Maximize Your Benefits: A Guide to Navigating Open Enrollment

Choosing benefits may be one of the biggest and most expensive decisions you’ll make this year. For many, Open Enrollment can often feel overwhelming and stressful, especially if you’re new to selecting health insurance or other benefit options. But don’t worry! BPAS University has some great resources and helpful tips to help you grasp the essentials and make confident, informed benefit elections. 

What is Open Enrollment?

Open Enrollment is the designated period each year during which you can enroll in, modify, or cancel your health insurance and other benefit plans. Unless you experience a Qualifying Life Event during the year, open enrollment typically happens once annually. Whether you’re obtaining coverage through your employer or the Health Insurance Marketplace, knowing the timing of your open enrollment period and having a plan in place is crucial for a successful process. 

Here are a few key points to consider before, during, and after open enrollment. 

The Three C’s:  

Consider Your Needs:  Think about your healthcare needs and those of your family. Think about past medical expenses, any ongoing treatments, and potential future needs.  Evaluate your current benefits.  If needed, seek professional advice to better understand complex benefits and explore options that support both your physical health and financial wellness. 

Then, consider things like recent or upcoming life changes. Will you be starting a family, getting married, divorced or moving this year? What type of coverage will be needed to meet your changing needs? 

Finally, reflect on the last year. Think about how much you utilized your current plan. Were you happy with the doctors or provider networks and level of care received? Are the premiums and out of pocket costs within your budget?  

Compare Plans: Use available tools to compare plans and evaluate new benefit offerings. Take into account things like premiums, deductibles, co-pays, and out-of-pocket maximums.

Like health insurance, you may have a variety of other plans to choose from, which will give access to different levels of care or network providers.  This may include dental or vision coverage. Consider things like whether or not you or your family will need new glasses or contacts. Will anyone require dental work this year? Braces? 

Health Insurance Plans: These include options like HMOs, PPOs, and high-deductible plans. Research each type to understand the coverage and costs involved. Take your family’s medical needs into account when choosing a plan. Is anyone scheduled for routine surgery? Is a birth expected this year? Do you need regular prescriptions? 

Don’t miss out on the tax advantages of the “S. A’s” — HSA and FSAs.  If your employer provides them, Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) enable employees to manage out-of-pocket medical expenses using tax-advantaged funds. While we won’t go into specifics, contributing to an FSA or HSA can result in a significant reduction in your tax liability!

Choose Wisely: Once you’ve gathered all the necessary information, make your selections and submit them before the deadline. Review and keep copies of Plan Documents for your records. 

Open Enrollment Tip: Don’t forget to check out the other, less traditional benefits. Many employers offer additional benefit options, such as life insurance, disability insurance, accident or injury insurance, and pet insurance. Make sure to review these as well. There could be savings and benefits out there you didn’t know existed!

Review Annually: Even if you’re happy with your current plan(s), it’s a good idea to review your options each year. Plans and personal needs can change, and you want to ensure you’re getting the best coverage for your situation.  

Open Enrollment is also a great time to review your personal contact information. Take a moment to verify that your address is up to date and to review your beneficiaries to ensure peace of mind for you and your loved ones. 

Open Enrollment Tip: Make the most of your Retirement Savings: Determining how much to save for retirement can be daunting. However, saving a small amount is better than nothing, and starting early gives you more time to let the power of compounding interest work for you! Open Enrollment is a great time to check your employer match details, review your beneficiaries and set your contributions to meet or exceed the match to maximize your benefits! 

Don’t hesitate to reach out to your HR department, a benefits advisor, or use online resources such as BPAS University. By keeping these points in mind, you’ll be well-prepared to navigate open enrollment with confidence and secure the coverage that best fits your needs. Remember, open enrollment gives you options! Being proactive, informed, and having a clear plan will help you make the most of your benefits.