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Why You Should Pay Attention to Open Enrollment

Why You Should Pay Attention to Open Enrollment

What is open enrollment? This is another important industry term that you need to become familiar with. Remember, you need to be giving your insurance a fair chance to succeed for you at all times. Some people do not know what it entails and then get taken by surprise when it comes into play. Make sure that you know what open enrollment is and how it could possible affect you. We want to help you by explaining this term and giving you some more helpful information on it. You always need to be paying attention in any insurance process.

What is it?

If you are with an employer and you have an employee benefit plan with that employer then this can make you eligible for open enrollment. A few times a year you will have about a month to make existing changes to your plans with the company. The company is offering a chance to change but you must have the proper paperwork. If you do not choose to turn in new paperwork, or you forget to do so, then you will have to remain with the plan that you currently have. Make sure you are aware of when these changes are allowed by your company.

Should You Take Advantage of it?

If you think that your coverage can be improved then you need to look into it. Do not go and make quick decisions because you might find that the coverage you have is fine. You do not want to waste your time, and you do not want to make any mistakes and switch to a plan that is not better. This is why you should get as much information as you can on any possible changes and then take some time to look into it. Only you can really decided what you want to do as far as changing. Just make sure you are happy with the result.

What Can You Switch to?

This is determined by what is being offered to you. You might take this time to switch from a HMO to a PPO or vice versa. Again, you need to look at what is being offered and what is available then make your decision. Your company will let you know what you can switch to. Just make sure that you are not switching because you feel like you can. Make sure it is all valid.

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