Although the world as we know it has taken on a new normal, one thing that remains the same, is the annual open enrollment period for health insurance AND it is quickly approaching.
This time of year, gives you the ability to make changes to your benefits without the need for a qualifying event. Open Enrollment is your opportunity to reflect on you and your family’s needs and fine-tune your benefits package to match. Many life events can occur over the course of the year that can impact the types of plans and amount of coverage you need. Although we cannot predict the future, it is important that you take a look at the larger picture and think about what things may be occurring in the year to come. Whether you have a covered dependent turning 26, you or your spouse are aging into Medicare, or you are expanding your family by way of marriage or children, it is important to choose the best plan and policy that suits your needs now and for the foreseeable future.
Even if you are happy with your elections from last year, it is always good practice to review and confirm that you have signed up for the right plan. Take this time to review your options; otherwise you cannot make changes until the next open enrollment period, unless you experience a Qualified Life Event. Qualified Life Events (such as loss of coverage) allow you to make mid-plan year changes.
As a new plan is put into place or is renewed from the previous year, deductibles and out-of-pocket maximums will reset and you will begin accumulating towards those new amounts. With the plan year soon ending, this is a good time to see what benefits you may be able to utilize in your current plan before they reset or change altogether. If you have a bonus card for participating in healthy activities or to accumulate points for gift cards/cash, make sure you take advantage before the plan renews.
For employers, this is the perfect time to analyze your current employee benefit packages and health plan offerings in order to make the necessary changes based on the employee population at hand, as well as the financial well-being of your business. There are many ways to encourage health and wellness which, in turn, leads to a happier, healthier and more productive staff. For businesses with over 100 full time equivalent employees, healthier employees typically mean lower rates.
We understand that open enrollment can be an overwhelming and daunting task for many people. Every individual has different needs and expectations when it comes to their benefits which is why it is so important to us that you understand your benefits and how they can best work for you.
At the Ten Eyck Group, we pride ourselves on the service and support we provide to our clients. We are available to conduct open enrollment meetings to groups or one on one meetings with individuals to ensure that you are well informed and making the best decisions regarding your elections. Call our Life & Health department today if you have questions or would like find out more!
Also Read: Navigating Signup Periods For Health Insurance Coverage
For individual/family care, please click here
For Employer Sponsored Group benefits, please click here
to get started or call us at (518) 464-0059.