Survey results from the American Institute of CPAs shows a majority of U.S. adults cannot accurately identify basic health insurance terms. 51% of 1000 respondents, could not accurately identify at least one of the following terms: premium, deductible and copay.
“Alfac WorkForces Report” revealed that 89% of workers choose the same benefits year after year, because they don’t understand the options provided. Americans need to take time to familiarize themselves with key terms and assess their needs so they make the best decisions during annual open enrollment.
According to Colonial Life, the top mistakes employees make when enrolling in benefits:
- Not reading the benefits information before enrollment
- Not knowing what benefits they currently have and what they cost
- Forgetting to talk with their spouse about their family’s needs before enrollment
- Assuming the cost of a new benefit is unaffordable without seeing any prices
- Not attending the group informational meeting
- Not taking time to understand the upcoming changes in their benefit plans
Help your employees be informed, so they make wiser less expensive choices. There are some excellent and free resources out there to help.
Choosing Wisely (www.choosingwisely.org).–physician groups have joined with Consumer Reports to help promote the more effective use of health care resources
The artistic community. Good (good.is) on online community that aims to drive local collaboration and grass-roots progress–hosted a “transparency contest” that challenged graphic designers to create an easy-to-digest infographic that illustrates Affordable Care Act.
YouTube. Enter key words “health insurance 101” and your results will yield a free video library that breaks down health insurance words and then some.
When employees are informed, they make wiser, less expensive choices. And that benefits everyone.
Reference: Butler, K (2013, November) The ‘Sight Words” of Health Benefits. http://www.workforce.com/articles/20029-the-sight-words-of-health-benefits