(NEW YORK) -- It is health care benefits enrollment time for many workers and experts say it's more important than ever to look carefully at your policy.
Mellody Hobson, ABC News financial contributor and president of Ariel Investments, shared some tips to keep health care costs down.
Here are Hobson's top things to keep in mind when choosing your 2011 benefits:
1. Review Your Policy: According to Hobson, it's important to keep track of changes to your policy.
"You have to understand the changes that are occurring in your health plan," she said.
One study found that one in every nine employers expects to raise their co-pay amount by more than 15 percent.
While choosing the plan with the lowest premium is acceptable if you're in good shape and not anticipating any major surgeries, Hobson said your out-of-pocket costs may be much higher and might negate the savings you had in premiums.
2. Look at Premium Options: It's important to consider the level of health coverage.
Many plans now cover only 80 percent of those costs. Plans that cover more may cost you more in premium, so Hobson suggests that make sure you compare your premium versus what your average out-of-pocket costs will be with each plan.
3. Prescription Drugs Costs: The cost of prescription drugs is also another factor to consider when choosing a plan. Many plans are requiring prescription co-pays instead of a flat fee co-pay.
For example, for one drug you may pay 30 percent of the cost while another drug may cost you 50 percent.
Hobson said when you are comparing plans, consider what drugs you use and see if your total prescription co-pay amount exceeds any premium savings you get with the plan.
Copyright 2010 ABC News Radio