Open Enrollment: Choosing Health Benefits in a Pandemic
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When does open enrollment start and why is it more important during the pandemic?
Here's your money briefing for Thursday, October 29th. I'm J.R. Whalen for The Wall Street Journal. For millions of Americans, open enrollment for health insurance starts in just a few days. That's the time for choosing or changing the health benefits you'll get next year. Selecting the right set of benefits can be overwhelming enough, but planning your health coverage during a pandemic requires more attention to detail than usual.
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.
That's Mona Zilke, Senior Vice President of financial advisory company Voya Financial. Coming up, she'll explain what types of health coverage options employees should consider and clear up some confusion about health savings accounts. That's after the break.
Who is Mona Zilke and what role does she play in advising on benefits?
For many Americans, the annual enrollment period to sign up for next year's health benefits starts in a few days. A global health crisis can mean an added level of uncertainty over which selections are right for you. For some answers, let's bring in Mona Zilke from financial advisory company Voya Financial. Mona, thanks for being with us.
Thank you for having me today.
So, you know, when people go online to make their health insurance selections, it might involve a quick process of clicking some boxes or hitting send. How is this year different?
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.
How is this year’s open enrollment different and what coverage gaps should employees watch for?
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.
So with all those options, people should plan to put aside more time than usual.
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.
What supplemental or voluntary benefits (accident, hospital indemnity) should employees consider?
Think about what your next year looks like. You may have put off possible elective medical visits because of COVID-19 that you'll be able to do in 2021. And you'll want to think about those coverages and look to see how different coverages can help protect you.
Now, for a lot of people, their income or their level of health coverage may have changed this year because of the pandemic.
How should changes in income or family plans from COVID-19 affect benefit choices for 2021?
How should that play into their decision making for 2021?
I think it's very much really reviewing your individual and your family needs and thinking about how you can provide protect your family in times of need, knowing what your financial situation may be. And so, you know, it is time, as we said, don't hit the default button, don't procrastinate and really explore the benefits that are offered by your employer.
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Chapters
6 chapters
1
When does open enrollment start and why is it more important during the pandemic?
0:05–1:02
2
Who is Mona Zilke and what role does she play in advising on benefits?
1:02–1:49
3
How is this year’s open enrollment different and what coverage gaps should employees watch for?
1:49–3:29
4
What supplemental or voluntary benefits (accident, hospital indemnity) should employees consider?
3:29–3:52
5
How should changes in income or family plans from COVID-19 affect benefit choices for 2021?
3:52–6:15
6
What do employees need to know about HSAs, contribution limits, portability, and how they help with high-deductible plans?
6:15–8:29
Speakers
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