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When and How to Make Changes to Your Benefits

While we know we should pay attention to our benefits on an ongoing basis, most of us have a “Set it and forget it” attitude about them. We make choices when we take a job or a new benefit plan comes online, and then we don’t think about it much. Sure, when Open Enrollment rolls around, we swear we’ll really think about our choices .. and then we often keep what we’ve got.

But sometimes we become aware of a gap between the benefits we have and the benefits we need. Then what do we do? Here are some things to keep in mind.

The Annual Opportunity: Open Enrollment. Each year, benefit plans give enrollees an opportunity to assess their choices and make changes. This typically will be the easiest time to make changes, so take advantage if you think a change is needed. Make time to consider your choices and decide whether what you did last year is what you want to do in the coming year.

The Qualifying Life Event. You also can make changes if you’ve been through what’s known as a Qualifying Life Event, or “GLF.” These events – such as getting married, having a child, aging out of your parents’ health coverage or a change in employment status – allow you to act like you’re having your own Open Enrollment period. You can assess your benefits choices and make alterations based on your new reality.

Rules changes. Occasionally the government will allow for benefit changes in response to special circumstances. Most recently, rules were changed to accommodate the impact of the pandemic, allowing plan enrollees to make changes they otherwise typically could make only during Open Enrollment or in the case of a QLF.

Ongoing opportunities. While the limitations mentioned above apply to most benefits, some elective benefits – such as a 401(k) plans, health savings accounts, flexible spending accounts and more – allow employees to make certain changes any time, regardless of the employer’s enrollment schedule or life events.

Your HR Team is there to help. Regardless of your reason for making changes, your HR team should be your first point of contact. You might end up making the changes through an HR portal or vendor website, but your HR representative will help you walk through the process so you get the results you need.

Download March’s Full Newsletter here.

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