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.
Open Enrollment Options
The advantages of open enrollment are that you can evaluate your expected benefits needs for the coming year and ensure your health plans and health savings options align with your needs. This includes coverage and cost expectations. Let us help you get started.
Review your healthcare needs
Review the costs. Find the best option. See what health plan options are available for you - no matter it be from your employer or from healthcare.gov. Health plans are changing in meaningful ways each year, from both a cost and coverage standpoint. Take the time to read the fine print and make sure you know the ins and outs for all of the "just in case" scenarios that might arise this year.
Compare health plans
Even if you are likely going to renew your health plan from last year, this will help you understand the advantages and disadvantages of each plan. It is becoming more important to consider the short-term vs. long-term value of your benefits offering. Most health plans are limited to annual commitments, however by selecting a high deductible health plan (HDHP), you are eligible to open and contribute to an HSA, which will provide health savings for years to come. It might be nice to start next year with a dedicated health nest egg.
Review Some More
Ok, ok, but take another review just in case. Healthcare is designed to prepare for the unexpected. Think outside the box to make sure you are limiting your financial risk and maximizing your healthcare coverage.
Select your health plan
Yahoo! You did it. You are ensuring you are covered for the healthcare coverage that aligns the most with your needs.
Round it Out
Add More Benefits. Once you select your health plan, don’t forget the other key benefits like short and long-term disability, dental coverage or commuter benefits. More importantly, make sure your investigating health savings options like the FSA and HSA to plan to expected health cost and save money for years to come. An HSA will all also ensure you are stretching your dollars because they enable tax-free contributions and tax-free health spending on qualified out-of-pocket medical expenses.
Open Enrollment gives you options and choice. Use it to your advantage to get the levels fo healthcare coverage at the costs that work within your budget. Isn’t it the most wondrous time of the year, we sure think so!
If you need more help with open enrollment decisions, check out our blog. We will make you a healthcare benefits expert in no time, without any extra work or effort on your end.
Disclaimer: the content presented in this article are for informational purposes only, and is not, and must not be considered tax, investment, legal, accounting or financial planning advice, nor a recommendation as to a specific course of action. Investors should consult all available information, including fund prospectuses, and consult with appropriate tax, investment, accounting, legal, and accounting professionals, as appropriate, before making any investment or utilizing any financial planning strategy.