It’s that time of year again: open enrollment. This annual rite of passage is when employees — or anyone in a state health insurance exchange or individual marketplace — can sign up for or make changes to their health insurance and other benefits.
Employees often greet open enrollment with a collective groan, seeing it as just one more thing to add to their ever-expanding to-do list. If you’re among them, try looking at it another way: Health insurance is probably a big chunk of your total compensation, so why squander it by making poor choices?
The average cost of healthcare, including premiums and out-of-pocket expenses, is expected to be more than $14,000 per employee in 2019, according to the National Business Group on Health. Employers will cover roughly 70% of that. Meanwhile, the consequences of choosing the wrong plan — or missing open enrollment entirely — could be financially devastating.