Mona Zilke

speaker

101 appearances 2 recordings 1 series first heard Oct 2019 last heard Oct 2020

Mona Zilke’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Open Enrollment: Choosing Health Benefits in a Pandemic · 29 Oct 2020 podcast

I realize that everyone is eager to get back to normal, but in the midst of a global health crisis, this is not the year to hit the default button on your benefits.

Really making sure that you don't procrastinate.

Thank you for having me today.

So typically when people go through an open enrollment, they're really focused on the core workplace benefits of medical, dental, and vision.

And while it's important to think about those coverages, we know that 4 in 10 Americans have gaps within those coverages.

For example, an average cost of one day in the hospital in the U.S.

is around $2,400.

with the average patient staying more than four days.

So this year, something for employees to think about are voluntary benefits or supplemental benefits offered through their employer.

And those can be things like accident insurance.

So if you have an accident or your child has an accident, it can pay for living expenses such as utility bills, even pizza delivery and dog walking, or

or hospital indemnity coverage.

If you are thinking of having a baby within the next year or you have an accident that hospitalizes you, that coverage can help protect you.

And the one thing that's important to think about with these coverages through your employer is a lot of time they can be lower cost.

So the average accident insurance generally costs less than an eight pack of sparkling water a week.

And an average hospital indemnity policy can be between $250 and $300 a year, which is less than a dollar a day.

I realize that everyone is eager to get back to normal, but in the midst of a global health crisis, this is not the year to hit the default button on your benefits.

Really making sure that you don't procrastinate.

We know that average employees spend 17 minutes enrolling in their benefits, but they spend an average of four hours looking for a new cell phone to buy.

So this year, it's really about taking the time to understand the coverages that you had last year.

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