- Learn the Four "C's" of Open Enrollment
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Below are a few important things to consider when re-evaluating your health benefits this fall.
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If you haven't thought about your health benefits in nearly a year, then now is the time to take a fresh look at your health benefits information and decide what changes you might want to make. Most companies offering health benefits plans allow employees to adjust their benefits during a 30-day window between October and December.
Unless you undergo a major life event, such as changing jobs or getting married, your benefits decisions last a full year. So it's important to make well-informed selections. The challenge is carving out time to review your current benefits and understand the new benefits materials provided by your employer. If you have health benefits through your spouse's employer, review your budget and plan options together.
If you have individual coverage, check with your insurance carrier about Open Enrollment timing and guidelines. If you don't have health benefits currently and are researching coverage options, check to see if any professional or alumni association you belong to (or could join) offers group coverage. Visit your state Department of Insurance website or talk with an insurance broker to find an individual plan that's right for you.
Below are some helpful tips for Open Enrollment:
Getting Started
Begin by finding out when the Open
Enrollment period is held at your company. Then review your benefits
materials or access your insurance provider's Web site to review your
current plan. It's a good idea to make a list of current benefits that
are most important to you as well as things you'd like to change. This
will help you know what you're looking for when you review any changes
to the new benefits options.
- If you have 5 minutes, review key tips for Open Enrollment to make the process quick and easy. Check out Taking Advantage of Open Enrollment.
- If you have 10 minutes, review your health plan Web site or your employer's intranet site for information specific to you and your needs.
- If you have 15 minutes, estimate your health expenses using the Health Expense Calculator and review related articles.
- If you have 45 minutes, look back at your health care spending over the last 12 months and use this information as the basis for your family health budget for next year.
Helpful Tools
Building a health care budget is a good idea, but the task may seem
overwhelming. Here are a few online tools to help you on your way.
Begin with Your Health Benefits Priorities Tool,
a simple tool that can help you evaluate your health care needs and
determine which benefits are most important to you. If you find an
unfamiliar or confusing term in your benefits plan look for it in the Plan for Your HealthSM glossary.
Building a Budget
After evaluating and prioritizing your plan options it may be helpful
to create a health care budget for out-of-pocket expenses. Use the
Health Expense Calculator to estimate annual health care expenses for
you and your family. Most of us don't realize how much we spend on
annual out-of-pocket health expenses. This calculator helps you plan for medical, dental, vision and prescription costs for the year. Consider a Health Savings Account (HSA) or Flexible Spending Account (FSA) to help you stretch your health care budget and reduce your taxable income.