Employees that aren't educated about their benefit choices waste approximately $750 a year and that decision stays with them for the year.  That according to Deb Krump from Krump Benefit Consulting and Aflac where she's worked for the past 18 years.  She helps people understand their health care plan include flex, dependent day care, unreimbursed medical and HSAs.  Krump says there is still a lot of employers who don't offer health insurance to their employees with those people instead going to the Mnsure exchange which have high deductibles.

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Krump says there are 2 things people need to understand, their deductible and their max out of pocket.  The max out of pocket is the maximum you would pay before the health insurance plan kicks in.  She says the most expensive place to be is the hospital.

Deb Krump and Jay Caldwell (photo - Jay Caldwell)

Krump says people need to understand about their networks and make sure they have providers in Central Minnesota or close to where they live.  What doctors are in your network can change each year.  She says it's important to know if you have regional options in your plan like Mayo.  Krump says to ask questions to make sure those options are available.  She says kids can remain dependents until they are 26 for health insurance and 25 for life insurance.  That's when they age off a parent's plan regardless of college status.

December 7th is the time to get enrolled or re-enrolled for Medicare with plans starting on January 1st.  This is for people who are 65 years old age or older or disabled.  Krump says for those who are enrolled in the workplace it is important to know if you have active enrollment or passive enrollment.  She says if coverage plans don't change and you don't plan changes passive could be a possibility but flex options monies need to be updated each year.  Krump encourages people to not go on autopilot with Health Care.

If you'd like to listen to my conversation with Deb Krump from Krump Benefit Consulting it is available below.  She can be reached by calling 320-217-6040.

 

 

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