Avoid These Common Mistakes During Open Enrollment

Open enrollment for the next year of the US Health Plan begins on November 1, and the process can be challenging, to say the least. When browsing 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 and not play it safe or play it safe. Follow these tips to avoid some of the most common open enrollment mistakes.

Don’t forget to review your current plan

Before you make any changes, take the time to review what your current health insurance plan covers. Check your provider network, prescription drug coverage, deductibles and out-of-pocket maximums. This will serve as a basis for comparing new plan options for 2024. Also, note if you have any healthcare expenses coming up in the next year that you’ll need to account for.

Avoid making decisions based solely on cost

A lower insurance premium may seem attractive, but it may come with higher deductibles, copays and less coverage overall. Take the time to carefully review all the details of the plan, not just the premium cost. Before you sign up for a new health plan, make sure your primary doctor is in network and your prescription drugs are covered by your insurance. Since so much is out of your control, here’s a formula to plan for what you can .

Don’t miss deadlines!

Open enrollment periods are limited and typically last only a few weeks in the fall. If you miss the deadline, it may mean that you will not be able to make changes until the next open enrollment. Mark your calendar and submit your picks on time.

• November 1: Open enrollment for coverage begins January 1.
• December 15th: This is generally the last day to register or change plans for the January 1st start date. There are some exceptions depending on where you live.
• December 16 : Open registration for participants begins on February 1.
• January 15: Open registration has closed. From now on, you will only be able to enroll or change plans if you are eligible for the Special Enrollment Period .

Don’t neglect your dentistry and vision

While health insurance has your attention, be sure to also look at dental and vision plans. They are just as important for your health. Compare plans and costs to decide whether you should keep your current coverage or switch to another option.

Read all plan messages

Don’t just suppress important information from HR. Read all emails, guidance, and resources about your plan options and changes for 2024. This will allow you to fully understand new plans, changes to current plans, or the impact on your costs.

To ask questions

If you don’t understand anything about your plan options, don’t hesitate to ask your employer for clarification. If you have questions, please contact HR or Benefits Advisors prior to the end of Open Enrollment.