5 things to take away from this year’s Open Enrollment
Open Enrollment for most employers has wrapped up, or is close to being over for the year. We compiled a list of a few things that we came across and hope you can remember to make next year’s OE even smoother than this year’s!
1. Remember to review benefit elections every year, even if you aren’t changing anything.
Consumer Driven Health Plans (CDHP) are subject to IRS limits, thus are subject to changes in deductibles and out-of-pocket maximums on an annual basis. Health Savings Accounts (HSA) are also subject to IRS limits, which affect the maximum amount you can save in your account. Double check that your elected amounts comply with any changes to the IRS limits.
2. Pay attention to communications.
There is no doubt that your HR team works hard to provide communications to make enrolling clear and easy. Go ahead and take a look at them. They are used to seeing a lot of the possible questions you may have, and probably have already addressed them in the communications pieces.
3. Think about the level of coverage you may need.
Just because certain benefits are offered, doesn’t mean you should elect them, for instance ancillary coverage, critical illness/disability coverage, etc. In addition, as your salary increases, you may need to increase coverage to reflect your new financial reality.
4. Review your options and evaluate what is best for you and your family.
Healthcare is a subject that should be discussed with your family. Have discussions with your spouse to go over your options in detail and make decisions based on what’s best for everyone. At times, a spouse may have alternative benefits available to them through his/her employer. While family coverage may have been the best option in the past, nowadays some employers are only offering subsidies for employee only coverage. That means you could have two married people covered by two different carriers or plans through their respective employers!
5. Don’t forget about wellness!
A lot of companies are starting to integrate wellness programs into their benefits. These programs offer opportunities for wellness credits (which can offset a majority of costs associated with benefits), discounts/lower premium rates, and additional incentives, bonuses, awards. If your company is offering one, look into it what it takes to qualify for the discounted premiums. You could save a significant amount of money just by tracking your workouts and attending informational sessions!
What did you learn as you enrolled for your benefits this year? Feel free to share any lessons learned, real life stories, or tips with the rest of us by commenting below.