For most workplaces, the month of October is the Annual Benefits Enrollment period. It’s an opportunity for eligible employees to enroll in or make changes to benefit plans for the upcoming year.
Open Enrollment provides you the opportunity to make changes to benefits. For example, medical, dental, vision, life insurance as well as voluntary insurance products that might include legal services or even pet insurance. If you do not want to make changes, you will likely keep your current benefits. But it’s still a good idea to look through the information because several changes might be introduced, i.e., changes in benefits and/or cost. Also, for medical coverage, check provider networks to make sure your preferred doctors, hospitals and medical centers are still in the network. We encourage you to review benefit booklets or guides; and, to attend benefit fairs, seminars, and webinars. It’s essential to understand your insurance coverages and benefit plans – what is covered or not?
This is the only time during the year when you are eligible to make benefit plan changes to most plans. The only exceptions are when you have a qualifying life event (e.g. family or employment change) that allows you to change your benefits mid-year. Changes made during the Open Enrollment period will be effective January 1, 2019.
We are YOUR financial planning resource! If you have questions about your employer-provided benefits, please contact a member of our Financial Planning team (direct an inquiry to Taylor Bento, firstname.lastname@example.org).
Interested in learning more about retirement planning? Check out my latest segment on WBIR!