Secrets to Surviving Open Enrollment

If you work for a company who offers insurance then one time each year there will be a chance to change plans or coverage for the upcoming benefit year. This is called Open Enrollment or OE, and during this opportunity a lot of folks will sign up for what they had every year before and accept the increase in costs. Other employees will look for a way to reduce their costs by changing plans.

A lot of employees will choose the same coverage again assuming the coverage is the same, and this is an error lots of people will make. The fact is the coverages and plans can change, and most often will change as the employer looks for a way to reduce the cost. OE is an opportunity for the employer also to make changes to their plans, and also the insurance company may have made some changes.

So you should take time to review your coverage from before and look for any changes. Some things to look at are coverage for you at the time you needed it, provider networks, premiums and out of pocket costs. Compare your health care costs to what you spent on insurance coverage to see if the coverage matched your needs.

Look at all health insurance options, not only those provided by your employer but also those that you can attain through other companies and organizations. This will let you know if you are really getting the coverage you need at the best price, or just settling for the convenience of the paycheck deductions. Get help if you don't understand the insurance documents. You can do this through an insurance representative, health insurance company employee, personnel employee or even on the web.

The bottom line is to be careful not to make blind choices. When given the opportunity to adjust your insurance coverage during Open Enrollment, look at the bigger picture and all of the options available to you. This may not only provide you with better coverage, but may also save you some money in the long run.

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