Open Enrollment explained - Six things to consider when preparing for and planning your Benefits
What is open enrollment for benefits?
Open enrollment is a time of year when employees may elect or change the benefit options available through their employer, such as health, dental and life insurance, and voluntary benefits. Some benefits are fully paid by the employer, some are employee-paid through salary deferral, and for most businesses, the benefits cost is shared.
How long does open enrollment have to be and when is it?
Most employers have an open enrollment period of at least two to four weeks. For calendar-year benefit plans starting January 1st, open enrollment begins in November and wraps up in December.
What should you prepare?
1. Gather your documents and important information. Compare last year's coverage. Make sure you have your social security numbers for all your dependents, for example.
2. Consider any big changes from year to year. Are you expecting any big life changes that would add dependents? Are you expecting any medical procedures for you or your family? Will you need additional prescriptions?
3. Review your new company-provided Benefits Guide. Your Employer should layout options for you for all covered and voluntary benefits along with the pricing. Do your family's needs require you to switch plan types?
4. What is your budget? Has your income changed that would increase or decrease your premiums? Should you consider a higher deductible for lower premiums or a higher premium plan with more coverage?
5. Make sure you enroll on time. If you miss the window for Open Enrollment, you won't be able to make any changes until next year's window unless you have a qualifying life event.
6. Finally, ensure accuracy. Your Benefits provider should offer you a Benefits Summary. Review it to make sure your elections are correct. Don't wait until you need to use your benefits to find out that something was missed or incorrect!