Preparation Pays: Get Ready for Open Enrollment
One year ago, with the pandemic weighing heavy on their minds, workers across the U.S. went into the Open Enrollment season determined to get more out of their benefits. In fact, an Unum survey revealed that 64% of employees planned to spend more time assessing their benefit options last year, and more than a third expected to make benefit changes.
This year, with the pandemic still affecting our daily lives, you and your co-workers probably are once again paying closer attention to Open Enrollment than you have in years past.
Actually, you should always take Open Enrollment seriously. Too often, employees simply renew whatever they did the previous year. Sure, it’s easier, but it also makes it easier to miss out on options that might benefit you and your family.
So, go into this Open Enrollment determined to get the most out of it. Here are some tips.
Make a date. Be sure you know your Open Enrollment dates. Don’t let deadlines sneak up on you.
Review what you’ve got. Do you really know your benefits? Review your current benefits closely.
Consider what you could have. Compare what you’ve got to what you could have. Consider your cost, and make sure you’re getting the best bang for your buck.
Ask questions. If you don’t understand something, ask your HR team or benefits provider. They’re there to answer questions.
Check your network. Sometimes caregivers change networks and then you suddenly pay more for the same services. Confirm that your caregivers are still in your network.
Think about life changes. If you’ve gotten married, had a kid or made other big changes, you might need different benefits. See how your life changes affect your benefit selections.
Take advantage of advantages. Things like Health Savings Accounts and Flexible Spending Accounts can give you a big advantage when it comes to cutting costs. Use them to their fullest benefit.
Consider supplemental offerings. Last year, COVID inspired a lot of people to consider adding supplemental life and disability insurance and critical illness coverage through their employers. Consider whether it’s right for you.
By doing a little Open Enrollment prep work, you might discover something new that helps your family or saves you money. Or, you might decide to stick with what you’ve got. Either way, you’ll make an informed decision, and that will give you greater peace of mind.
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Tags: Open Enrollment, Review