According to the announcement, the new tool, available on www.MyGreatWest.com , helps users evaluate costs for up to three medical plans. The tool estimates annual out-of-pocket health care expenses for an individual or family based on plan parameter information entered by the user.
The tool also factors in potential tax savings from user-entered information about pre-tax payment of premiums and contributions to a health savings account (HSA) or flexible spending account (FSA), the announcement said.
Using the tool, users can compare multiple plans from one employer or compare a single employer plan with a spouse’s employer plan. The results given by the tool are only an estimate of the expected out-of-pocket costs for the plan year based on the information provided by the user, and actual costs may differ, Great-West said.
“As enrollment choices become more complex, a tool such as this is important to help employees evaluate their plan options, especially as consumers are facing more financial responsibility,” said Julie McCarter, vice president of product management, Great-West Healthcare, in the announcement.
For more information, visit www.greatwesthealthcare.com .