Rollin’ with Open Enrollment

Posted on October 30, 2010 No Comments

Around this time every year, workers across the country (those lucky enough to qualify for benefits) are bombarded with messages from their friendly HR departments reminding them that open enrollment has begun. Most of us will ignore these messages due to more pressing activities, such as watching Modern Family or responding to texts, until the very last e-mail warns that we have “JUST ONE DAY REMAINING TO CHOOSE YOUR BENEFITS! IGNORE THIS MESSAGE AT YOUR OWN PERIL!”  Upon receiving this disturbing note, we will forget about it yet again and then frantically log in at 11:55 p.m. on the evening before enrollment closes, becoming so overwhelmed with options that we will simply select everything we selected last year and then promptly forget about our elections. Until we go to the doctor and find out he’s out of network now and none of his services are covered. “How did that happen?” we will wonder frustratingly while cursing the administrative staff through a sore throat and runny nose.

Yep, I’ve been there.

So what should you know about open enrollment? For those new to benefits, it’s the one time every year you’re asked to plan ahead by selecting new benefits plans for the following year. If you didn’t like your plan during the past year, you can change it. If you need something different, you can modify it. Admittedly, when I first started working I was totally confused by the whole process. I didn’t know an HMO from a PPO to save my life. Nor could I tell you what an HSA was or what a PayFlex card could be used for.

That all changed when, at 24, I got my wisdom teeth removed and got braces. I learned that you could put money away for health care income-tax free as long as I planned far enough in advance. I learned that staying in-network could save you hundreds of dollars each year. I learned that health care planning is a strategy, and in order to take full advantage of the system, you couldn’t ignore open enrollment. It’s exactly the opposite  - the more you plan, the more you save. And gosh do I like to save.

There are a ton of good articles floating around that can help guide you through changes in this year’s list of options. Smart Money and Chicago Tribune are among the articles I read to get up to speed on this year’s changes…. and there are a lot. Inevitably, costs will go up (reform or not, they always do). There are some new changes in my plan, namely that now preventive medicine services are free (I have yet to figure out what that means; most likely it encompasses screenings), over-the-counter drugs now require a prescription for flex spending, insurance companies can’t drop people for pre-existing conditions, and children are now covered up to age 25.

I have to do a bit more research before I elect my 2011 benefits. I spend a lot each year on health care for a variety of reasons, so I want to analyze last year’s choices and make sure they were the best decisions for me. (That sounds like a task for a Sunday morning and a cup of coffee, doesn’t it? Tonight I’ve got a Halloween costume to finish.) I hope that you take time from your crazy busy schedule to review your benefits this year, too. Don’t just do what your parents or your significant other does, and don’t ignore your options; read up, learn how you can take advantage of savings opportunities, and most importantly, plan ahead. And don’t wait until the last minute to do it. You’ll be thankful you took time to focus on your health this year.

Category: Money
   Tags: benefits , health

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