Once a year – sometimes more – you can make changes to your insurance coverage during “open enrollment.” It’s a time when you have the opportunity to enroll in a health insurance or another type of plan if you don’t already have one, switch plans or make changes to the coverage you already have.
If you’re currently employed, you’ll most likely hear about open enrollment through your company’s HR department. During this period, you may be able to choose a variety of coverage options depending upon what your employer offers – health insurance, dental, vision, accident, disability, critical illness, life insurance, etc. as well as learn about any changes such as new plans, changes in premiums and so on. With that information in your hands, you can decide what action you need to take, if any.
And if you’re a new employee, this is also when most employers require you to enroll in their retirement program. Remember it’s never too early to start saving for your retirement.
No coverage? Now’s your chance to get it
If you’re currently without health insurance or other types of coverage or you’re new to the company, you can explore your coverage options and sign up during open enrollment.
Life changes? Update your coverage
Maybe you’re getting married, or having a baby. Or perhaps you want to switch to a plan with a higher deductible so that your monthly premiums will be lower. Whatever your situation, if you’d like to update your coverage, open enrollment is your opportunity to make those changes.
Happy with your coverage? Then you may be good to go
If you’re content with your current insurance coverage, then there’s usually no action required on your part during open enrollment. But it is a good idea to review the annual enrollment information each year so you are aware of any changes to your plan and how they could affect you. Nobody likes surprises when it comes to their insurance benefits.
Open enrollment periods give employees an opportunity to ensure their insurance coverage is right for their needs. These periods vary from company to company, so if you’d like to know more, your HR department is a good place to start.
This material is provided for general and educational purposes only; it is not intended to provide legal, tax or investment advice. All investments are subject to risk. We recommend that you consult an independent legal advisor or financial professional for specific advice about your individual situation.
The tax information herein is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding tax penalties. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor.
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