Smart Health

(ARA) - Americans have been hearing more about health care and health insurance these days than ever. But, when it comes to understanding their own health benefits, many may be missing opportunities to take advantage of their options and even save money throughout the year. This is especially true at open enrollment – typically the only chance for millions of Americans who receive benefits through an employer to make changes to their health benefits plans for the coming year.

A recent survey from Plan for Your Health, the health benefits public education program from Aetna and the Financial Planning Association, found that less than 20 percent of insured adults surveyed consider themselves very knowledgeable about their health benefits plan. With the majority more concerned about their finances now compared to five years ago, and millions of Americans faced with making annual health benefits decisions during open enrollment, this is alarming.

It is important that consumers make smart, financially-savvy health benefits decisions at open enrollment and throughout the year. The decisions they make at open enrollment can have a big impact on their health and finances.

“Making health benefits choices during open enrollment can be confusing, especially as people cope with the current economic situation,” says Dr. Wendy Richards, family physician and national medical director for Aetna. “However, consumers who do a little homework up front are in a better position to choose a plan that will help them stay fit and healthy, manage any chronic health conditions that may impact their family, and even save money in the long run.”

Plan for Your Health’s updated free consumer guide, Navigating Your Health Benefits for Dummies, makes it easier. The guide has tips on everything from how to navigate health benefits after a layoff, to how to take advantage of money-saving opportunities in today’s economy, to how to use online resources like Personal Health Records.

“Navigating Your Health Benefits for Dummies is a great resource to help consumers understand their options so they can make the best decision for their individual situation,” says Richards. The free guide is available as a digital download at www.PlanforYourHealth.com or as a hard copy that can be requested on the site.

Easy-to-understand health benefits information is crucial in today’s tough economy. Yet more insured women ages 24 to 44 (the main household decision makers) say they are spending less time researching available plans this year than they reported five years ago in a similar survey. In 2004, 30 percent spent less than one hour reviewing the available plans before settling on one. In 2009, this has jumped to half of women.

“People really should arguably be spending more time reviewing their options at open enrollment this year in light of the uncertain economy,” says Tracey Baker, certified financial planner and former chair of the Financial Planning Association’s National Capital Area. “Open enrollment is a fantastic opportunity for consumers to evaluate their health benefits plan and make choices that are best for their health and wallet. They need to take advantage of it.”

Courtesy of ARAcontent