It’s almost that time of the year when many people make avoidable mistakes that can lead to extra stress, financial burden, or missed opportunities—open enrollment. In this guide, we’ll highlight some common mistakes and how to avoid them.
One of the most prevalent mistakes is waiting until the last minute to enroll or make changes to your insurance coverage. Waiting can lead to rushed decisions and limited options. Instead, plan ahead, review your options, and take your time to make informed choices.
2. Not Reviewing Changes
Insurance plans can change from year to year. Failing to review these changes can result in unexpected costs or reduced coverage. Make sure to carefully review any updates to your plan, such as premium changes, deductible adjustments, and coverage modifications.
3. Not Considering Life Changes
Life events, such as marriage, divorce, the birth of a child, or changes in employment, can impact your insurance needs. Failing to update your coverage to reflect these changes can leave you underinsured or paying for coverage you no longer need.
4. Ignoring Ancillary Benefits
Many employees focus solely on health insurance during open enrollment and overlook other valuable benefits like dental, vision, or life insurance. Evaluate all available benefits to ensure you’re making the most of your employer’s offerings.
5. Not Exploring All Options
Some individuals stick with their current plan without considering other available options. Comparing different plans and providers can help you find better coverage or more affordable options.
6. Misunderstanding Terminology
Insurance jargon can be confusing. Misunderstanding terms like deductibles, copayments, and out-of-pocket maximums can lead to unexpected costs. Take the time to educate yourself on these terms or seek guidance from an insurance broker like us!
7. Not Using Available Resources
Employers often provide resources and tools to assist employees during open enrollment, such as informational sessions, online calculators, and benefit handbooks. Ignoring these resources can result in missed opportunities and potential errors. For self employed individuals, this is not the case. We recommend speaking to a broker, like Paola, to not miss out on all the resources available.
8. Forgetting to Update Dependent Information
If you have dependents on your insurance plan, ensure that their information is accurate. Failing to update dependent details can lead to claim denials or delays in receiving coverage.
9. Not Considering Financial Health
Your financial situation can impact your choice of insurance plans. Assess your budget, and choose a plan that aligns with your financial health. Don’t overcommit to a plan that stretches your finances too thin.
10. Skipping Wellness Programs
Wellness programs offered by employers can provide opportunities for cost savings and improved health. Skipping these programs can mean missing out on potential incentives and valuable health resources.
Take the time to review your options, consider life changes, and seek expert guidance when needed. Make open enrollment a time of opportunity rather than regret.
If something is unclear, don’t hesitate to reach out to us for clarification.
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