3 Mistakes To Avoid During Open Enrollment 2020
Open Enrollment has officially begun! Now is the time to select or change your health benefits for 2020. It is important to understand the do’s and don’ts when it comes to making changes to your healthcare benefits, especially before the deadline. It can be a stressful time so we thought we would make it a bit easier on you and provide you with three of the most commonly made mistakes.
- Lack of Research and Using Resources: Be sure to utilize all of your resources such as your insurance agent, broker, and trustworthy healthcare websites. Don’t be afraid to ask questions and get enough details to where you feel comfortable with your healthcare decisions.
- Defaulting to Last Year’s Plan: More than likely in you are in an employer healthcare plan and forget about the open enrollment period, your employer may automatically re-enroll you into the equivalent of what you had last year. This can affect you negatively due to the changes in plan pricing and details vary from year to year. Pay attention to the open enrollment dates and look over the details of your current plan. Look into the share of the premium, deductibles, co-payments, co-insurance, out-of-pocket maximum and prescription drug benefits.
- Over- or Under-insuring: It can be overwhelming when you see the different options offered through your employer or the market place. Be realistic on the coverage you actually foresee yourself needing in the future. Begin with a quick assessment of your healthcare spending from the year before and crunch some numbers. This can give you a framework of how much you really spent on healthcare. If you do plan on getting married, starting a family or sending a child to college, keep it in mind when selecting your plan.