It's Open Enrollment: What do you do?

Check your benefits - even if you don't anticipate making any changes.  This is something employees are used to getting emails about: open enrollment season. What do you do during open enrollment?

You have a few choices during open enrollment season and a good part of it depends on your needs in regard to changes you have had. In some cases, you many not need to do anything if you wish to keep the same plans and benefits you had in the previous year. Still, I suggest that you log in and just take a look so that you are aware. Because while you many not need to change the plan you had, the plan may have changed and I think it's good to be aware of the upcoming changes. For example, the PPO plan last year may have been charging $55.01 last year. Next year, the same plan will be charging $57.97. That's almost a $3 change. It may not be significant butt it's good to know that your deductions will increase. 

Sometimes, the only thing that changes in a healthcare plan isn't the price; some benefits may change. For example, the copay may be increased or decreased. The $30 copay may now be $40 but your copay for physical therapy is changing from $30 to $20. These are all good to know. Sometimes, it's the deductible that changes while everything else stays the same. Still, it's good to know.

In some cases, you may need to make changes during open enrollment to your healthcare plan and other benefits. You may be expecting a baby and want to have the ability to see specialists outside of your hospital system or limited choices in your HMO, in that case, it might be a good idea to switch plans and choose a PPO accordingly. You also may realize that the doctors or providers you have are covered by the HMO plan, in that case, why pay $55 per paycheck along with a big copay when you can pay $23 and $0 copay. You're saving about 50% in premiums some of the time when you do this. And may end up getting $600 more on your paycheck for the year. 

The same applies to other benefits such as your Dental and Eye coverage. Maybe you only need cleanings next year: do you want to pay about twice for PPO coverage? I chose to do that. As a matter of fact, I chose PPO for my health plan as well. I preferred the freedom and less restrictions. 

It is also a time to take a look at other benefits your company may have that you may possibly need. And sometimes organizations add benefits. You may want to buy additional insurance. I'm prefer life insurance bought directly outside of an employer but if the only way you can qualify is through your employer, this is a good time to make changes if you need to. Because while your employer provides some coverage, it is usually limited. You are, however, allowed to buy extra coverage. If you anticipate a lawsuit, you can sign up for the legal services this time. And there are many other services available. 

For those of us who have FIRE'd, it is also time for us to look up plans. I used to buy my own insurance back when I worked Per Diem. Ehealthinsurance.com is a good website. I sign up online so I can't don't know about the phone customer service. When I switched to full-time a few years ago, I simply got an email that my plan through them had ended. I had access to two accounts on Blue Cross' website for sometime. (No, I have no relationship with ehealthinsurance.com. I started using them in 2013 when I was primarily working Per Diem.) Please keep in mind that if you select a HDHP, you can contribute to a Health Savings Account (HSA). This is one thing I missed when I took a staff position 3 years ago: I wasn't able to contribute to the HSA. So I'm excited to be able to contribute to it again. The deductible for qualification as a HDHP for 2024 is $1,600. It used to be lower. 

If you don't think you'll use it much, you can opt of a Bronze or Silver plan. Also, depending on how you structure your income, you can qualify for PTC so that your premiums are lower. If you have a bunch of items on your list that you need to take care of, I tend to find the Gold plan is worth it.

So, open enrollment provides a good time to think about your health and make good choices regarding the health plan you want. Even if you are in a situation where you don't want to make any changes to your plan, it is still good to take a look your current plan and see what changes are going into effect for that plan for the next year. Because while you may not make any changes, the plan may have changes. Either way, open enrollment provides us a good time to think about our health and since it's usually around this Thanksgiving season, I think that it is also good to be thankful for our health.