07 Nov [Open Enrollment] What Is the Cost of Doing Nothing?
We’re now in the open enrollment period, which means people across the country are making decisions on their health insurance coverage for the coming year. Some people are ahead of the curve and have already mapped out their plans, while others still haven’t decided. We’re here to tell you, the cost of doing nothing can be expensive.
The question is, when people do nothing, how expensive can it really be?
There are many reasons for doing nothing: complacency, lack of time, prioritization, fear, and even lack of knowledge, but it’s that last one we’d like to address and mitigate. Let’s start with a simple fact.
80% of all bankruptcies are due to medical bills
The big problem occurs when people don’t have access to employee benefits, and the big problem for employers occurs when they cannot find staff because potential hires can go somewhere else where medical insurance is offered.
For individuals, no access to employee benefits can mean limited choices that come with other insurance options. At the same time, deductibles are lower with employee plans, max out of pocket costs are lower, and provider access is typically better when compared with individual Affordable Care Act plans.
The bottom line is we’re now a few days into the current open enrollment period. For individuals, we encourage you to consider all aspects of the plans your employers make available to you. For employers, we urge you to consider the benefits of providing superior healthcare coverage that come with company plans. Your staff will thank you, and you’ll likely have greater hiring and retention rates.
Learn more about the options available. Schedule some time to talk with us about open enrollment before the door closes.
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