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Open Enrollment Paperwork – Part 2 of 2

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Open Enrollment Paperwork – Part 1 of 2Though our open enrollment selections have been made, we can still change those options until October 31. I’m thankful for the time to consider our choices as I have had to change or add benefits after meeting with our representative.

One year, we had a representative that did not add our flexible spending account information, so I had to fill out the paperwork and fax it in by the deadline. Whew!

In considering the open enrollment process, we started last week looking at a six-step system for getting through the open enrollment paperwork. The six steps are as follows:

  • Step One: Open Enrollment Types

  • Step Two: Open Enrollment Options

  • Step Three: Open Enrollment Status Quo

  • Step Four: Open Enrollment Changes

  • Step Five: Open Enrollment Plan Comparisons

  • Step Six: Open Enrollment Selections

In Part 2 of this two-part series, I will complete steps four through six which uses the information gathered in steps one through three. With the documents gathered, let’s start with step four: open enrollment changes.

Step Four: Open Enrollment Changes

With our current selections identified, I went through the insurance newsletter and noted any changes to our current selections. This let me know the new amount we would pay in premiums for the same selections next year.

Expecting an increase, I was not surprised to discover that the same coverage from 2013 will cost around $20 more a month in 2014. We are fortunate in that it only went up slightly. Others are noting a 40% increase in premium costs. Ouch!

Step Five: Open Enrollment Plan Comparisons

Each year, I take our current selections and compare them with the other available options. Thus far, we have found our current options fit our family best.

However, I still check each year because plans change as well as our family needs. This step gives me peace of mind that I have considered each option and made the best decision based on the information provided.

Step Six: Open Enrollment Selections

Knowing the best options for our family, I write out our selections and note any questions I might have. I also calculate our flexible medical spending account by listing out medical expenses I know we will incur (physicals, dental cleanings, vision exams, glasses, contacts, and at least 5 sick visits (1 for each of us)).

I am careful not to overestimate as money in this account is either use it or lose it. However, I want to guess pretty close because the money in this account gets put aside before taxes are withdrawn. Saving on taxes is always a nice touch.

With all these decisions made, Paul and I schedule a meeting with a benefits’ representative to make these open enrollment selections. The meeting usually lasts about a half hour. By the end, we have made our selections and have our questions answered.

Then we wait for open enrollment confirmation and any additional notices or documentation from the providers regarding our selections. Those notices and all open enrollment paperwork are filed within file box 2.

Of course, changes may occur. The day we had our open enrollment meeting, we received notification via mail that our prescription provider changed. This update did not affect our premiums or deductibles, but it is a change that will affect our insurance cards.

Staying on top of open enrollment issues and working through the process allows me to see the big picture and suggest the best options. Then Paul and I choose the options that best fit our budget and our family needs.

As you work through your open enrollment, I hope this process will help. Sometimes just knowing where to start can ease the overwhelming feeling associated with multiple option plans. Each employer handles open enrollment differently, so starting early will give you time to prepare. Happy selecting!

Question: In what season do you have open enrollment?  

Open Enrollment Paperwork – Part 1 of 2

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Open Enrollment Paperwork – Part 1 of 2

Photograph Credit: Fotolia

On the heels of getting our important documents organized, I needed to access those records for our open enrollment paperwork.

My parents worked through their open enrollment this summer with an August deadline. Our open enrollment occurs during the fall and continues through October with all changes effective on January 1, 2014.

This process can get frustrating. We dealt with issues this past year when our vision care provider decided to drop our doctor from the plan after our open enrollment period ended last year but before the effective date. Going through appeals, we finally got to see our eye doctor at the price we expected to pay.

Though you plan and prepare, you can only make decisions with the information you have. Prior to making our open enrollment selections, I went through these six steps:

  • Step One: Open Enrollment Types

  • Step Two: Open Enrollment Options

  • Step Three: Open Enrollment Status Quo

  • Step Four: Open Enrollment Changes

  • Step Five: Open Enrollment Plan Comparisons

  • Step Six: Open Enrollment Selections

In Part 1 of this two-part series, I will focus on steps one through three. Steps four through six will publish next week. Let’s begin with step one: open enrollment types.

Step One: Open Enrollment Types

Whether you have annual enrollment, open enrollment, or alternate between the two, you get to make your benefit decisions during a limited time frame. If you ignore open enrollment, then you may end up paying far more than necessary for your medical and personal services.

Our family alternates between open enrollment and annual enrollment. For open enrollment years, we can opt in and out of all our benefits, including medical, dental, vision, and insurance. During annual enrollment years, we are limited to just medical and select insurance changes.

Step Two: Open Enrollment Options

My husband’s employer prepares an insurance newsletter highlighting the options available. This year’s booklet was 12 pages and included all the increases and modifications to the plans available for our choosing.

In using time wisely to make the best decisions for our family, I read the entire booklet to get a full picture of our options. Usually I get this information about a month prior to the open enrollment deadline which gives me time to read it.

I take the booklet to the playground when my kids are playing or read snippets in car line while waiting to pickup my children from school. Choosing blocks of time that work for me, I can usually get through the booklet within a few days to a week.

Step Three: Open Enrollment Status Quo

Before figuring out which options to choose, I start with what we currently have – our status quo. Accessing our current benefits and amounts we pay, I printed a hard copy for our reference which indicated our monthly premiums.

I also chose a current pay stub showing those amounts per paycheck. Seeing the amounts by both the monthly and per paycheck methods helped us determine our financial choices for the coming year.

In using time wisely investing in understanding the open enrollment process, I have found the preparation phase gets easier each year. Being familiar with the procedures, the newsletter format, and knowing our own options helps me better evaluate our situation and needs.

Taking time to educate yourself in your insurance options and needs will give you confidence as you deal with doctor’s offices, insurance companies, and benefits’ administrators. As I appealed our vision benefits this year, I addressed the issues based on the documentation supplied and won. 🙂

If you are in the process of open enrollment, start with the information you have available through your benefits’ administrator. Read any publications provided to determine your type of enrollment and options. Then check your current selections before making any decisions.

Next week, we will look at steps four through six. Happy researching!

Question: What type of enrollment does your employer have?