It’s that time of year when employers are beginning annual open enrollment for employee group health insurance plans. Even if you think your status has not changed recently or since the last enrollment period, it is recommended you follow these simple steps to ensure you are getting the most from your coverage. If anything, you will be informed in the event you want to go out and generate your own private health insurance quotes just to test the market.

Although your health coverage enrollment packet may appear complicated, the information inside can be broken down into simple parts. Most will provide a summary page that helps you compare the main points of each plan side by side.

Basic Changes or Additions You Can Make During Enrollment

If you’re not currently enrolled in a health insurance plan at work, then open enrollment is for you. If you are enrolled, you may switch plans (if this an option), correct inaccurate information, or add eligible dependents, such as a spouse and children not previously covered.

Cheaper Monthly Premiums or Lower Co-Payments; Which to Choose?

It depends on your situation. If you’re young and healthy, you can go for lower premiums and higher co-pays. But if you’re older, have a chronic health condition, or have young children who make frequent visits to the doctor, you’re better off with higher premiums and lower co-pays. You also have to weigh the value of your health plan against what you pay yearly. If you go with a cheap health plan but it doesn’t pay for the benefits you need, you are not getting good value for your health insurance dollars.

Examine the Maximum Lifetime Benefit

A lifetime benefit maximum is a cap on the amount of benefits available to you. In other words, it’s the point where you max out your coverage. Many health plans cap lifetime benefits at $1 million. A health plan with a high deductible and a low lifetime maximum benefit is typically less expensive than a low-deductible plan without any maximum-benefit limits.

If a plan has a relatively low lifetime maximum cap, think carefully about how much risk you’re willing to assume. These plans are attractive because they cost very little per month compared to other plans, but you should consider what would happen in the event of a major hospitalization or injury. Those “cheap” benefits may end up costing you more in the long run.

What’s better, an HMO, POS or PPO? And what are they?

There are several health plan choices, including traditional indemnity fee-for-service plans (FFS), health maintenance organizations (HMO), point of service plans (POS), and preferred provider organizations (PPO). Each plan has its own features to consider before making your choice. The key here is to ensure your doctor that you currently use in “in-network.” Otherwise, you may have to find a new primary care physician.

Be sure to study your packet and think through scenarios that might be akin to your own situation and ensure you will be properly covered. The main thing is to not leave yourself open or uncovered in the event you do need to cash in on those benefits. Take some time and talk to others in your organization and see what health plans they have chosen and why. Just remember, 12 months from now, you’ll be doing this all over again; like taxes!

David, a marketing expert, hits a major point that has been starling to me.

Marketers generally quit marketing to you around age 47. That’s because Madison Avenue thinks you’re dead at 50.

Well, I’ve got news for them.

I’d like to start with what used to be one of my favorite stores, Talbots. I started buying my clothes there in high school.

I don’t know, but it seem like it’s a whole lot easier to keep the customers you’ve got than to go out and start reeling in new ones. I was already sold on the brand. But what do I know? I’m dead.

And no, I’m not interested in really anything in their ’strange’ new catalog I received in the mail yesterday. They might as well save their postage.

Why? The clothes are ugly.

There, I’ve said it.

Perhaps another reason why some of us over 50 are not buying as much of the latest fashions, is we’re bored. You see, we’ve worn those clothes before- back in the 70’s. Is that really progress?

Is it still smart to write us off, Madison Avenue?

But go right ahead. It’s fine with me. 50 years worth of irritation and shouting and screeching and standing on your heads to get my attention is about all this baby boomer can take. So now I just punch the mute button.

But here’s another theory. Maybe we’re getting smarter. We buy what we need, not what anyone else tells us we need. We also buy what we want. If that’s a new garden hose, so be it.

It’s so freeing.

Besides, more and more of us seem to be getting very interested in investments and retirement. Suddenly Municpal Bonds is the exciting subject you talk about while you’re walking around the lake. Who would have ever thought?

What do you think? Are you as feed up with Madison Avenue as I am?

Or am I just having a bad hair day and I’m taking it out on those poor advertisers from New York City who don’t want to sell to the lady in Nashville anymore- and I’m just hurt about that?

Write in and let us know your thoughts.
And stop by David’s very excellent blog and read The Hobgoblin of Lazy Marketing and Research Minds