UMB Healthcare Services’ CEO Provides Perspective on Maximizing Open Enrollment Period

Open enrollment season is occurring for most companies and this offers a window of opportunity for individuals not only to enroll but also to make changes to their benefits. This period is an ideal time for individuals to evaluate their past, current and future health care needs. Dennis Triplett, CEO of UMB Healthcare Services, a division of UMB Financial Corporation (NASDAQ: UMBF), provides the following perspective regarding the importance of getting the most out of the open enrollment period and key health care considerations:

“The time is open enrollment, and the time is now, for individuals to actively engage and educate themselves on their health care options, weigh their benefits and ultimately plan for future health and financial well-being,” Triplett said. “This should not be a passive event – often times employee benefits automatically renew, or individuals do not take the time to critically examine their needs and options. Actively participating and engaging individuals in the open enrollment period will in turn help one make the most out of every dollar and guide him or her to better health and wellness. This has a positive impact on both the individual and business.”

According to a recent Harris Interactive/Aflac study, 77 percent of people admit that they have made mistakes when signing up for their benefits packages in past years, with 42 percent admitting those mistakes cost them money. In the survey, the most common mistakes individuals made included choosing the wrong deductible, not taking advantage of a flexible spending arrangement (FSA) and passing on coverage that they later wish they had taken.

“Analyzing past health care costs is a good first step for future planning,” Triplett said. “From co-pays to prescription drugs, adding up costs (and making sure all receipts are on hand) can serve as a benchmark for future needs. Then, individuals should compare these costs to their current plan to see if they are fully utilizing, or underutilizing, offerings. If there are any major changes to health care needs, or life changes such as dependents, they should be calculated into planning for the next year.

With FSAs, remember that balances do not roll over year-to-year, so the account should be fully used during your plan year. To make the most of an HSA account, individuals should see if they are contributing as much as they can consistent with their personal or family budget (subject to annual IRS limits). Additionally, reviewing changes in health care policies from the past year is a helpful practice, especially in light of health care reform (The Kaiser Family Foundation has a wealth of information).

“Throughout the open enrollment process, individuals need to use the resources available, especially their employer’s human resources department. In turn, it is critical for businesses to invest in their benefits communication efforts and work closely with employees during open enrollment. Open enrollment should be a time of open discussion. Research, planning and communication are key to making the most of this important time of year,” Triplett said.

About UMB:

UMB Financial Corporation (NASDAQ: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, asset management, health spending solutions and related financial services to commercial, institutional and personal customers nationwide. Its banking subsidiaries own and operate banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. Subsidiaries of the holding company and the lead bank, UMB Bank, n.a., include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers. For more information, visit umb.com or follow us on Twitter at @UMBFinancial.

UMB Financial (NASDAQ:UMBF)
Historical Stock Chart
From Sep 2024 to Oct 2024