Open Enrollment Do’s and Don’ts

Open enrollment can be confusing to navigate and hard to comprehend. Understanding what is being offered will help individuals determine what is best for themselves and/or their families. According to CNBC, 92% of employees opt for the same choices they did last year, even if changes occurred in their life. Many employers change or offer new benefits every year. It is important to read through and think about all benefits offered in order to make a well-informed decision.

 

As open enrollment approaches, do…

• Determine which plan is right for you. Many employers offer a high-deductible health plan (traditional insurance) as well as a health savings account (HSA).
• If you infrequently go to the doctor, an HSA may be right for you.
• Look back over the year and determine if there have been any life changing events that could benefit from a pre-tax benefits plan.
• Do you anticipate additional healthcare costs in the next year?
• Ask questions and research the benefits offered. Be sure to speak with your employer to learn about changes from the previous year.

 

As open enrollment approaches, do not…

• Leave money on the table. Be sure to match employer contributions. If you don’t match employer contributions, you’re losing money.
• Skip learning opportunities because you are focused on your day-to-day tasks. Open enrollment happens only once a year. Take the time to understand all the options, weigh the pros and cons and think about what plan is best for you.
• Think of benefits the same as open enrollment. Benefits such as 401k’s and health insurance are completely different and should be treated as such.

 

The information in this blog post is for educational purposes only. It is not investment, legal or tax advice. For legal or tax advice, you should consult your own counsel. To stay up to date on benefits trends and insights, subscribe to our blog.