It's a popular time of year for open enrollment--when companies allow you to pick your insurance plan and other benefits. Andrew Rubin, Vice President for Medical Center Clinical Affairs and Affiliates NYU Langone Medical Center, estimates that 25 percent of people don't even open their benefits book and just go with the default plan. But this year it's more important than ever to analyze your options. Here are a few things to know:
What's different this year?
Most employers have changed their plans this year due to the economy, say Rubin, and you'll have to foot a much larger portion of the bill. Health care costs have soared, and in flush times, employers have absorbed those increases. But when companies are choosing between layoffs or passing health care costs to employees, they often pick the latter (or both).
What's the difference between an EPO and PPO and HMO?
It's worth nothing that all plans are different and