What is Open Enrollment? Keys to a successful open enrollment.
by: John Sudberry
Open enrollment is a short period of time where employees can sign up for benefits for the next policy year. It is very important that employees take open enrollment seriously and do the following.
Compare plans. It is very likely that plans will change year to year and so will costs of those plans. Reading carefully through the plan offerings is important to make sure your open enrollment is a success.
Sign up timely. Open enrollment is only open for a short window of time. In many cases, only two weeks or so. If the enrollment window is missed, you must wait until next year to gain coverage.
Make sure elections are cost effective. It is very easy to continue to add coverage until the payroll deductions get out of hand. Once open enrollment is over, you will not be able to change enrollments until next year.
Most importantly, ask questions. Benefit administrators are here to help. If you have any questions it is best to contact your benefits administrator and they will be able to help assist.