Open enrollment is when employers and coverage providers allow employees to change their employee benefits. This can be a confusing time, especially when you need to compare options and decide which are best for you and your family. Certain life events may also affect your insurance elections from one year to the next, such as getting married, having a baby, buying a house, accepting a new job, and more.
What is the Open Enrollment Period?
Open enrollment periods for employee benefits run from November 1st to December 15th each year. This window enables businesses and individuals to enroll in a variety of benefit options of their choice for the following year. While some states operate on an extended enrollment period running through January 15th, most enrollees must adhere to a December 15th deadline to enjoy the benefits of their new insurance plan on January 1st. Otherwise, in states with a January 15th deadline, benefits become effective on February 1st of the same year.
A special enrollment period is also available for major life events that have taken place within the last 60 days. These events include moving to a new state or country, getting married, getting divorced, having a baby, and even death. If you are confused about the details of your circumstance, call Oceanstate Financial for help. We can explain your options, and explore the elections that are best-suited to your unique situation.
Common Workplace Benefits
Do you need local help choosing between the options offered by your employer? Oceanstate Financial can help you explore and enroll in coverage based on the need of you and your family, with coverage options and monthly premiums you can afford. Some of the plans offered by employers across the US may include:
- 401k Plans
A401k is an employer-sponsored retirement plan enabling employees to make automatic contributions from each paycheck using pre-tax dollars. Some employers may also provide 401k contribution matches.
- Health Insurance
Most companies in the United States offer insurance plans to their employees through various health care providers in their state. A health plan from your employer may range in coverage, offering a variety of services to both qualifying and newly eligible employees. Can’t afford insurance? Oceanstate Financial can help determine whether your household income qualifies for financial assistance.
- Comprehensive Dental
While there is no open enrollment period for dental and vision, certain insurance plans may only be made available through your employer during open enrollment. An advisor with Oceanstate Financial can help you understand the benefits offered by your health insurance bundle.
- Life & Disability Insurance
The options made available through your employer may differ greatly, especially in terms of life and disability insurance plans. Employers tend to offer both optional and required employee benefits that may feel confusing. If you don’t understand what’s being offered to you, or need a better explanation of your options, we can help. Reach out to Oceanstate Financial today with your questions and concerns.
Deciding What’s Best for You
Ultimately, when it comes to choosing your benefits for the upcoming year, it’s important to compare plans made available by your employer. If you are confused about the options available, Oceanstate Financial can provide assistance throughout the process to make open enrollment a whole lot easier.
Are you self-employed, unemployed, or working for a small employer? Even if you aren’t being offered workplace benefits as an employee, there are options available to you. Oceanstate Financial understands the marketplace and can help guide you in evaluating the options and putting in place the best one for you and your family. Set up a consultation today to see what we can do for you!
Need More Help?
Do you have questions about open enrollment, your current plan, or finding affordable coverages? Discover the valuable resources provided by Oceanstate Financial, offering both in-person and online assistance to help you navigate these complex marketplaces with ease.