organization (HMO). HMOs usually offer lower monthly premiums because there is a smaller network of health care providers. However, these plans will not cover off-network costs and require referrals to see specialists.
• Employees who do not want to change a PPO to HMO Plan should consider a higher deductible. Increasing the deductible will reduce the monthly payments and can be combined with a health savings account (HSA). Remember to choose a franchise that can be reached in case of emergency or illness.
• Instead of sticking with a medical savings account with an employer, consider opening an HSA with a bank. HSA allows consumers to enjoy the tax-free savings and the funds never expire.
• Compare group plans to individual health insurance plans in the private market. group health plans are not always the best choice for some consumers.
• Take advantage of wellness and prevention programs that employers offer. Some companies now offer premium discounts or other incentives for employees to start working and stop smoking.
• At the request pharmacy generic prescriptions instead of brand name drugs.
• Compare the cost of health care services before receiving care - especially when the co-insurance rate must be paid.

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