An Overview of Open Enrollment

Typically, employees offer a period of one to two months for employees to change their insurance coverage. This period is known as open enrollment and is an important time of year as changes can only be made during that time and if an employee does not act, they will be forced to wait another year. Most companies offer open enrollment towards the end of each calendar year giving employees ample time to research choose the best benefit package for their needs. In order to make sure that you are prepared when open enrollment comes around, here are some tips to help.

• Do Your Research: While most people simply choose the policy with the lowest premium, this may not always be the best choice depending on your needs. Many companies offer information about the various policies they offer and it is a good idea to read up on each before making a decision. If you have additional questions, ask for help from the human resources department or attend one of your company's insurance information seminars if offered.
• Understand Basic Health Insurance Terms: If terms like copay, deductible, and PPOs sound like Greek to you then you should familiarize yourself with insurance jargon before the open enrollment period. A lack of familiarity with these common insurance terms can put you at a disadvantage when it comes to choosing the appropriate benefit package.
• Examine Your Current Benefits and Future Needs: Before choosing an insurance package, take a look back at your healthcare spending over the last year and think about any changes to your lifestyle over the coming year. If you have just been diagnosed with diabetes or plan to have children, you may need to opt for a more inclusive plan.
• Make Sure Your Healthcare Providers are Still in the Network: Before signing up for any new policy, make sure that your current healthcare providers such as your family physician and hospital are still included in the new insurance package.

Open enrollment is an important time during the year and should not be overlooked. As it is only available for a short period of time, any decision made during open enrollment is written in stone for a year and therefore should be made with care. Through proper planning and education, you can be sure that you select the best insurance coverage for yourself and your family.

Topics of Interest
Open Enrollment »
Health Reform »