Open enrollment is coming up – the time of the year when you have the option to sign up for health insurance and other benefits or make changes to your current plan. Often, what seems like a straightforward process can actually feel quite overwhelming. There’s a lot of information to digest and options to consider.
Fortunately, by taking the time to do your homework and asking the right questions, you can make an informed decision. Here’s some information to help you understand the open enrollment process, choose the best options and move forward with confidence.
What Is Open Enrollment?
Open enrollment at your workplace gives you a chance to add benefits or switch plans, whether it’s due to personal preference or in response to changes in your life, like adding a new family member or experiencing a new health condition. It usually happens once a year. However, some organizations may have a different open enrollment schedule.
Why Do Benefit Plans Change Year-to-Year?
Benefit plans can change for a variety of reasons, including:
- Employers reevaluate their insurance providers and plans to ensure they have the best options for their employees.
- Insurance companies update their offerings to comply with local and federal laws and adjust pricing for inflation and risk.
While open enrollment is your chance to select a health plan for the coming year, it’s also a time when many employers offer you the ability to enroll in Voluntary or Supplemental health insurance coverage, including:
- Accident insurance, which we call Accidental Injury Benefits.
- Critical Illness insurance, which we call Critical Illness Benefits.2
- Hospital Indemnity insurance, which we call hospital cash benefits.
Some employers also offer other benefits, such as:
- Dental insurance
- Vision plans
- Life insurance
Generally, open enrollment is the only time you can make changes to your benefit selections, but there is an exception to this rule. You can sign up for insurance or change your coverage when you have a qualifying life event, which can include:
- Marriage
- Divorce
- New baby
- Adoption
- Death of a spouse
- Change in employment
What To Expect During Open Enrollment
Open enrollment is usually held September through November for insurance plans that start Jan. 1. Some employers might hold it at different times of the year, so check with your employer to get the exact dates.
The open enrollment period typically lasts two to three weeks. Many employers allow you to make changes, up until the last day to enroll. So even after you make a selection, you can still go back and review your options to make sure you’re confident with your choice. Research your employer’s policy to know whether this applies to you.
While there’s a lot to think about during open enrollment, the process doesn’t have to be complex. Here are some simple steps to follow:
- Prepare as much as possible for upcoming benefit needs.
- Review the information your employer has provided.
- Decide whether you want to renew your current plan or select a new one.
- Make your selection and enroll in the plan of your choice.
- Confirm the start date of your new coverage.
How To Prepare for Open Enrollment
Take time to carefully read and understand all the information that your employer provides. Take advantage of any additional resources, such as questionnaires that help you identify your priorities, cost comparison and coverage tools. Familiarize yourself with some of the common terminology used to talk about health benefits, like co-insurance, deductible and in-network versus out-of-network.
- Look out for changes. Review your current plan as you’re making decisions about benefits for the upcoming year. Don’t assume that if you simply renew your plan, all benefits will remain the same.
- Compare what’s available to you. Compare each plan’s coverage and costs – not just the premium, but also deductibles, copays and co-insurance. If your employer offers a digital benefits decision support tool, take advantage of it. These tools can guide you through your options based on your personal needs and preferences, helping you make more informed choices. This simplifies the decision-making process and improves overall satisfaction with your benefits.
- What are your needs? Think about how your needs might have changed in the last year or how they may change in the year to come. If you’re in your 20s, for example, and you’ve been covered under your parents’ insurance, you’ll need to get your own coverage after you turn 26.
- Prepare for unexpected costs. Anticipate what your out-of-pocket medical costs might be in the coming year. While nobody can predict emergencies like a car accident or unexpected health problem, if you’re generally in good health and rarely go to the doctor, you may save money on a plan with a high deductible. These plans have a lower premium but require the employee to pay more money out of pocket before insurance coverage kicks in.
- Prepare for expected events. On the other hand, if you know you’re in need of a joint replacement or you’re planning on having a baby, a traditional plan might better help you cover your medical bills. Traditional health plans have higher premiums but start covering your healthcare costs right away or after you pay a lower deductible.
We’ve compiled a list of questions you can ask your employer during open enrollment to help dig into some of the finer details.
Remember, you may only get the chance to change your insurance during open enrollment, so take the time to make an informed decision. By selecting a plan that’s right for you and your family, you’ll not only get the healthcare and benefits you need, but you’ll also save money in the long run.
1 Supplemental health products (Accident, Critical Illness and Hospital Indemnity) are independent and do not coordinate with any other health coverage.
2 Critical Illness is referred to as “Specified Disease” in New York.
Brought to you by The Hartford. The content displayed is for information only and does not constitute an endorsement by, or represent the view of, The Hartford.
Links to sites unaffiliated with The Hartford are provided for users' convenience only. The Hartford is not responsible for and makes no representation or warranty regarding the contents, completeness or accuracy or security of any materials on such sites. If you decide to access such non-Hartford sites, you do so at your own risk.
The Hartford Insurance Group, Inc., (NYSE: HIG) operates through its subsidiaries, including underwriting company Hartford Life and Accident Insurance Company, under the brand name, The Hartford®, and is headquartered at One Hartford Plaza, Hartford, CT 06155. For additional details, please read The Hartford’s legal notice at https://www.thehartford.com.
