Employer-provided benefits are a significant factor in overall employee compensation. The fall open enrollment period is the annual chance to review and optimize your total benefits package for your personal needs and situation. With thousands of dollars on the line, it makes sense to spend a little time analyzing this important decision. Below are a few questions to consider when picking your optimal health insurance plan:
Are there any upcoming medical needs that you expect to change?
Are you expecting costs for the birth of a child?
Are you expecting an upcoming surgery or costly medical procedures?
Are primary care doctors (and potential emergency doctors) in-network?
Are you in a different type of plan with a child now over the age of 26 or on their own insurance?
How much risk can/do you want to take with regard to your upcoming medical costs?
In addition to reviewing upcoming healthcare needs, we also recommend reviewing other employer-provided benefits such as:
Long-term disability coverage
Group life insurance benefits for you or your spouse
Health Spending Accounts or Flexible Spending Accounts for healthcare costs
Dependent Care Spending Account for childcare expenses
Dental and vision insurance coverage
The ability to purchase/sell weeks of vacation or personal time