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 when choosing benefits during Open Enrollment and even save money throughout the year. A survey released today from Plan for Your Health, the health benefits public education program launched in September 2004 by Aetna (NYSE: AET) and the Financial Planning Association (FPA), 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.
To celebrate its sixth Open Enrollment helping Americans make smart, financially-savvy health benefits decisions, Plan for Your Health again teamed up with Wiley Publishing to release an updated version of its free consumer guide, Navigating Your Health Benefits for Dummies. Following huge consumer demand for the first edition published in 2006, the second edition, available at www.PlanforYourHealth.com, will be even more helpful to today's consumer, with easy-to-understand tips on everything from how to navigate health benefits after a layoff to how to make the most of benefits in today's economy. It even includes a tear-out page with "Ten Money-Saving Tips."
"Making health benefits choices during Open Enrollment can be confusing, especially as people cope with the current economic situation. 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," said Wendy Richards, M.D., co-author of Navigating Your Health Benefits for Dummies, a family physician and National Medical Director for Aetna. "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."
Easy-to-understand health benefits information is crucial in today's tough economy. Yet more insured women ages 24-44 (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. The decisions consumers make about their health benefits 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 - can have a big impact on their health and finances throughout the year, making smart choices more important than ever.
"People should arguably be spending more time reviewing their options at Open Enrollment this year in light of the uncertain economy," said Tracey Baker, co-author of Navigating Your Health Benefits for Dummies, CERTIFIED FINANCIAL PLANNER(TM) professional and former chair of FPA'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."
Navigating Your Health Benefits for Dummies is available free to consumers as a digital download at the campaign website www.PlanforYourHealth.com or as a hard copy that can be requested on the site. The handy 64-page guide assists consumers in navigating all aspects of health benefits, from choosing a plan, to using online resources like Personal Health Records (PHRs), to taking advantage of money-saving opportunities.
Health Benefits Habits