Open Enrollment: 5 Things to Check Before You Re-Enroll

Open enrollment is your one chance each year to make changes to your benefits. Outside of a qualifying life event, the choices you make now will stay with you for the next twelve months. It’s tempting to let last year’s elections roll over, but a quick review can save you money and avoid surprises. Here are five things to check before the deadline.

1. Has your life changed this year?

   Marriage, divorce, a new baby, a child turning 26, a spouse gaining or losing coverage — any of these can change which plan and coverage level makes the most sense. Make sure everyone who should be covered is enrolled, and that no one is covered twice.

2. Does your plan still match how you use care?

   Look back at the past year. If you rarely saw a doctor, a lower-premium plan with a higher deductible might save you money. If you had ongoing care, frequent prescriptions, or a planned procedure coming up, a plan with lower out-of-pocket costs may be the better value. Compare the total cost, which means premiums plus what you’d realistically spend on care, not just the paycheck deduction.

3. Are your doctors and prescriptions still covered?

   Provider networks and drug lists can change from year to year. Before you enroll, confirm that your primary care doctor, any specialists, and your preferred hospital are in-network. Also check that your regular medications are still on the plan’s formulary and at what cost tier.

4. Are you making the most of your FSA or HSA?

   These accounts let you pay for eligible healthcare expenses with pre-tax dollars. Think about your expected expenses for next year, such as copays, prescriptions, glasses, and dental work, and set your contribution accordingly. If you have an FSA, check your current balance too. Many FSA plans require funds to be used by the end of the plan year or they’re forfeited, so check your plan’s deadline and any grace period or carryover rules, and schedule appointments or stock up on eligible items before time runs out.

5. Are your beneficiaries up to date?

   This one is easy to overlook. Review the beneficiaries on your life insurance and any other benefits that ask for one. Life changes like marriage, divorce, or the birth of a child are good reminders to make sure the right people are named.

Don’t miss your deadline

Open enrollment periods vary by employer, so check with your HR department for your enrollment dates and any materials about next year’s plans. A few minutes of review now can make a real difference in your coverage and costs all year long.