Unlocking the Mysteries of Open Enrollment: What Every Household Needs to Know 

As the year approaches its final stretch, there's an important window for all employees to consider:  Open Enrollment. For many households, this period offers the opportunity to reassess health  insurance and other benefits, ensuring coverage and financial planning are optimized for the year  ahead. Many households have access to both private and public insurance policies, sometime the  open enrollments overlap and other times they happen at different times in the year. In this guide,  we’ll break down open enrollment, highlight critical deadlines, and explain why households with  access to both public and private insurance should compare their options. 

What is Open Enrollment? 

Open enrollment is an annual period when individuals can review and make changes to their health  insurance and other benefit plans. Whether you're considering enrolling in new coverage, adjusting  your current plan, or adding new benefits such as dental or vision insurance, this window allows  you to make necessary updates to match your changing needs. It’s a key opportunity to ensure your  benefits align with your health and financial goals for the upcoming year. 

Why Just Once Per Year? 

Open enrollment is only offered once a year to simplify the process for both employers and  insurers. This limited period helps insurance companies manage their risk and set accurate  premiums by predicting the size of their risk pool. The timing is based off fiscal year or calendar  year. For some public organizations, like Boise State and Idaho State, the open enrollment lands in  the spring, for most private organizations that happens in the fall. For employees, concentrating all  benefits decisions into one window helps reduce the complexity of making changes throughout the  year. Missing this window generally means you'll be locked into your current benefits for another  year unless you experience a qualifying life event (e.g., marriage or the birth of a child). 

Comparing Public and Private Insurance Options 

For households with access to both public (such as through a government employer or exchange)  and private insurance options, this is the ideal time to compare the two. You may find that private  insurance offers more tailored coverage or lower premiums, but it requires a thorough comparison  to ensure you're making the most cost-effective choice. 

Factors to Consider: 

• Premium Costs: Public insurance may have lower premiums, but private insurance might  offer more comprehensive coverage that meets your specific healthcare needs. 

• Coverage Options: Look closely at what each plan covers, especially if you have unique  healthcare requirements or preferred providers. Private insurance might offer broader  networks or more flexible benefits. 

• Out-of-Pocket Costs: Weigh deductibles, co-pays, and out-of-pocket maximums. While  public insurance might seem cheaper upfront, private plans could offer better long-term  savings depending on your expected healthcare usage.

‍Important Deadlines and Consequences of Missing Them 

Timeliness is essential during open enrollment. Each insurance provider sets its own deadlines for  making changes to your benefits, and missing those deadlines can have significant consequences. 

Consequences of Missing Deadlines: 

• If you miss the open enrollment period, you may be locked into your current plan for the  entire year unless a qualifying life event occurs. This could mean missing out on more  favorable options or better coverage for your household’s needs. 

Enrollment Period Windows: 

• Make sure you verify the deadlines for both health insurance and any additional benefits like  Flexible Spending Accounts (FSAs) or Health Savings Accounts (HSAs). Different benefits  may have different deadlines, so it's crucial to stay organized. 

Key Steps to Take During Open Enrollment 

1. Review Current Benefits: Start by examining your current plan and how well it’s worked for  you in the past year. Has your health situation changed? Are your out-of-pocket expenses  higher than expected? These factors should inform your decision to stay with your current  plan or explore new options. 

2. Compare Plans: Take time to evaluate both public and private insurance options. Many  employers or insurance providers offer comparison tools to help you assess differences in  premiums, coverage, provider networks, and out-of-pocket costs. 

3. Attend Information Sessions: If available, attend information sessions or webinars hosted  by your insurance providers or employer. These can provide clarity on the options and help  you understand any changes to the plans for the upcoming year. 

4. Consult a Financial Advisor: If you're unsure about which plan is the best fit, consider  consulting a financial advisor or benefits consultant. They can offer insights into how your  benefits decisions align with your broader financial goals. 

5. Make Your Elections: Once you’ve made your decisions, make sure all necessary forms or  online selections are completed before the deadline. Confirm that the changes are  reflected and keep documentation for your records. 

Looking Ahead: Upcoming Topics 

Looking for expert guidance during open enrollment? Reach out to Intermountain Wealth  Management for our complimentary insurance review where our team can help you navigate your  benefits options and make informed decisions. 

Stay tuned for our upcoming articles: 

• Health Insurance Basics: We’ll break down the essential components of health insurance,  including key terms and how to choose the right plan for your needs.

• Real Finance Stories: Navigating Open Enrollment: Hear a real-life account of how a  family successfully navigated open enrollment, balancing both public and private insurance  options. 

• Maximizing Health Benefits with Smart Investments: Explore strategies to leverage your  health benefits while integrating them into your broader financial plan. 

As open enrollment approaches, taking the time to evaluate your options can have a lasting impact  on your financial and physical well-being. Don’t miss this critical opportunity to ensure you and  your household are prepared for the year ahead. 

Intermountain Wealth Management is a Registered Investment Adviser (RIA). The company manages several fee-based  portfolios comprised of various equity and fixed-income investments that may include mutual funds and exchange traded  funds and stocks. This is not a prospectus or an offer to sell any security. Intermountain Wealth Management nor any  Investment Advisor Representatives (IAR) of Intermountain Wealth Management are licensed to sell insurance products.  Intermountain Wealth Management is neither an insurance agent nor insurance broker. Information included herein is  intended for education and information purposes only. 

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