Benefits Resources

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Benefits Resources

All the information you need about your workplace benefits, helping you feel more at ease and secure at home.

What is Open Enrollment?

Open enrollment is an annual period when employees and individuals can review, update, and adjust their benefits or enroll in new ones. It’s an ideal time to assess your life insurance coverage, make changes to your health insurance to align with your medical needs, or sign up for a new health savings or spending account. Knowing how open enrollment works is crucial for making informed decisions about your benefits and insurance coverage. Here’s a guide to help you understand the open enrollment process.

How Does Open Enrollment Work?

During open enrollment, you can modify or sign up for health insurance, life insurance, dental coverage, and other benefits provided by your employer or the government marketplace.

Here are some common changes you can make during this period:

  • Enroll in new benefits

  • Select different coverage levels (e.g., individual or family plans)

  • Choose between various plans like Health Maintenance Organizations (HMOs), Preferred Provider Organizations (PPOs), or High Deductible Health Plans (HDHPs)

  • Sign up for or adjust contributions to flexible spending accounts (FSAs) or health savings accounts (HSAs)

  • Modify existing coverage, such as increasing coverage amounts or adding beneficiaries

Your Open Enrollment Checklist

CONSIDER:

  • Review your current benefits

  • Assess your needs

  • Consider any life changes

  • Update contact and beneficiary information

COMPARE:

  • Research and compare plan options

  • Evaluate voluntary or additional benefits

  • Calculate costs

  • Review plan documents

CHOOSE:

  • Consult with your employer or insurance experts

  • Enroll in benefits within the given timeframe

  • Keep copies of your enrollment documents

Which Insurance Providers Use Open Enrollment?

Most insurance providers, including government programs like Medicare, as well as individual market insurance plans, have an open enrollment period. If you’re enrolling in benefits through your employer, you’ll likely have access to both employer-sponsored and employee-paid options during this time.

Employer-sponsored insurance is purchased by your employer and offered to eligible employees and their dependents. Typically, the employer covers part or all of the monthly premiums, while the employee pays the remaining balance through payroll deductions. These plans may include:

  • Traditional health insurance

  • Dental and vision insurance

  • Disability insurance

Employee-paid insurance is also offered through your employer but is paid for mostly by the employee, usually at a discounted rate compared to individual market plans. These types of insurance might include:

  • Accident insurance

  • Critical illness insurance

  • Hospital indemnity insurance

  • Cancer insurance

Which Plans Don’t Use Open Enrollment?

Some insurance plans don’t require an open enrollment period, such as:

  • Medicaid: You can enroll at any time if you qualify.

  • CHIP (Children’s Health Insurance Program): Enrollment is open year-round to ensure children have coverage.

  • Short-term health insurance: These plans often don't have enrollment periods due to the unpredictable need for coverage, although some states do not offer short-term plans.

Open Enrollment Dates

Open enrollment dates can vary, so it’s important to know when your enrollment period begins and ends:

  • Individual marketplace/exchange plans: Dates vary yearly by state, typically in November and December.

  • Employer-sponsored plans: Dates vary by employer but often occur once annually.

  • Special Enrollment Period (SEP): Certain life events, like divorce or adoption, allow you to enroll or change your coverage outside of open enrollment. The timing for SEPs depends on your specific circumstances.

Check with your provider to verify the most accurate and up-to-date enrollment dates.

How to Prepare for Open Enrollment

Proper preparation will ensure you make the best decisions for you and your family. Here’s a checklist to help you get ready:

  • Know the open enrollment dates.

  • Confirm available plan options through your employer or the marketplace.

  • Research insurance providers to ensure their services align with your needs.

  • Understand open enrollment terms in advance.

  • Review associated costs like premiums, copays, and deductibles.

  • Anticipate future needs, such as planned medical procedures, childcare, etc.

  • Ask questions if you’re unsure about any part of the process—reach out to HR or a benefits specialist.

What If I Miss Open Enrollment?

If you miss the open enrollment period, there are still options available, such as:

  • Qualifying life events: If you have a qualifying life event (e.g., marriage, birth of a child), you may be eligible for a Special Enrollment Period (SEP).

  • Short-term health insurance: Consider a short-term plan until the next open enrollment period.

  • Medicaid or CHIP: Determine if you qualify for Medicaid or the Children’s Health Insurance Program (CHIP), which do not have enrollment periods.

Be sure to explore all your options and make sure your coverage needs are met.