It’s that time of year again! Time to review your benefits and make sure you are getting the most out of your insurance coverage. Open enrollment is the perfect time to reassess your needs and make changes to your coverage. Here are a few things to keep in mind as you evaluate your options.
Review your current coverage. The first step is to take a look at what you currently have. What type of coverage do you have? How much does it cost you each month? Are you happy with your current coverage or are there things you would like to change? This is also a good time to review any changes that have been made to your plan since last year. Make sure you understand how these changes will affect you and your family.
Review your current situation. There are many different types of insurance plans available, so it’s important to choose the one that best fits your needs. What changes have you made to your lifestyle since the last open enrollment period that could impact your insurance plan choices this year (e.g., moved, had a baby, started working from home)? Are there any health conditions you’ve developed since last year that require additional coverage or specific plans?
Review your options. Not only does your personal situation change, but your employer’s benefit options can change as well. Check out what’s offered and identify if there are new benefits being offered by your employer in the coming insurance period. Consider whether you need health, dental, or vision insurance, or if you would like to add any additional riders to your plan.
Review costs. Once you know what type of coverage you need, it’s time to start shopping around. Compare the costs of different plans and make sure you’re getting the most bang for your buck. Keep in mind that the cheapest plan may not always be the best option for you. Make sure to read the fine print and understand what each plan covers before making a decision. Don’t forget to evaluate Flexible Savings Accounts for dependent care and health care if offered. These can be excellent tools to save money on predictable or planned expenses.
Review your options periodically. Your needs will change over time, so it’s important to review your insurance coverage on a regular basis. If you have a major life event – like getting married, having a baby, or changing jobs – be sure to reassess your needs and make sure you have the right coverage in place. Open enrollment is the perfect time to do this, but don’t wait until then to make changes if something comes up in between!
Open enrollment is a great opportunity to review your current insurance coverage and make sure you are getting the most out of your benefits. Keep these things in mind as you compare plans and decide what type of coverage is best for you and your family. And remember, if something changes in between open enrollment periods, don’t wait until next year to make a change – contact your HR department today!
