Open Enrollment is coming November 1, and it’ll be a wild ride! Here are a few tips from benefits consulting firm Aon Hewitt that benefit managers can share with employees to help ensure open enrollment runs smoothly.
1. Assess your and your dependents’ health care needs.
Understanding their past needs and estimating their future needs will help employees determine what adjustments they may need to make. Encourage employees to review how much they’ve spent in the past year out-of-pocket, the costs of their regular prescriptions, and the number of doctor visits they’ve had. It’s easy to over- or under-estimate the cost of care in a year, so make sure everyone takes the time to plan it out!
2. Evaluate your plan’s provider network.
Over the past few years, there have been many changes taking place in the provider community, including doctor’s groups joining together and hospitals and health systems re-contracting with insurers. As a result, health plan options may include vastly different combinations of doctors and hospitals than in the past.
3. Determine the best source of coverage for your dependents.
If an employee’s spouse, partner or adult children have access to health coverage elsewhere, including through their employer, it may be more cost effective for them to enroll in this coverage instead of being covered by you. Encourage employees to carefully review and compare these plans to ensure they are choosing the coverage they need at the most favorable cost.
4. Understand how your employer coverage works in comparison to ACA exchanges.
In most cases, individuals with coverage through their employer will not be eligible for federal tax credits for purchase of insurance through the marketplaces. Employees can visit healthcare.gov to learn more about the marketplaces.