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What You Need to Know About Open Enrollment

It’s been a whirlwind of a year. And with open enrollment season approaching, it’s more important than ever for you to review your healthcare plan based on how you’ve been affected.

While many employees rely on employer-sponsored healthcare coverage, too few of them actually review their options before signing on. And simply selecting the plan you had last year may not be your best option. It’s truly worth the time to understand the options available to you and what’s important to you and your family.

So as you begin your open enrollment journey for 2022, dive into the details of the plan you already have. Even if you are happy with it, insurance companies often redesign their health plans every year and change the offered benefits, premiums, and deductibles. In this case, you may find another supplement plan that better suits your needs for a lower cost.

We’ve provided a list of three critical coverages for review to help you maximize your healthcare plan this year.

Health Insurance

With premiums and deductibles steadily increasing each year, consider your current health coverage costs to see if it’s beneficial to make a change.

According to the Kaiser Family Foundation, annual family premiums for employer-sponsored health insurance rose 4% to an average of $21,342 in 2020. And now even more workers now have a deductible or the amount you pay before insurance kicks in, and it’s even higher too — nearly twice what it was 10 years ago.

Employees will be spending more out of pocket in 2022, so review your health plan and be proactive in finding the most cost-effective option with the lowest premiums and deductibles.

Life Insurance

It’s important to be prepared for whatever life may bring, and that involves having an adequate life insurance plan in place. An increasing number of Americans are interested in life insurance because of a priority shift during the pandemic. Even with your life insurance policy through an employer, it may only cover a portion of what you actually need to protect your children or other dependents. When looking at plans during open enrollment, consider what you need for yourself, as well as any additional coverage or supplemental insurance. You can also shop for your own individual term life insurance policy if you don’t find that your employers’ coverage is enough.

Wellness Resources

According to an April 2020 report by KFF, nearly half of Americans claimed that Covid had a negative impact on their mental health. And as a result of many jobs going remote due to the pandemic, more employers are offering digital wellness resources — such as teletherapy and education tools for managers — to better look out for their employees’ mental health. If your employer offers any wellness resources in their coverage and you feel you could benefit from them, take advantage of what’s available and add them to your current plan.

The open enrollment window runs from November 1 through mid-December 2021.

K Wealth Advisors If you’re looking for personal guidance as you start preparing for open enrollment, contact K Wealth Advisors to schedule a GoodFit meeting.

Insightful Planning to Live Your Best Life. #IPtLYBL


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