Taking Advantage of Open Enrollment
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Open enrollment refers to the time period when an individual can make choices regarding his or her health benefits plan. This time period varies from company to company, but typically lasts 30 days and is held once a year. In order to make the most of your choices at open enrollment, here is a quick checklist of important reminders:
- Check With Your Employer
- Check with your employer to find out when the open enrollment period is held at your company. Make sure you understand both the start and end dates; you don't want to miss the opportunity to make the right choices for next year!
- Gather Materials
- Gather as much material as you can. Ask for plan materials from your employer and check out health plan Web sites. Where possible, see if your employer offers tools to compare health plan choices.
- Make a List
- You may want to make a list of the aspects of your plan that you utilized most and those that you did not. Consider, for example, how often you or your family visit the doctor, and whether you use specialists routinely. This could help you make decisions on whether a plan without referrals is a better option for you.
- Use the Health Expense Calculator
- Use the Health Expense Calculator to estimate your annual health care expenses based upon your age, conditions and frequency of doctors' office visits and prescriptions. This calculation can help you plan your expenses and coverage needs for the following year.
- Use the Your Health Benefits Priorities Tool
- Use the Your Health Benefits Priorities tool to help you gauge what you really need from your health benefits plan and the aspects of a plan that are most important to you. For example, thinking about additional health care needs such as dental, prescription eyewear or prescription drugs can help you choose the right coverage. Depending upon use, you may find that some of these options are more important to you and your family than others.
- Create a Budget
- Create a health care budget and consider a Health Savings Account (note that HSAs must be paired with high-deductible health plans) or Flexible Spending Account to make the most of your health care dollars.
- Look for Discounts
- Look for health care plans that offer discounts on products and services (like vitamins, health clubs and eyeglasses) that can help you stretch your health care dollars. Some plans also offer incentives for wellness and prevention programs.
- Other Options
- Even if you have only one choice for a health plan, look for additional options. Find out, for example, if your health insurer provides discount cards for services such as dental care. While these programs are not insurance, they usually provide discounted services on dental office visits and certain dental procedures.
- Look at the Details
- Learn the nuts and bolts of health insurance. For example, if your company offers more than one plan type (like an HMO, PPO and/or a consumer-directed plan), carefully review the differences so you can determine which one best fits with your current needs.
By spending time during Open Enrollment, you will be better prepared to select health benefits that meet your needs for the coming year.
