Maximizing Open Enrollment

Open enrollment season has already begun for most companies and this offers an opportunity for individuals to enroll and also make changes to their benefits.  It’s an ideal time for individuals to evaluate their past, current and future health care needs.  It’s important to get the most out of open enrollment and to consider important health care considerations.

Analyzing past health care costs is a good first step for future planning.  Begin by analyzing past health care costs.  Now is the time for individuals to actively engage and educate themselves on their health and weigh their benefits and plan for future health and financial well-being.  Often time’s employee benefits automatically renew or individuals do not take the time to critically examine their needs. 

According to a recent Harris Interactive/Aflac study, 77 percent of people admit that they have made mistakes when signing benefits packages in past years, with 42 percent admitting those mistakes cost them money.  In the survey, the most mistakes individuals made included choosing the wrong deductible, not taking advantage of a flexible spending arrangement (FSA) and passing on coverage that they later wish they had taken. 

From co-pays to prescription drugs, costs can serve as a benchmark for future needs.  Individuals should compare costs to their current plan to see if they are fully utilizing, or underutilizing offerings.  If there are any major changes to health or life changes such as adding dependents, they should be calculated into planning for the next year.