Tips for Open Enrollment

Health and Dental Insurance

Most employers offer at least two types of health insurance

1. The good coverage with higher monthly payments (premiums) and lower deductibles and out of pocket costs when you go to the doctor or dentist.
2. The cheaper coverage with lower monthly payments (premiums) and higher deductibles and out of pocket costs when you go to the doctor or dentist. This one is normally paired with a Health Savings Account (HSA) that you contribute to and can use tax free on doctor’s visits, prescriptions, etc.

So which type of coverage do you need? Log in to your insurance account and take a look at all of your Explanation of Benefits (EOBs) for the last year to see your total cost of doctors and dentist visits and how much the insurance covered for you. If the total amount billed for doctors’ visits was less than $1000, you probably don’t need the more expensive coverage. If you have the better coverage and insurance paid out more than the cost of your premiums for the year, you’re getting a good deal.

Life Insurance

Some employers offer an optional life insurance and that is definitely something to consider. It is typically very cheap- as little as $2 a month. Additionally, you may want to consider purchasing life insurance through a company not tied to your job since you lose this benefit when you lose or change your job. Check out Zander.com or a similar company that will shop rates for you and find the best deal for you.

Long Term Disability Insurance

This will cover you in case you are disabled and can no longer work. Your employer may offer some long term disability insurance but definitely do your research on what exactly is covered. This is one that I thought I was completely covered on and found out that my employer only provides an $800 per month benefit and I would have to purchase the supplemental plan to get additional funds paid out monthly.