Choosing your benefits can be one of the most important financial decisions you make this year. And with different plans, costs, coverage options, and deadlines to consider, Open Enrollment can feel overwhelming, especially if you’re selecting benefits for the first time.
The good news? You don’t have to figure it all out at once. BPAS University has resources to help you understand your options and make informed benefit decisions with confidence.
What Is Open Enrollment?
Open Enrollment is the designated period when you can enroll in, change, or cancel certain health insurance and benefit elections. Outside of this period, changes may be limited unless you experience an eligible qualifying life event.
Whether you’re selecting coverage through your employer or the Health Insurance Marketplace, knowing your enrollment period, understanding your options, and planning ahead can make the process much easier.
Start with three simple C’s: Consider, Compare, and Choose.
1. Consider Your Needs
Start with your healthcare needs and those of your family. Review your current benefits, recent healthcare expenses, ongoing treatments, prescriptions, and any needs you anticipate in the coming year.
Consider upcoming life changes, too. Are you planning to get married, grow your family, or move? Changes in your life could affect the type or amount of coverage you need.
Then look back at how your current benefits worked for you:
- Did you use your plan more or less than expected?
- Were your doctors and preferred providers in-network?
- Did the coverage meet your healthcare needs?
- Were your premiums and out-of-pocket costs manageable?
- Are there upcoming healthcare expenses you can reasonably anticipate?
If you’re unsure about your options, consider speaking with your HR or benefits team.
2. Compare Your Options
Your current plan may have worked well this year, but don’t automatically assume it’s still the best fit. Review the options available to you and compare important factors such as:
- Premiums
- Deductibles
- Copays
- Coinsurance
- Out-of-pocket maximums
- Provider networks
- Prescription coverage
Look Beyond Medical Coverage
Your benefits package may also include dental and vision coverage. Think ahead. Will someone in your family need new glasses or contacts? Are you anticipating dental work or orthodontic care?
Taking expected expenses into account can help you evaluate which coverage options make the most sense for the year ahead.
Don’t Overlook HSAs and FSAs
If they’re available through your employer, Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) can help you set aside money for eligible healthcare expenses while offering valuable tax advantages.
Not sure how they work or how they’re different? Explore Health Savings and Reimbursement Account resources and Flexible Spending Account resources from BPAS University. We won’t get into all the details here, but HSAs and FSAs can offer valuable tax benefits and help you make the most of your healthcare dollars. They’re definitely worth a closer look!
Open Enrollment Tip: Don’t forget about other benefits your employer may offer, such as life insurance, disability insurance, accident coverage, or other voluntary benefits. Review your complete benefits package so you don’t overlook coverage that could be valuable to you.
3. Choose Wisely
Once you’ve reviewed your needs and compared your options, it’s time to make your elections.
Before you submit, take one last look at your selections, costs, coverage, and beneficiaries. And don’t forget about your retirement account. Even though you can make changes throughout the year, Open Enrollment is a great time to check your contribution rate, beneficiary elections, and employer match to make sure your retirement savings still align with your goals.
Keep copies of important benefit documents for your records so you can refer to them throughout the year.
Before You Finish: Review the Rest of Your Benefits
Open Enrollment is a natural reminder to give your overall benefits and financial picture a quick checkup.
Update your information. Confirm that your address and other personal information are current.
Review your beneficiaries. Life changes can affect whom you want listed on your accounts. BPAS University offers a beneficiary quiz as an educational resource about beneficiary designations.
Check your retirement savings. Take a look at your current contribution rate, beneficiary elections, and the provisions of your employer’s retirement plan. Learn more through BPAS University’s Workplace Retirement Plan resources.
Make Your Benefits Work for You
Open Enrollment isn’t just another item on your to-do list. It’s an opportunity to make sure your benefits continue to fit your health, financial goals, and life.
Take time to consider your needs, compare your options, and choose what’s right for you. If you have questions about the benefits available through your employer, reach out to your HR or benefits team.
And when you want to learn more about retirement planning, financial wellness, and other financial topics, bookmark BPAS University.