Open enrollment is the yearly sign up or renewal period for employers or individuals to enroll in health insurance, Medicare and/or other employer-sponsored benefits.
Open Enrollment 101
During the annual open enrollment period, you can enroll in health insurance or benefits services, change your current coverage, or cancel said services or benefits.
Open enrollment (aka annual enrollment) is important because it is the only time period you can enroll in health and benefits services for the next calendar year. If you miss it, you miss out on a full year of benefits.
There are a few exceptions to changing or updating your health insurance plans or coverage, they include:
- Loss or Change of Employment
- Address Change / Moving
- Get Married, Divorced or Become a Widow or Widower
- Aged off of Your Parent’s Plan
- COBRA Insurance Expiration
- Have a Child
These are often referred to QLE (qualified life event).
Let us show you how to get started with open enrollment this year and for years to come.
Open Enrollment Strategy
No matter if you are comparing health insurance or one of the dozens of benefits offered by an employer, a basic cost vs. value understanding is going to be your best asset.
- Review your current health insurance and benefits offering
- Estimate your costs for the next 12 months
- Find the plan that maximizes your coverage and minimizes your costs (premiums and out-of-pocket).
- Review your previous year costs
- Pick the plan that meets your cost and coverage needs.
This basic open enrollment strategy will get you ready for this year, but you can also prepare for health insurance and benefits coverage for years to come if you consider long-term tax-free benefits like a health savings account(HSA).
Open Enrollment Details
To help you get started, here are the details of all open enrollment programs:
Please note, open enrollment timing for employer-sponsored plans can vary, so please check with your HR representative to confirm those details.
Understanding the parameters of open enrollment ensures you can select the health insurance or benefits that get you the coverage, at the cost, you want. Good Luck!
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.