Selecting the right health insurance plan may be one of the most important decisions Americans will make this open enrollment period, yet many workers do very little research on their health benefits. In fact, 41 percent of employees spent 15 minutes or less researching their benefit options during the 2013 open enrollment season; and nearly a quarter (24 percent) spent five minutes or less according to the newly-released 2014 Aflac Open Enrollment Survey.

The 2014 Aflac Open Enrollment Survey was conducted online among 2,100 U.S. consumers in June and July 2014 by Research Now on behalf of Aflac, the leading provider of supplemental insurance in the United States.

In contrast, American workers typically spend more time:[1]

• Researching for new car purchases — 10 hours.
• Planning family vacations — five hours.
• Shopping for new computers — four hours.
• Deciding what television to buy — two hours.

Considering that employees pay an average of $4,565 a year in premiums[2] for an employer-sponsored health plan which helps protect their financial well-being as well as those of their loved ones, the 15 minutes allocated to benefits selections pales in comparison to time spent researching popular consumer purchases.

"It's concerning to learn that many Americans invest time in finding the right television, but may not be taking enough time to choose health benefits that best fit their needs and the needs of their families," said Matthew Owenby, vice president of Human Resources at Aflac. "It's important for workers to educate themselves about their health care options to ensure they select the right insurance coverage that provides protection and avoids costly mistakes down the road."

Common Enrollment Mistakes

Those who don't set aside time to research their insurance options may make hasty benefits decisions and end up wasting money. The Aflac survey found that the majority (90 percent) of workers are "auto-enrolling" or keeping the same benefits year after year. And, 4 in 10 (42 percent) workers waste up to $750 each year on mistakes with their insurance benefits.

The survey also revealed:

• Most workers (73 percent) only sometimes, rarely or never understand everything that is covered by their policy.
• More than 6 out of 10 workers (64 percent) sometimes, rarely or never understand changesin their coverage.
• 64 percent disagree or only somewhat agree that they are more prepared for open enrollment this year compared to last year.

Take Advantage of Benefits Education Resources

To be prepared for open enrollment this year, it's essential for workers to be proactive and take advantage of the benefits education resources available to them. To minimize confusion during the benefits selection process, Owenby suggests the following:

• Carefully review and compare all available benefits information. Take time to look up terms you don't understand such as voluntary insurance, deductibles, out-of-pocket expenses and others.
• Understand the financial implications your choices have on your budget. In addition to monthly premiums, make sure you can afford the yearly deductible costs. If a high deductible looks like it may be a burden, choose a plan with a slightly higher monthly premium and a lower deductible that is easier to manage.
• Ask your employer to arrange meetings with health care insurance agents or brokers to answer questions.
• Attend on-site seminars, participate in webinars and read the relevant education materials.