Reviewing your healthcare benefits annually is one of the most important financial and wellness decisions you can make. Yet, most employees rush through open enrollment, choosing the same plan they had last year without considering whether it still fits their needs. A structured annual review ensures you’re not overpaying for coverage, missing out on preventive care incentives, or leaving money on the table-especially with innovative systems like WellthCare that turn healthcare into wealth-building.
The following best practices will help you approach your benefits review like an informed consumer, leveraging every tool available to maximize your health and financial security.
1. Start With a Personal Health Inventory
Your health needs change year over year. Before you look at plans, take stock of your own situation. Ask yourself:
- Did I have any major health events this year? New diagnoses, surgeries, or ongoing conditions change your care needs.
- What are my expected medical needs for the next year? Consider planned procedures, upcoming births, or known prescriptions.
- How often do I use preventive care? Annual physicals, vaccinations, and screenings are covered at $0 in most plans-and in WellthCare, they also earn you rewards.
- What medications do I take regularly? Review your formulary to see if your drugs are covered and at what tier.
Write down your typical annual healthcare spend, including doctor visits, prescriptions, and any out-of-pocket costs. This baseline is essential for comparing plans.
2. Understand the Full Value of Your Benefits-Not Just the Premium
Premiums are only one piece of the puzzle. Total cost of coverage includes:
- Monthly premium (what you pay for the plan)
- Deductible (the amount you pay before insurance kicks in
- Copays and coinsurance (your share for visits and services)
- Out-of-pocket maximum (the most you’ll pay in a year)
- FSA or HSA contributions (pre-tax savings opportunities)
Pro tip: Don’t just focus on the monthly premium. A plan with a higher premium but lower deductible may save you money if you have regular prescriptions or ongoing care. Conversely, a lower-premium, high-deductible plan paired with an HSA can be a powerful wealth-building tool if you’re generally healthy.
3. Look for Plans That Reward Preventive Care
Traditional health plans often underincentivize prevention. But forward-thinking employers are adopting systems like WellthCare, which turns preventive actions into immediate financial gains. When reviewing your options, ask:
- Are there $0-copay preventive services? Most plans cover annual checkups, but WellthCare goes further by rewarding every scan, lab, and adherence step.
- Does the plan offer cash or store credits for healthy behaviors? WellthCare’s Store™ provides real, spendable dollars for preventive actions-not just points.
- Can I earn retirement contributions through my health choices? WellthCare automatically deposits into a SEP or pension account tied to healthy activities.
These features turn your annual review from a cost comparison into a wealth comparison.
4. Evaluate How Your Plan Handles Pharmacy Costs
Prescription drug pricing is one of the biggest areas of waste in healthcare. Best practices for pharmacy review include:
- Check the formulary: Are your medications covered at the lowest tier? Could you switch to a generic or preferred brand?
- Look for integrated pharmacy solutions: WellthCare Pharmacy™ replaces opaque PBMs with transparent, aligned pricing, often saving 20-40% on drug costs.
- Does the plan offer mail-order or auto-refill? These features improve adherence and reduce waste.
- Are there medication adherence reminders? WellthCare’s app and “Wellby” concierge remind you to take and reorder medications, tying directly to your store rewards.
5. Consider How Your Plan Prepares You for Retirement
Most people treat health benefits and retirement planning as separate. But the best benefits today connect them. WellthCare, for example, automatically builds your pension as you take preventive health actions. During your review, ask:
- Does my employer offer an HSA? HSAs are triple tax-advantaged and can be invested for long-term growth.
- Are there employer contributions to my retirement account tied to health behaviors? WellthCare’s system does this seamlessly.
- What happens at age 65? WellthCare Medicare™ keeps you inside the same ecosystem with integrated pharmacy and store rewards, removing the cliff most employees face.
Your annual review is a chance to see how your health plan feeds into your long-term wealth-not just your immediate medical needs.
6. Use Technology to Simplify the Process
Spreadsheets are fine, but modern benefits platforms make comparison easier. Look for:
- Decision-support tools: Many employers provide side-by-side plan comparisons, cost estimators, and personalized recommendations based on your claims history.
- The WellthCare Readiness Index™: After a year on WellthCare, this AI-driven report analyzes your actual preventive behavior, medication usage, and age eligibility to show you-and your employer-exactly how much can be saved by optimizing coverage.
- Mobile apps: WellthCare’s app updates your store balance and pension in real time, making it easy to track your health-to-wealth progress throughout the year.
7. Don’t Forget About FSAs and HSAs
These accounts reduce your taxable income and cover expenses your insurance doesn’t. When reviewing:
- FSA: Estimate your predictable medical, dental, and vision costs. FSAs are use-it-or-lose-it, so don’t overconribute.
- HSA: If you have a high-deductible health plan, maximize your contributions. HSAs roll over indefinitely and can be invested.
- WellthCare Store™: If your plan includes it, your earned rewards are FSA-compatible and available on over 3,000 health-boosting products-effectively giving you free money to spend on health.
8. Check for New Offerings or Ecosystem Changes
Employers often add or remove plans, carriers, or benefit features each year. Look for:
- New plan types (e.g., a self-funded option like WellthCare Complete™ that can save 30-45% vs BUCA).
- New wellness or financial programs tied to health actions.
- Changes to network adequacy: Are your preferred doctors and hospitals still in-network?
If your employer offers WellthCare, note that it works alongside your existing health plan-meaning you can test the system with zero cost before ever switching your main medical coverage.
9. Think Long-Term: The Flywheel Effect
The best benefits create a positive cycle. WellthCare’s ecosystem flywheel-free care → less out-of-pocket → earned store dollars → growing pension-means each healthy action compounds value. During your review, ask:
- Does my plan reward loyalty and preventive behavior?
- Can I see how my choices today will improve my health and wealth in 5, 10, or 20 years?
- Is there a built-in migration path as my health and age change? WellthCare’s Readiness Index™, Medicare solution, and Complete™ plan ensure you never outgrow the system.
10. Involve Your Employer’s HR Team
Your HR team is a resource-not just a compliance check. Schedule a brief meeting or use open enrollment materials to:
- Ask about cost data: Many employers have aggregated claims information that can help you see the overall value.
- Request a Readiness Index™: If your company uses WellthCare, ask if a Readiness Index™ is available to guide your decision.
- Understand how benefits impact retention: Employers who invest in health-to-wealth systems like WellthCare see healthier, happier, and more loyal employees. Your annual review is an opportunity to align your choice with your long-term work-life goals.
Final Thought: Annual Review Is a Decision, Not a Default
Don’t auto-enroll. Take 30 minutes to run through these best practices. The health insurance industry is designed to be confusing, but tools like WellthCare are flipping the script-turning your healthcare decisions into automatic wealth-building. By reviewing your benefits annually with intention, you’re not just protecting your health. You’re investing in your financial future.