Getting the Most Out of Open Enrollment: Tips for 2023

Sure, fall is a time to watch your favorite football teams and monitor your Fantasy Football lineup, but it’s also the time to start watching and monitoring your benefits plan. FromSeptember through November, “open enrollment” kicks off at both public and private employers all around the country. Open enrollment is a period when employees can sign up, update, or cancel their health insurance plans and add or change other benefit options. It typically only lasts a few weeks and if you miss the timeframe, you have to wait a year. Deciding what plans and how much to contribute can involve many factors, so staying up to date with certain policy dates and governmental changes is crucial. To help you prepare for open enrollment, here are four open enrollment best practices for 2023.

1)   Review Benefits Options Early

Open enrollment is a critical time for employees to make important decisions about their benefits. One thing that shouldn’t be rushed is deciding which plans to add, alter, or remove from your benefits plan. Unfortunately, employees often make hasty or uninformed decisions on their insurance that can cost them more money than they need to spend. There’s only a brief window of time to sign up for benefits each year, so familiarizing yourself with benefit plans, summaries, and comparison charts beforehand can help you decide what benefits plans work best.  

2)   Assess Personal Needs and Goals

Consider factors like health conditions, anticipated medical expenses, changes in family status, and future financial goals, and then decide which benefits align best with your circumstances. Looking to the past can assist in your decision-making during open enrollment. Take account of how much you or your family spent on health care last year, if your medication was covered, or if there were any important changes in your lifestyle.  

3)   Seek Guidance

Reach out to HR or benefits specialists if you have questions or need personalized advice. Access to experts can ease your concerns and ensure you make the best choice for your situation. Many broker firms have dedicated customer service centers and enrollment specialists to guide clients end-to-end through enrollment. At JTS, we create a personalized experience by utilizing multiple communication channels to reach employees. From digital to one-on-one meetings, we make sure employees are well-educated on the benefits package your company chooses to offer. JTS communicates with its potential and existing customers through:
‍

·     Benefit booklets

·     Open Enrollment Videos

·     Web portal and mobile app

·     One-on-one enrollment

·     Email communications

·     Total compensation statements 

‍

4)   Stay Informed Throughout the Year

Don’t think of open enrollment as a one-time event. Always be thinking ahead. Stay informed of your benefits throughout the year so, if circumstances change, you are prepared to make changes. Be sure to watch out for changes in governmental policies and tax-advantaged accounts like Health Savings Accounts (HSAs) or Flexible Spending Accounts (FSAs).

Open enrollment doesn’t have to be a stressful time. By reviewing and confirming your benefits selections, you can avoid any last-minute complications. Following these best practices can help you navigate open enrollment more effectively and select benefits that best suit your needs.Working with a firm like JTS, who has a team of experts in employee benefits ready to assist your decision-making during this busy time, will also make this process easier.  

JTS partners with businesses of all sizes and individual employees for all employee benefits needs. Go into open enrollment confidently and efficiently by calling or emailing us today!