What Open Enrollment means to you

For most insurance carriers, the months of October and November are “Open Enrollment”.

Open Enrollment is a time for you to make any changes to your current insurance policy. If you are happy with the coverage you currently have – GREAT! There is probably nothing for you to consider. However, if you are not happy, it is time to make a careful assessment of current coverage and the new coverage that is being offered.

Some things to take into consideration:

· Deductibles versus Premiums. Calculate how much you are spending each year on premiums. This can be calculated by multiplying your weekly deduction by 52, your bi-weekly deduction by 26, your bi-monthly deduction by 24 and your monthly deduction by 12. If your deductible far outweighs your premium, consider changing plans.
· What is covered under your plan? If your teenage son is going to need braces soon, make sure they are covered if your employer offers different options for dental coverage. Also see how much is covered as a yearly maximum.
· Were there any treatments you received over the last 12 months that weren’t covered or had limitations? For example, a routine woman exam is generally allowed once per year. Some plans have a capitation on what they will pay. If the capitation is low, consider choosing a plan with no dollar maximum. It could save you money in the long run. .
· Do you have coverage for dental or vision? If you do not currently have them, and they are available for 2008, you may want to consider paying the premiums. These are important coverages for you and your family.
· LIFE INSURANCE and Accidental Death and Dismemberment coverage. This coverage is most often overlooked. Are your current life insurance amounts acceptable for the size of your family, your standard of living, etc. While this is a topic no one wants to think about, it is something you must include in your analysis.
· Tiered Pharmacy Benefits. If your plan offers different copay amounts based on your pharmaceutical needs, and you or your family purchases more than one or two medications on a regular basis; this is definitely an area you will want to focus on.

Don’t let another year go by if you aren’t happy with the insurance coverage you currently have. Spend a couple of hours analyzing your needs and researching the coverage that is being offered.