6 Tips for Navigating Open Enrollment
Sponsored and provided by Dignity Health
Every fall, businesses throughout our area offer an Open Enrollment period opportunities for their employees. It's the one time of year when health insurance coverage can be adjusted without special circumstances or a qualifying life event. During this time, it's very important to assess if you have the right coverage with the plan you have, or need to switch to one that can provide the benefits you need.
To make the most of your choices during Open Enrollment, you should take the time to understand what your options are and the steps you need to take to ensure you and your family are set up with the right care and coverage in the coming year.
Here are a few tips to help you understand the process as well as the options available to you:
- Ask questions. Talk to your Human Resources representative and find out when your Open Enrollment deadline is. Ask what changes have been made to your options, including benefit updates for health care plans and if there are increased or decreased costs to you.
- Compare, compare, compare! Look at the plan choices you are offered and compare the out-of-pocket costs; the deductibles; the coverage; and the in-network physicians.
- Prioritize. Determine what is most important to you. Your priority may be keeping your doctor, having access to a certain hospital, or keeping your costs low. Once you know your priorities, making your choices will be easier.
- Plan ahead. Many people choose a health insurance plan based on their current needs. However, it is important to plan ahead and try to anticipate what your family's medical needs may be in the coming year. Elective surgeries, pregnancies, vision or dental needs can all have an impact on your health care choices. These considerations can affect which plan you choose (such as selecting a PPO or HMO), and also how much money you need to set aside in a flexible spending account (FSA), if that is an option for you. Also, if you take any prescription drugs, check to see if they are covered by the plan you are selecting.
- Consider life changes. A lot can happen in 12 months, so consider what will be happening in your life in the coming year before you make your health care choices. Are you getting married? Having a baby? Changing careers? Is your child moving out of your house and onto his or her own insurance coverage? All of these life changes can have an impact on what type of health insurance you need.
- Understand what you are signing up for. It can be overwhelming to figure out co-pays, deductibles and premiums—can seem like a different language. Take a moment to familiarize yourself with the terminology so that you can compare your choices appropriately. Time spent now can save you money down the road and ensure that the coverage you need is available to you.