Feeling overwhelmed by open enrollment? You’re not alone! America's young workers find the process so difficult that 12% say they’d rather have a root canal than select health insurance. Not only that but across all generations a recent study done by Payroll Integrations revealed that 25% of employees don't fully understand their benefits but with a clear plan, open enrollment doesn’t have to be daunting. Here’s a quick checklist to help employees tackle the season confidently and make the most of their benefits.

Before Open Enrollment

1. Review Your Current Benefits: List out your current health, dental, vision, and other benefits. Consider what’s working and what’s not. Did you get the coverage you needed this year, or were there gaps? For instance, if you faced unexpected out-of-pocket expenses for specialist visits, it might be time to consider a plan with lower specialist copays.
2. Assess Your Health Needs: Consider any upcoming health needs, such as planned surgeries, family changes, or new medications.
3. Set a Budget: Look at how much you’re spending now on health care and what you’re comfortable spending next year. In 2023, the average annual premium for employer-sponsored family coverage was $23,968, with employees contributing approximately 29% of that cost. Understanding these figures can help you make informed decisions.

During Open Enrollment

1. Compare Your Options: Look closely at the plans available, comparing premiums, deductibles, and out-of-pocket maximums.  For example, a high-deductible health plan (HDHP) might have lower premiums but higher out-of-pocket costs, a better option for someone with minimal medical expenses. Make sure to read through all options to find the best fit for you.
2. Review Additional Benefits: Look at options for dental, vision, and voluntary benefits like accident or critical illness insurance.

After Open Enrollment: Confirm and Plan Ahead

1. Verify Selections: Double-check your choices for accuracy. Simple errors, like selecting the wrong plan tier or forgetting to list a dependent, can delay or disrupt your coverage.
2. Schedule Routine Checkups: Preventive care, such as annual physicals and vaccinations, is often free under most plans, yet three out of five Americans admitted to avoiding an important health screening over the last year.
3. Save Important Dates – Note when coverage starts and when you'll receive your new insurance cards.

For employers, open enrollment can be as overwhelming as it is for employees. Medcom Benefit Solutions specializes in consumer-driven health plan administration, including flexible spending accounts (FSAs), health reimbursement arrangements (HRAs), and health savings accounts (HSAs). With our support, employers can streamline benefits communication, reduce administrative burdens, and help employees confidently select plans that meet their needs. Ready to make open enrollment a success? Let Medcom be your partner in building a healthier, happier workforce! Contact us to get started.