Open Enrollment Season: Avoid These 7 Common Mistakes
Open enrollment season is an important time of the year for your money and health. Making mistakes can lead to skipping doctor appointments or losing out on tax-free savings.
Don’t Think the Most-Expensive Option is the Best
"Often people pick the most expensive type of plan because they think that that’s the best plan, but because they don’t necessarily understand the benefits, that’s not really the plan that’s the most suitable for them," says insurance consultant Arthur Novoseletsky.
Instead, consider your specific health needs and those of anyone else on your plan. Look at your previous health costs and those anticipated health expenses in the year ahead.
Don’t Think the Least-Expensive Plan is the Cheapest
David Wagner, South Florida market president of Florida Blue, says a plan that will deter you or your family member from seeing a doctor when needed may not be the right one.
Some plans may seem less expensive because of lower monthly premiums, but they cost more over a year. Look carefully at the copayments and deductibles, and research: Are routine visits covered? Can you see a doctor remotely? Are your providers on the list?
Don’t Allow Automatic Plan Renewal to Make Your Choice for You
Automatic renewal may make your life easy, but it might not be the best way to make your health plan decisions. This is especially true if your health care needs have changed in the last year, if you are taking more medications, if you want more benefits such as dental or hearing, or if your finances have changed.
Don’t Put Money in a Flexible Spending Account and Forget About It
A Flexible Spending Account (FSA) lets you set aside pre-tax money to pay for certain out-of-pocket healthcare expenses. Experts say people often set up an FSA and then don’t realize the many ways they can use the money, or learn how to submit claims. They lose hundreds of dollars in the account at the end of the year.
Don’t Fail to Update Your Beneficiaries
Novoseletsky says it’s important to update beneficiaries and their contact information annually — but many people fail to do so.
He has seen people forget to add a current spouse or leave a former spouse as a beneficiary on life insurance. He has also seen people fail to designate any beneficiary or continue to include someone who has passed away.
Don’t Go Without Disability Insurance
Long-term disability insurance can help replace a large portion of your income if you have an accident and become disabled. The money can be used to pay for expenses like a mortgage, children’s college education, or other financial needs.
Don’t Forget to Finish Open Enrollment or Ask for Help if Needed
Benefits experts say they often see people who think they’ve finished enrolling but fail to complete the process. They recommend double-checking before the deadline.
Another mistake, Jacobs says, is to become overwhelmed by choices and resist asking for help. Whether enrolling in a company-sponsored health plan or the federal marketplace, benefits departments or navigators can help you compare plans and analyze choices.
Conclusion
Open enrollment season is a critical time to review and adjust your health insurance plan. Avoid these common mistakes to ensure you’re getting the best coverage for your needs and budget.
FAQs
Q: What is the deadline for enrolling in Affordable Care Marketplace plans in Florida?
A: The enrollment window for the Affordable Care Marketplace plans runs from Nov. 1, 2024, through Jan. 15, 2025.
Q: What is the deadline to start coverage on Jan. 1?
A: Dec. 15 is the deadline to start coverage on Jan. 1.
Q: What is the deadline to start coverage on Feb. 1?
A: Jan. 15 is the deadline to start coverage on Feb. 1.
Q: Can I get help with enrolling in a health plan?
A: Yes, benefits departments or navigators can help you compare plans and analyze choices. You can also call the insurer directly for help with employer-sponsored insurance.
