Why you need to start thinking about open enrollment now

Mark your calendars – for most companies, open enrollment opens Nov. 1 and lasts through Jan. 15. While these dates may seem far away, now is actually the perfect time to start thinking about what you would like to see differently in your company’s health care offerings. Enrolling in, making adjustments to or switching health care plans can be stressful and feel overwhelming. With poor planning and lack of support, many organizations find themselves cornered by looming deadlines and often default to their current plans, rather than researching options that better fit their teams’ needs. 

At CanopyNation, we advocate for you and your employees, and find the most optimal solution that provides the best care for the best rate. As a business owner or human resources director, you can ensure your team receives the right coverage available by getting a head start now. Here’s how:

1. Take time to review your options. Health care coverage is a big deal. Selecting a policy for your organization is not a decision you want to make lightly. When you start to look at upcoming offerings several months in advance, you’re saving yourself time and pressure. Sit back and reflect on key parts of health plans like deductibles, copays, networks and premiums and weigh options that matter most to your employees. Getting started early means there is more time for you to research how each of these offerings fit into their lives. CanopyNation advisors are here to help guide you through the process and find a plan that works for your team.
2. Avoid extra expenses. Taking the time to thoughtfully select your company’s health care policy can save you money in the long run. You won’t be rushed into making a last-minute decision that may not be the best financial fit for your company. This is also an opportunity to reflect on your current plan to see if it is actually the most cost-effective and beneficial solution. For instance, this is the time to consider adding your company to a tax-advantaged FSA and HSA plan and decide to opt into one.
3. Get ahead of the curve. Missing open enrollment means you may be stuck with a plan you and your team don’t like for another year. No one wants to be stuck with a plan that brings more headaches than support, so making sure you are on top of the deadline will ensure your team joins the most suitable plan. When you have time to prepare and weigh your options, you’ll be in a better position for making sound, data-backed decisions for your company. In fact, a MetLife survey found “76% of workers who understand their benefits are happy, and 82% say understanding how to use their benefits would give them a greater sense of overall stability.” The numbers speak for themselves here, so we urge you to start thinking about your next plan sooner rather than later.

If you want to find the best-suited plan for you or your organization, give CanopyNation a call.