Debating what to do with your benefit options this open enrollment? Consider these last minute regrets and avoid them this open enrollment period:
1. Giving up employer health insurance coverage cause you want to save money. Sure picking out coverage and paying for it every month may be frustrating but it could be hard to find more affordable coverage elsewhere.
2. Adding more funds or keeping the same amount in your Flexible Savings Account (FSA) when you didn’t use the funds the previous year. Funds that go unused in your FSA expire at the end of each year, if you didn’t use the funds in 2011 then consider reducing that amount. Same thought applies if you used all your FSA funds and could have used more.
3. Not taking any action. Picking out your health insurance coverage for the next year may not be on the top of your list but it can have an impact on your finances and health for 2012. Decide what features of a health plan are most important for you and compare the group options.
4. You don’t understand your health insurance coverage and didn’t ask for help. Ask your human resource department or talk to a licensed agent about your plan to completely understand the costs and coverage levels. If you pick a new plan and then realize you are paying more out-of-pocket for doctor visits and prescriptions, you may not be happy with it.
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