Fall is traditionally open enrollment time for health insurance and other benefits at Crete Carrier Corporation. Crete Carrier President Tim Aschoff recently discussed the broader topic of benefits on Sirius XM’s Dave Nemo Show. Aschoff also serves on the boards of two hospitals, and we wanted to highlight some of his insights.
Rising Costs
Health insurance premiums are expected to increase in 2023. Aschoff says two factors are driving higher premiums. General inflation is affecting the cost of health care, and demand for services is higher as patients “catch-up” on medical care deferred during the COVID pandemic.
“During COVID the hospitals were very busy with patients that had COVID, but the elective surgeries and other things were not being done. Those types of things are taking place now,” said Aschoff. “So medical plans are spending a fair amount of money on those things at inflated costs. Nationally it’s projected that premiums are going to be going up 10 to 15% this coming year.”
Aschoff says drivers, and all employees, should review their benefits plans during the open enrollment period.
“There are things you really need to pay attention to in your open enrollment packets, with respect to what plans your employer offers, what selections you can make to make sure you have the right plan for you at the right cost. And then, are there some things you can do to minimize costs, whether through a flexible savings account or some other plans your company may offer,” Aschoff said.
What Can You Do?
There are some things you can do to reduce your own health care expenses, and those of the company.
“One thing I tell drivers is to get your full preventative checkup. It’s covered by all health care plans,” said Aschoff. “Often, I hear, ‘I get my DOT physical, that should be good enough.’ But it’s really not. The best way to save money long term is to try to stay healthy and to do the preventative steps that you need to do to detect any illnesses.”
Aschoff says choosing the right pharmacy can also reduce health care costs. “We have a very good drug card with a low copay. But where you go and purchase the drugs can make a big difference.” Aschoff says prescription costs can vary depending on the pharmacy. Crete Carrier Corporation provides recommendations of pharmacies with lower overall costs.
Click the link to listen to the full discussion, including a conversation about retirement benefits.
Preventative checkups are covered by your health plan and can help you stay on top of your health and avoid costly medical costs in the long term.
“The best way to save money long term is to try to stay healthy and to do the preventative steps that you need to do to detect any illnesses.”
Crete Carrier Corporation COO Tim Aschoff
Crete Carrier’s annual open enrollment period for health insurance and other benefits is open from October 3rd through October 21st.