Get money's worth with smart health benefit picks during open enrollment

Employers will soon be offering workers their yearly opportunity to make changes to their health care benefits. All too often this open-enrollment period has required combing through pages and pages of confusing insurance terms.

But this year, workers will receive help translating that jargon thanks to a new requirement that insurers provide a user-friendly coverage summary of all health plans. Combined with innovative wellness plans that reward employees for staying healthy, experts say millions of workers should be able to make smarter benefit decision and save money in the process.

«There’s a $5 or $10 bill just sitting there,» says Jody Dietel, chief compliance officer with WageWorks. «They have to do a little bit of homework, but that $5 or $10 is theirs for the taking.»

More than 55 percent of insured workers estimate they waste up to $750 each year because of mistakes during open enrollment, according to a recent survey by insurance provider Aflac. Those wasted dollars are more crucial than ever. Even three years after the recession ended, 62 percent of middle class Americans tell the Pew Research Center they have been forced to cut back on spending in the past year.

Here are ways to make sure you’re getting every dollar’s worth from your health benefits:

Make time

«I think people spend less than an hour on (open enrollment — not because they don’t want to — but because they feel it’s overwhelming and complicated,» says Rebecca Madsen, a senior vice president with UnitedHealth Group. Open enrollment generally starts in October or November for plans that begin Jan. 1.

Many insurers are trying to present benefit information in interesting, more user-friendly ways. The Department of Health and Human Services offers a more straightforward website designed to demystify health care topics: www.healthcare.gov.

This year’s open enrollment should be easier to navigate. Starting this month, insurers are required to provide standardized eight-page summaries that explain key terms and cost details of their plans. The rule was passed as part of the Obama administration’s health care overhaul.

Stay fit, save money

Most large employers offer wellness programs designed to keep employees healthy and cut medical expenses. These programs often come with financial perks to increase participation. More than 81 percent of businesses with 50 or more employees offer at least one wellness benefit, such as gym memberships, quit-smoking programs and stress management classes, according to the Wellness Council of America, an insurance industry group.

These companies are trying to curb health insurance costs that have climbed more than 25 percent over the last five years, outpacing inflation.

Many companies offer cash or gift certificates to encourage employees to participate in their programs.

In some cases employees must provide evidence they are filling important prescriptions, or attending exercise classes before they can claim the financial reward.

Meanwhile, other employers are trying an opposite strategy by assessing penalties on those who have health risk factors. Experts say such carrot and stick approaches will likely increase in the years ahead.

Employers continue to give workers a chance to save money by setting aside pre-tax money for medical expenses. These flexible spending accounts can help employees save 20 to 40 percent on medical expenses not covered by insurance, such as braces, glasses and contact lenses.

Employees should estimate their out-of-pocket health care expenses and have that amount withdrawn from their paychecks over the course of the year. The money contributed to an FSA is not subject to payroll tax, which effectively lowers participants’ taxable income, but with the condition that they must spend the money before the end of the year. Money left in the account on Dec. 31 is forfeited.

The health overhaul makes one major change to flexible spending accounts beginning in 2013: Accounts will be capped at $2,500, which could limit tax savings for people with large families or expensive medical conditions.

Associated Press writer Tom Murphy contributed.

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