Great-West Adds Cost Comparison Tool to Resources

November 8, 2006 ( - Great-West Healthcare has announced the addition of a Plan Cost Comparison Tool to its suite of decision support resources.

According to the announcement, the new tool, available on , 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.

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