A message from Mary Beth Clifton, Director, Total Rewards and Workforce Planning
Open Enrollment for your 2016 benefits begins next Monday, October 19 and continues through Friday, October 30, 2015. This is likely one of your most important financial decisions for 2016.
While experts can explain what our health plans cover, only you and your family know what best fits your needs. Knowing your personal numbers and health needs will help you make an informed decision as you select your health care insurance.
To best select what is the most appropriate coverage for you and/or your family, consider your actual health coverage needs:
Look at your claims over the last two years. Visit myCigna.com to review your claims information over the past year.
- Do you have ongoing medical needs, and what is the typical cost of care?
- Have you had few claims, and have you been paying for more coverage than you need?
- How close have you come to your out-of-pocket maximum?
Look at your current medications. Visit welcometouhc.com to review what your costs will be based on the drug coverage tiers.
- Are there comparable drugs that may cost less?
- Do you have ongoing maintenance medications? Determine what tier they are in, so you can determine your cost.
- If you are taking maintenance medications, check out how the mail order pharmacy may save you money. For information on the mail order pharmacy, attend a Benefits Tour session.
Check if your current providers are in the UnitedHealthcare network by visiting welcometouhc.com.
- If your current providers are not in the network, you may still access out-of-network providers on three of the four plans. If you decide to maintain an out-of-network provider, this may guide your plan selection.
Look at your total family circumstances for 2016.
- Do you need as much coverage as you’ve had in the past? If you have a spouse or dependents you’d like to include on your plan, do they need as much coverage as in the past?
- If you have a spouse, does he or she have coverage with an employer that may provide better options than Valencia?
- If you have dependents, do they qualify for coverage at Valencia? For eligibility details, attend a Benefits Tour session.
- As a result of the Affordable Care Act, you now have more choices for coverage. Consider alternative options with Healthcare.gov or other providers, such as Florida KidCare, or contact an independent insurance broker for additional options.
Determine your personal risk tolerance.
- Valencia’s plans offer out-of-pocket limits to provide you financial security. How comfortable do you feel reaching the out-of-pocket limits of each plan?
- Having a plan with copays each time you go to the doctor results in a more expensive plan and higher payroll deductions for spouse and dependent coverage; whereas, paying coinsurance up front when seeing a doctor results in a less expensive plan and lower payroll deductions. Pick the balance that’s right for you.
Consider your long-term health care journey.
- Valencia’s Choice Plus Gold plan offers above average financial security.
- Valencia’s Choice Plus Health Savings Account (HSA) Silver plan offers average financial security with the opportunity to save money for future health expenses.
To learn more about your choices, if you haven’t already, attend a Benefits Tour session.