Open enrollment is a busy time of year because the holidays are here and you must make your health insurance elections. You must be prepared for open enrollment, make the right choices during open enrollment, and learn as much as you can about your coverage. Use these tips to get the results you’re looking for and avoid confusion when the new year comes.
Preparing for Open Enrollment
Many people have a difficult time identifying the coverage they need, or they simply choose the same policy they’ve had for many years. Yes, that coverage might work just fine for you, but there are times when that coverage simply doesn’t work at all. As a result, you need to be prepared. We recommend that you:
- Assess your current coverage.
- Determine if you’ve met you deductible or come close.
- Look into the service you got from your carrier.
Top 3 Mistakes During Open Enrollment
As open enrollment approaches, you should prepare yourself to make these choices. However, there are a few common mistakes that even the most well-intentioned people make. With each mistake comes a simple solution:
- Not knowing how to change your plan—Make sure you check in with your employer about how to make these changes.
- Not having a plan—Have you thought over the coverage you need and if it should change.
- Not thinking about your goals—Remember, you may have new goals this year, growing your family, getting new dental, starting a new medical treatment plan, etc.
Steps to Take During Open Enrollment
Everyone who participates in open enrollment should use these same steps to make wise decisions during open enrollment. While you may not feel there is much to do or understand, you should look critically at these options so that you can make your elections and move into the new year with the most appropriate health coverage.
Generally, we recommend that open enrollment participants:
- Review all available coverages.
- Read the pamphlet to determine how those coverages are provided.
- Compare prices after reviewing coverage options.
- Make elections and make certain you get a receipt or confirmation.
- If necessary, verify with your employer that your elections are confirmed.
Understanding Your Health Insurance Coverage
A common mistake that many people make is underestimating their deductible, but it goes much further than that. It is crucial to know how much of a deductible you will be required to pay for certain services. Without this information, you might not be prepared to pay for certain items that are your responsibility.
This means that you might actually have the wrong coverage because the deductible may make things far less affordable than they would have been otherwise.
Contact Martinelli Benefits Advisors for Assistance With Open Enrollment
Reach out to us at Martinelli Benefits Advisors to learn more about open enrollment and steps you can take to maximize coverage for yourself and your team. We’re happy to help businesses make wise decisions and inform their team members of the best ways to manage their health coverage.