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Open Enrollment, What to do?

By September 20, 2011 February 19th, 2015 No Comments

Q:  It’s that time of year again – Open Enrollment. 

How can employees better determine the benefits coverage they need to protect themselves and their families?

A:  This is a great question.  Far too often, employees make mistakes in their benefits coverage decisions which can cost them a lot more money in the long run or even influence their health care decisions when their coverage is insufficient.  Two of the most common mistakes are not meeting deductible amounts and failing to contribute enough to their flexible spending accounts.

Typically, when it comes to health insurance, employees rarely have a thorough understanding of what their policy covers.  A benefits consultant or broker, who not only has a thorough understanding of the various providers and plans, but knows the most common mistakes employees make, can help employees better navigate the insurance selection process.

Communication is key.  Employees cannot be expected to make informed decisions about insurance when overwhelmed with information during the hiring process or at open enrollment.  A benefits consultant or broker will take the time to understand the needs and preferences of employees and advise them accordingly.  Not only will employees be able to make an educated decision about their benefits coverage, but ultimately, they will be well-protected and more satisfied overall with their benefits coverage.

FSA’s can be either very complicated to understand or if explained properly can be easily understood.  We recommend an Open Enrollment Meeting for all employees to help them better understand all of their options with benefits.

For more comprehensive guidance, contact HR Knowledge, Inc.at Sales@hrknowledge.com or call at 508-339-1300.