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Your Annual Performance Review - For Your Health Plan No
one looks forward to an annual review, but everyone agrees that it is necessary.
Reviewing your health insurance plan is just as vital. Spring
is the time for cleaning up and cleaning out. Not only is this the perfect time
to clean out your messy closet, it's also the perfect season to organize your
health records and review the costs of your health insurance plan — and the
benefits. A quick
clean-up and review can have some big payoffs with your health benefits plan.
If your records are accurate and organized, you can - Prepare
and plan for tax season
- Learn
new ways to save money by using pre-tax dollars to pay for eligible medical expenses
- Make
the right health benefit choices for this time in your life
"The
change in season is just the right time to get your health and financial records
in order," said Elizabeth Jetton, Certified Financial Planner™ professional
and former chair, Financial Planning Association. "This can be a first step toward
setting your goals, taking control of your finances and setting up a solid financial
plan you'll benefit from for the rest of the year."
Get Ready For
The Health Insurance Review
Locate medical bills and receipts from
doctors' visits during the year - whether paid by you or your insurance company.
Next, talk to your tax advisor about any new tax laws that could impact your personal
health insurance needs. Recent changes in the tax code that may influence how
families save and pay for health care and long-term care needs. Remember, the
deadline to file taxes is April 15.
Evaluate Your Plan & Consider
Other Health Insurance Options
Check with your HR department to determine
if you should consider a flexible
spending account (FSA) next year. With an FSA, money is taken from your paycheck
and put into an account to be used for medical expenses, like allergy medication
or contact lenses, throughout the year.
Review Your Health Benefits
Take a moment to review your health benefits plan to make sure that your
plan is right for your current situation. For example, having a baby, getting
married, taking a new job and starting over are all times when you have an opportunity
to re-evaluate your health insurance needs.
Some other considerations
for when you are sitting in your office chair:
* Think about the aspects
of your plan that you utilized the most in the past year and those that you did
not
* Be prepared. Review your Open Enrollment packet.
Understand any changes to your insurance package and how best to use your health
benefits. Visit your health plan Web site or your employer's intranet site for
information specific to you and your needs. Keep track of your annual health care
expenses including copayments for doctors' visits and prescriptions. For
more tips on making decisions for Open Enrollment, visit www.planforyourhealth.com.
Now that you've organized your health records, be sure to maintain your new
system throughout the year. Set aside time each week when paying bills or sorting
mail to keep your health records organized. When things don't pile up, it's easier
to have more time to enjoy spring.
Source...
ARA Content
Related
Sites of Interest: Business
Week Health Insurance Buyer's Guide Buying
Your Own Health Insurance Flexible
spending arrangement (FSA), or Flexible Spending Account | 
