Getting ready for open enrollment: Evaluating your employee benefits
- Open enrollment is a good time to review and re-evaluate your health insurance, retirement, and other employee benefits.
- It pays to be prepared so you can make the most of your health insurance coverage, retirement accounts, and other benefits.
- Employer-sponsored benefits are often a sizeable chunk of many people’s compensation. You’ll want to maximize the benefits you’ve earned.
Open enrollment tips to help you prepare
First things first - when is open enrollment? Mid-October through early December is open enrollment season. During this time, you’ll want to understand your retirement, health care and insurance benefit options, recognize what changes your employer may be making and, most of all, make sure you’re maximizing your employee benefits to the fullest extent possible.
Think of open enrollment as an education and communication period. Your employer’s objective is to provide all employees with an understanding of what the offerings are and how the employee benefit programs works, how much plans cost and who pays for them.
Before your open enrollment period begins, your employer will distribute information about your employee benefits programs, including a Summary of Benefits and Coverage (SBC) as required by the Affordable Care Act. Read this material carefully and contact your company’s benefits department with any questions. You may also want to attend any informational meetings or webcasts your company may provide.
Get the most out of employer benefits
For many people, employer-sponsored benefits are a sizable percentage of their compensation. Therefore, it makes financial sense to do the research and planning necessary to maximize the employee benefits you've earned. Some situations that may impact your open enrollment decisions may include:
- Change in family status
- Job change resulting in a compensation increase or decrease
- Health concerns
- Whether or not your partner’s benefits have changed
By planning ahead to determine your needs for the coming year, you can get the most out of what your employer has to offer.
Learn more about employee benefits
- Are you taking full advantage of your retirement account at work? Follow these three tips.
- Do you know how to make the most of your health care benefits? Read health insurance open enrollment tips to find out.
- Finally, are you aware that your employer may offer insurance benefits beyond health care? Learn more about what your open enrollment options may be beyond health care and retirement benefits.
For additional assistance with your open enrollment, talk to your Ameriprise financial advisor.