The end of the year isn’t just about holiday parties and colder weather – it’s also the time when many benefit plans have their Open Enrollment periods. Open Enrollment is your opportunity to make changes to your plan selections, including picking up new coverage or dropping coverage you no longer need. It’s also a time when you can get a bit of education on what provisions of your plans are changing for the coming year and what cost differences there might be. Even if your plan has its annual renewal and Open Enrollment at some other point during the year, the same rules hold true.
Here are some thoughts to keep in mind as you get closer to your insurance plan’s Open Enrollment:
- How well is your current coverage working for you? Are you paying more or less out of pocket than you planned?
- What changes might you want to make to your coverage if the rates increase? If the rates decrease?
- Do you have a Flexible Spending Account that you would like to continue for the next year? What amount would you like deducted from your earnings in the new year?
Remember that for plans paid for with pre-tax earnings, changes can be made only at Open Enrollment time. The only way to make mid-year changes is if you experience a qualifying event – such as getting married and wanting to add your spouse to your insurance coverage. If you have a qualifying event and want to make changes, there are special deadlines, so be sure to contact your benefits representative within the time frame that your benefit plan requires.
Even if you still have weeks before you have the chance to participate in Open Enrollment, it’s never too early to think about what actions you would like to take. Enrollment windows are often short – around two weeks – so it helps to have a plan in mind to help you act quickly.
If you are a Tilson employee and plan to participate in our Open Enrollment period, make sure you are registered on our employee website, www.TilsonHRnow.com. You will be able to access plan information, rates, and our online enrollment system once you are notified of its availability.
And as always, Tilson employees are welcome to contact our benefits team by phone at 800.276.3976 or by e-mail at benefits@tilsonhr.com for more information.
