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!

Popularity: 19% [?]

• 21 Ways to Fight High Food Prices  Food costs are going up fast.  Some foods, such as rice, are already being rationed at Sam's and Costco. What's worse, there is no relief in sight as the prices for your favorite foods are  rising at an inflated rate of 4.5% per year.That means your eggs have already gone up 30......
• Have You Run Diagnostics Lately On Your Health Insurance? Just like any kind of insurance, you should be reviewing the status and amount of coverage you receive from your health insurance plan, at least once a year. What happens all too frequently is that coverages change, the deductibles change, the out of pocket amounts change, and you aren't aware......
• The Real Debate of the Health Care Debate President Obama may take the government run health care option off the table and some have interpreted that as a major concession. But is it? Will the President bring this option back later in the form of bits and pieces in other bills? What exactly is his plan, or was his plan? Why......
• The Best Way To Get Family Health Insurance There’s a need for health insurance of all kinds but one of the most serious types of affordable health insurance that you can get is family health insurance. It’s one thing to pick what you think you want and need when you’re dealing with health insurance for yourself or a......
• New Food Pyramid Puts Less Emphasis on Supplements  The new food pyramid is out and there is a special edition for older seniors over age 70.It was recently updated by nutritional experts at Tufts University.What is worth noting with this pyramid version is aging seniors are being advised to get less of their nutrients from supplements and vitamins and more from their......

• Self Employed Health Insurance Options I received the following question about self employed health insurance, and because I know many of you are business owners, or blog full time, I hoped you could provide some real world help for a fellow reader looking for health insurance. Robert writes in with the following question: I was wondering if......
• It's Health Insurance Open Enrollment Time - Choose Wisely. For those of you getting your health insurance from your employer, you will probably be asked either this month or next to sign up again for the insurance plan that you want. Most of us always stick with the same one we had the previous year, but with costs rising......
• Saving for a Rainy Day Having a few easy and down to earth concepts and ideas for spending less, cutting expenses and socking money away is a good way to start putting together a rainy day fund. This freed up money can be applied to your emergency fund so that you can weather any financial......
• Save On Your Car Insurance With Proper Emergency Savings We already know the importance of adequate savings don't we?  Well here's an additional benefit for having savings - You can save on your car insurance! You know about your car insurance deductible? This is the amount you have to pay on an insurance claim before your insurance kicks in......
• How To Save Money On Your Auto Insurance. Sure, we all know a few good ways to knock some bucks off of your car insurance. Me? I am contemplating getting rid of my car altogether since I work at home and can walk to most anything I could need within a few blocks. But for those that are......