How to Make the Most of Open Enrollment 2018

It is that important time of year again: the time where millions of employees have the opportunity to update, and change their workplace benefits.  Open enrollment 2018 runs from November 1st- December 15th. You will notice throughout this time, you will often receive thick booklets on the available benefits, and attend informative meetings to help understand your benefit options. It can definitely get a bit overwhelming, but here at Mid Atlantic Insurances Solutions, we

 have the top 5 insider tips on how to expertly navigate open enrollment this year, and every year after!

-Plans may keep their names, but change what benefits are offered. If you are already happy with your current health insurance plan, it is easy to overlook any changes or “small print” for the following year. Every year make sure to review, and read your plan’s coverage details to avoid missing any new changes in benefits or cost. For example) Your doctor that you currently go to may not be in coverage in the future

-HSA’s and FSA’s should be treated differently. Many people, especially the younger generations have trouble in differentiating HSA and  FSA plans. Having a high deductible plan gives you the option to open a health savings account (HSA). The money deposited grows tax-free and it can be withdrawn tax-free for qualified medical expenses. FSA or flexible spending account money can be lost in a year, and does roll onto the next year. With an HSA, individuals should max out their contributions each year if possible.

Get to know additional perks your employer may offer. Open enrollment is a great time to look into any other perks that your employer may offer through their health plan. For example, many employers offer discounted gym plans, or weekly/monthly wellness challenges. These perks may have been overlooked throughout the year, and during open enrollment, you can put time aside to go over these benefits as well. Use your HR department as a resource to find out all your employer offers.

Lastly, maximize your benefits by taking the time to review them. Set aside time to go into depth of what your healthcare needs will be, and start earlier than later. Too often people wait until the last minute, or decide to just renew their current policy. During open enrollment, be sure to take your time in reviewing policies, pay attention to the small print, and put thought into what plan will work best for you, and your loved ones.