Suze Orman TwitterSuze Orman FacebookSuze Orman YouTubeSuze Orman LinkedIn
View Blog & News List

Open Enrollment Season: 4 MUST-DO's

October 08, 2015 at 12:00 AM

Please don’t keep your health insurance on autopilot. I know it’s tempting just to ignore the annual “open enrollment” communications from your employer to review your choices, and just stick with the plan you have. That could be a costly mistake. Here are 4 reasons to spend some time reviewing your employer-provided health insurance choices:

1. Your favorite doctors may no longer be in-network. Your insurer may have dropped a particular doctor or practice as an in-network provider. Same goes for hospitals and medical facilities. The upshot: you must carefully double check whether your doctors remain in-network.  If you find a doctor is no longer in-network on your current plan, check if they are in-network on any other plans offered by your employer. If not, then it’s up to you to decide how to proceed. Make sure you understand your maximum out of pocket if you stick with that doctor/facility and use it out-of-network. Or start interviewing new doctors right now—the worst time to look for a doctor is when you’re sick. 

2. The High Deductible Health Plan (HDHP) with the Health Savings Account (HSA) could be a great deal. More and more employers are now offering HDHP plans.  The term “high deductible” might make you highly suspicious, but I highly recommend you check it out if your employer offers this option. As I explain here chances are your employer provides an annual contribution to the HSA savings account that accompanies the HDHPs. That contribution effectively reduces your out-of-pocket costs, because you can use money in your HSA to cover your deductibles and other medical expenses. And an HSA has triple tax benefits that are incredibly valuable.

3. A spousal shift may be wise. If you and your spouse both have access to employer-provided health insurance, you should carefully consider which plan offers the best deal for your family today. For instance, maybe your plan was better seven years ago, so your spouse has coverage through you. But have you compared your current plan to what your family could get through your spouse’s coverage? If you’ve had kids since you last picked your plan, this check is doubly important. Whose plan makes the most sense for your entire family? And if your employer is now charging an extra premium to insure a spouse who has access to a plan through their own job-this is a growing trend-I highly recommend you weigh the cost of paying that extra expense, or having your spouse switch to his or her own employer’s plan. 

4. It pays to check out the wellness screening/programs.  Many employers offer incentives to get you to agree to a health screening, or sign up for a wellness program. The incentives can range from a gift card to reducing your share of the monthly health insurance premium. 


Tag Cloud

adjust allocations budgetSandy Hook Elementary Schoolonly offered while employed no private loanprescription tierSuze approvedcut monthly cable billMoney Marketrising home pricesfinancial fearsraising mortgage rates stretch out haircut appointmentskid borrow firsthome ownership2015 financial roadmapnew carpush yourself to save more for retirementdebt freeis it necessaryinsurance mistakelow mileage discount20 to 25 times annual incomeHDHP's are good for youpublic service career student loan repayment high credit score discountwould you decline a bonusnear historic lowsautomatic paymentAARPearn more on savingsdepreciating asset under 18 financial giftpercentage men widowed 75-84better termsDurable Power of Attorney for Health Careat worst still pay 75% benefit401KRichstudent loan repaymentgift up to 14,000heartacheone annual feemax employee matchTelepicturespreexisting condition not coveredjanuary billspoint cost offset by savingssidelinedsuccessfamily save at least $100 monthlydon't derail retirement savingsFinancialcollege graduateStudent Loanlife insurance name trust as beneficiaryHoliday Seasoncompare monthly expensescar leasingcredit reportshop online guaranteed level term policydo you need life insuranceage appropriate goalsCivil Rightspay credit debt ASAPFRAhome buying mistakesno interestretain separate credit cardsInfluential Celebritywomen long term caresecure creditis it true? social securityFiscal ResponsibilitydebtAmericans don't use all paid vacation timeretirement accountsderailed planknow before you oweincreased auto insurance premiumcredit utilization rateMarlo ThomasFinancial Educatorprovider of financial supportAuto Savings get credit cardloan is giftCommencementSelectQuote.comConventional loan PMIkids schedule paymentsretirement planprotect and provide for minor child value moneycan you afford itfinancial argumentshigh premiumsincrease emergency savingsStudent DebtHigh FICO Score = Better Rateprotect dependent Satisfyingfinancial aidNew american Dream calculate dependents annual income needsStaffords this year have a fixed 6.8% interest ratePBS Specialconfidentstudent loan debtGraceBankruptcylower interest rateeliminate credit card debtloved ones dependent on incomeCommunication Skills Bill and Pennyhealthy youFinancial Adviceeight month living expense marriage inequalityfour steps to retirement savings Financial Gift Cliffexercise reguarlyprotect loved ones One Wallet At A Timeschedule vacationteens and moneyCNBCallowance tasktax refund fraudpeace of mindoverspend on nights outSwap Older Annuities or Life Insurance Post-Divorceemployer offered life insuranceearn allowancefocus on needsmoney-aware childFinancial Awareness Video Festivalanticipated salaryverify retirement plan with HR or plan sponsorHolidaypercentage of women widowed 75-84speak new goaltaxescreate new truthdangerous retirement planFinancial Awarenessreal estate marketdon't defer interest paymentslong term goalno waiting perioddream schoolbuy homeBeautyLifestyleYoung Adult graduationhealthy retirement blood pressureis it necessary?Alarm Clockone credit cardsame-sex marriageLegal GuardianescrowUniversity of Floridawives should be involved in retirementlife insuranceholiday spendingdon't do five year car loanbest interest rateshealthy retirement weightworst financial mistakevalentines dayUrbana-ChampaignBaby BoomersSave Us MoneyCredit Card Rate IncreaseHDHP'sIRA contribution gifted moneyhome buying budgetloan big picture The Suze Orman ShowAmy Lacyetlow-cost index mutual fundnon conventional route8 month emergency fundbad retirement planningMoney-SavingForeclosureMothersetup automatic savings withdrawyours, mine & oursdon't buy wants3 bucket approachno fee transferWillcut monthly cellular billVeterinary SchoolHeartStock Investmentspaid in fullpaying for collegeorigination feesmoney vowsfederal student loan deferment Fixed Rate Mortgagefinancial concernUS Tax Codeopen enrollment review Financial Systemfinancial independencethree year car loanno private loansStudent Debt Crisisgrandparent IRA contribution take actionTeachfocus on new truth dental savings planrequire chore in exchange for allowancedon't cover cosmetic dentistryworkaholicpermanent life insurance8 month safety netgift not loantoo expensive schoolbuy down 8 Rulescnbc alarm clockback-to-school budgetget health insuranceOverspendingLong Term Care shoppingconfident of solutionFinal Goodbyesmall changes Death Benefitstandard deduction Vital Documentschildren's bookMoneyback door Roth IRAdon't use allowance as bribemortgage brokerFundshome insurancedear suzeteensbuying a carpaid vacationnegotiate points with bank or sellermortgage disclosureRoth 401(k)roth iracostly legal best loan deal LTCi ASAPco-sign Newtownget the most out of social security children under 18teach importance of helping othersAdequate Auto and Home Insuranceignore 6 month grace period not enough life insurancepurely financial standpoint4 Must Have Documents adult childrenterm insuranceInfluentialsadd teenemergency fund savingscouple financesstandard rateinterest capitalizationRevocable Trustzero rate transfer dealsswitch to spouse coverage15-year refinance dealFICO ScoreLong Term Care Insurance 20% down payment avoid feesbill paying prioritiesrefinanceSuze Ormaninitial tax break credit cardlowest cost fund optionSchool of Social Workswitch to roth 401(k)charges on credit cardinsurancelower ratebig results Wall Streetcomparison shoppingsavings pleasurehome loan credit score below 740 maintain standard of livingpublic service loan forgiveness programno apologyraise insurance deductibleno late fee long-term care premiumsprotect your familySelfishPersonal Financelower mortgage interestno splurge home budget after tax costMortgage Credit Availability IndexEmployer Matched Contributionpay 100% cashno tax on withdrawlsmobile applower overall drug costdental discount planavoid burn outrollover20 year level term car buying mistakesno retirement funds for down paymentunexpected expenseEric Dodge Combo Insurance Productsfile asapplanHigh Credit ScoreEasy Life Insurance breakdown projected monthly housing costspring summer low credit scoresummer job match income Ashley Springerbetter loan dealsmonthly dental insurance premiumraise your deductibleInterestwrite new goalmax benefit coveredstore credit cardsgift grandchild IRA contributionmax employer matched 401(k) contributionEmergency SavingsMost Influential Celebrities Listincrease retirement contribution ratedoctor no longer in networkapproved medical 100% tax-freepay interest while in schoolis it kind?do not pay allowance for good behaviorraising interest ratesFICO at least 720overspend on dining outdon't ignore open enrollmentFHA loan feesletter to suzeautomatic withdraw to savings iffy incomeLTC shoppingteach your child good money habitsonly refinance if it payscommunity bankaccelerate dental workExhibitionLTCPhyllis Shelton expert long-term caresave money401(k) ContributionsFinancial Solutions For Youmake saving a pleasurealternative FICO scorebalance transfer doctors in networkSuze Orman spouse Kathy Traviswomen longer life spanannual cost of living adjustmentCredit Card Interest Rateultimate compounding giftlet them have 50% controlcostly insurance mistakestudentAARP Social security calculatoralways use all paid time offclosing costs 2% of loan20% equityenjoy saving president Obamaconsider roth 401(k)multiple lenderstelevision hostschool credit managementpositiveidentity theftpremiumterm life insuranceFederal PLUS loanFree Debt Eliminatorcost of capitalization calculatoraffordabilityadvice for college graduatesETF'sdon't spend Spendinghigh down paymenthigher monthly paymentLoveage appropriate choreno life insurance financially irresponsiblecredit unioncommunity collegedon't charge a pennystrained relationshipbe true to yourself2016 adjust estimated taxCredit scoresavingshigher insurance deductibleproperty tax!00% tuition paiddeath benefit needs for familyoverspend on giftshousing marketmanage student loansidentity fraudWashingtonno negativityraise deductiblesdeath benefit 20 to 25 times annual incomephysical healthbuying car 2016closing disclosurejuggle multiple financial goalshealthy aging women outlive menretirement2017 Taxesautomate student loan paymentsfile taxes quicklyRetirement Savingsshorter payback periodWarner Bros Television GroupARMlearn good financial choicessave reduce interest rateCory Bookersecured cardFederal Stafford loanpowerfulhome buying seasoncollege studentLong Term Care premiumsinterest on student loanstraditional vs roth 401(k)full retirement age15 year mortgageface your financial fearpay down student loan debtbetter loan ratesreplace permanent life insurance with termGay Rightsbuy home you can affordPrime Rate Rise 2015allowanceNew York Life3 savings buckets Holiday Shoppingreal estate mistakespay high rate off firstretirment savings2016 adjust withholdingMass Mutualfraudulent returnHDHP/HSAsocial security never insolventwomen live longermortgagegrandchild summer job IRA contributionincentives for health care wellness screeningleave a legacypay off debtloan no longer than 36monthskeep a schedulemonthly benefit closing feesrequired disclosureBankemotional stakes740 credit scorepay more than minimum30 year mortgage dental insurance debit cardGoodbyeuniversal college accesshigh deductible health care planCOLAsame sex marriage band end FloridaGay CouplesForbes10 year repayment plan Pay Off Debt Before Retirementno sneaking in feesemployer funding HSACiti Simplicity Card healthy gumsloan necessityresponsiblehome related tax break bonus referrals Financial Power of Attorneyemergency fund borrow each year, capitalization is going to pile up contribute household expenses Suze changed my liferitual schedulecompare provider pricingSuze is my biggest mentor20% down paymentreduce monthly paymentcar loanHDHP affordable premiumtitle insuranceMust Have DocumentsAccuQuote.comsocial security not going brokeHSA tax savingshighest possible benefit19 years cash flow problemrent vs buyPrime Rate IncreaseCPI-WInflation Benefitstudent loan repayment planForbes Top 10marriage financial responsibilityFederal Funds RateRetirement Incomebad decisionsresponsible with moneylousy investmentARM Cautionlive below your meansspecial saving accountwaive home inspection bidget over life insurance phobiaMinor Children stay positive10% donate to charitySuze Orman Scholarshiplower premiumshort term goal How To Build Credit50 over 50Federal Reservebe kind to yourselfverify wellness screening and programs6 month waiting periodtax ID theftFinancial Cliffreduce withholdingcontribution not gender specific mental healthGiftlong term caredon't extend mortgage Changing Livesdon't blow tax refundinsurance yearly reviewitemized deductionhigh FICO scorerepay student loansfinancial goal phraseborrowing plan 3 step financial road mapbecome member 40% toward financial goalburn outfinancing car gay marriage ban end Florida staycationGiftsdangerous money seasonsocial workSandy Hook Promisecommitbe good exampleunsubsidized Stafford loanhealthy teethHDHP's are not badInvest for savings growth3% debt transferred FICO credit score credit card mortgageUniversity of Illinoispay down car loanCollege of Veterinary Medicinelow down paymentrefundstudent loan repayment estimatorSuze Orman's Money Warsquick closingincrease retirement savingsmeet monthly Jose Rodriguez2015 record year car salesovercome financial fearsCD'slong-term care Revocable Living Trustmortgage interest tax deduction

View Blog & News List
People First. Then Money. Then Things.
Connect with me on Facebook Connect with me on YouTube Connect with me on Twitter
© 2017 Suze Orman Media Inc. All rights reserved.
 |  Search  |  Sitemap  |  Privacy  |  Terms
Sign Up For E-mail Offers
Open Panel
Close Panel