COLUMBIA, S.C. — 2019 is coming to an end in just a few months and that means that certain financial topics need addressing before the big ball drop. A topic that tops many lists is open enrollment.
Over 33% of employees either somewhat understand, don't understand or have no idea how their benefits work at all. News19's Money Expert Steven Hughes is helping answer a few questions you may have about your open enrollment period.
1. How do I pick the best plan for me?
Hughes says that people trying to find the best plan for them will want to look into Health Savable Accounts or HSA's. These accounts are funds that are funded by both the employee and the employer. An HSA is tax-free fund that allows the owner of the account to pay for medical expenses. HSA users will be able to swipe a debt card connected to their account to pay for expenses.
2. Should I make any changes to my current benefits?
Hughes says that every year people should review their current plan and make sure that it still fits them. Some common changes to an insurance plan are things like birth of a child, marriage, or if a spouse is planning on adding their spouse to a family health plan.
3. Is my doctor in-network?
Hughes says that the best way to get a fast answer for this question is for a person to ask their doctor or health care provider if they are part of their company's health plan.