It’s Open Enrollment season for millions of people across the country. Whether you are on a company-sponsored benefits program, an individual plan, or Medicare, the Open Enrollment period often brings about change and confusion.
Many employees report that they spend little time contemplating their benefit elections during their Open Enrollment period each year, even though choosing the appropriate plans could have significant financial implications on individuals and their families. This lack of deliberation is primarily due to the complexity and lack of education provided regarding their options.
Here is a list of tips to provide to your employees as they go through your company’s Open Enrollment this year:
Attend an Open Enrollment Education Session:
Make sure you attend an Open Enrollment Education Session provided by your employer or Benefits Broker. It is important to understand updates and changes to your offerings each year.
If you cannot attend an Open Enrollment Education Session and have questions about your benefits, reach out to your Benefits Broker to answer your specific questions.
Understand Your Needs, Health History, and Anticipate Changes:
Consider your healthcare needs, anticipated medical expenses, and any ongoing medical conditions. Evaluate how often you visit doctors, specialists, or require prescription medications.
Consider any life changes, such as marriage, the birth of a child, or planned surgeries, that might impact your healthcare needs during the coverage period.
For a thorough review of your medical history, you can log into your insurance carrier’s online portal and pull the Explanation of Benefits (EOBs) for all services you received in the past year. These EOBs will tell you what you paid for each service and how it was covered under insurance. If you need assistance reading your EOBs, reach out to your Benefits Broker.
Compare Plan Options and Costs:
Review all available health insurance plans provided by your employer. Compare their features, premiums, deductibles, copayments, and coinsurance to determine which one aligns with your needs and budget. Consider how your life may have changed in the last 12 months and how your benefit selections may need to be updated accordingly.
Assess your budget to determine how much you can comfortably afford to spend on premiums, deductibles, and copayments. Ensure the chosen plan aligns with your financial situation.
Check for extra benefits that may have been added to your program from last year, such as vision, dental, disability, life and AD&D, and wellness programs. Evaluate their coverage and how they fit your needs. Understand if your employer contributes towards these benefits.
Reach out to your Benefits Broker if you need clarification on the benefit offerings or have specific health concerns you would like to discuss.
Check In-Network Providers and Covered Prescriptions:
Ensure that your preferred doctors, hospitals, and healthcare facilities are in the network of the health insurance plans you are considering. Out-of-network care is typically more expensive.
If you take regular medications, check the plan's formulary to see if your prescriptions are covered and at what cost. Consider whether you'll need to switch medications to fit the plan's coverage.
5. Check Your Beneficiaries:
Company sponsored benefits such as life insurance require you to choose a beneficiary to receive the proceeds in the event of your death. As your life changes, it’s important to keep these selections and forms updated to ensure your wishes are met
By taking the time during Open Enrollment season to carefully consider their needs, compare plans, and understand the details of each option, employees can make well-informed decisions now that could save them and their family significant time, money, and headaches in the year ahead.
Contact Us:
Michelle Clements
Account Executive, Employee Benefits
Office: 215-542-8030