It's open enrollment season, and the process can be overwhelming, to say the least. As you review your employer-provided health insurance options, it’s easy to make mistakes that could negatively impact your coverage and costs for the next year. Even if you consider yourself a healthcare buff, it’s important to know all the deadlines involved and to make sure not to over- or under-insure. Follow these tips to avoid some of the most common open enrollment mistakes.
Don’t forget to review your current plan
Before making any changes, take time to review what your current health insurance plan covers. Check the provider network, prescription drug coverage, deductibles, and out-of-pocket maximums. This will provide a baseline to compare new plan options for 2025. Also, note if you have any healthcare expenses coming up next year that you’ll need to account for.
Avoid deciding based on cost alone
A lower premium may seem appealing, but it could come with higher deductibles, copays, and less coverage overall. Take time to thoroughly review full plan details, not just the premium cost. Make sure your primary doctor is in-network and prescriptions are covered before enrolling in a new medical plan. With so much out of your control, here’s a formula to plan for what you can.
Don’t miss the deadline!
Open enrollment periods are limited, usually lasting only a few weeks in the fall. Missing the deadline could mean you can’t make changes until the next open enrollment. Mark your calendar and submit elections on time.
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Nov. 1: Open enrollment kicks off for coverage starting Jan. 1.
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Dec. 15: Last day to enroll in or change plans for coverage to start Jan. 1. There are some exceptions depending on where you live.
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Dec. 16: Open enrollment kicks off for coverage starting Feb. 1.
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Jan. 1: Coverage starts for those who enroll in or change plans by December 15 and pay their first premium.
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Jan. 15: Open enrollment is over. From here on out, you can enroll in or change plans only if you qualify for a Special Enrollment Period.
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Feb. 1: Coverage starts for those who enroll in or change plans Dec. 16 through Jan. 15 and pay their first premium.
Don’t neglect dental and vision
While medical coverage grabs your attention, don’t forget to review dental and vision plans too. These are just as critical for your health. Compare plans and costs to see if you should keep your current coverage or switch to a different option.
Read all plan communications
Don’t just gloss over essential information from HR. Read all emails, guides, and resources provided about your plan options and changes for 2024. This will ensure you fully understand new plans, changes in current plans, or impact to your costs.
Ask questions
If you don’t understand something about your plan options, don’t hesitate to ask your employer for clarification. Reach out to HR or benefits advisors with any questions you have before open enrollment ends.
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