Getting prepared for open enrollment sets you up for benefits coverage (and success) for the next 12 months. Wandering into open enrollment without the tools you need could be financially disastrous. A few extras minutes today can ensure you are prepared for the unexpected.
Tag: open enrollment
Employees are busy. You are busy. Why would you add a health benefit that requires more time? The most likely explanation is that new benefits will save your company or your employees’ money. A health savings account (HSA) does both.
January signals the official end of open enrollment for most employers. This is a great time to review the effectiveness of open enrollment. Open enrollment success should compare benefits value, cost, and participation. It is a common misconception that employer and employee satisfaction can’t go hand in hand.
The federal open enrollment has come to a close for 2018, but that limitation doesn’t affect the HSA. HSAs can be opened by any qualified individual, family, or employer (for employees) anytime. HSAs are not beholden to normal restrictions of healthcare.
Open enrollment means options. You are given time to compare, review, and select your healthcare plan based on your expected needs. From there, you can add auxiliary benefits and health savings tools, like the HSA, to better optimize your cost and benefits experience.
In the first two weeks of open enrollment, 1.46 million Americans have signed up for individual healthcare through healthcare.gov. That is a 46% increase over the same period last year. Couple that with the traditional employer open enrollment that is happening in offices all across the country and millions upon millions of Americans are reviewing, comparing, and selecting healthcare over the last and next few weeks.
In two previous posts we discussed the “big” elections during open enrollment – health care and retirement savings. While these consume the most pre-tax payroll dollars – and therefore employee mindshare – your employer is likely offering other supplemental and/or elective products during benefit selection season.
Unless you have been living under a rock this week, you know two things. First, open enrollment has arrived for the individual healthcare marketplace (aka Obamacare). Second, and not surprising, healthcare premiums have gotten more expensive, in some cases much more. Without getting into the politics of it all, we want to show you, what you can do today to make healthcare costs less expensive so you can save the most money.