5 things you should be doing now to plan for open enrollment period

Open enrollment period (OEP) can feel overwhelming and confusing and rightly so – with a vast array of health insurance plans available and only six weeks of OEP starting in November to figure it out, benefits managers will need to decide on the best path forward for their company: Renew the current health insurance plan, or choose a new one? Which plan will be the best fit for our company? And where should I start?

Here are five things you can do now to ensure a smooth process during OEP so you don’t feel rushed:

1. Choose an unbiased broker: When looking for a broker to help choose a health plan, it’s important that you work with someone who doesn’t have ties to a certain health insurance plan so that you get options that are unbiased.  An independent broker will provide a variety of health insurance plans for you to review and will also help in getting the most from your plan.

The second thing you want to look for is a broker who is up-to-date on newer health plans. Some of the more modern health plans today were created to give employers and employees the benefits that have traditionally only been available to large corporations who have big pockets. A lot has changed in recent years. Websites such as Nava Benefits are a great resource with unbiased insight into modern benefits for employers.

2. Ask the right questions: When it comes to choosing your broker, here are some important questions to ask:

• Are you paid on a fee or commission? Are there any separate fees that might be added?
• What services do you provide? For example, do you explain the health plan to employees once a plan is chosen?
• How do you assist during the year as questions arise?
• How will you streamline the enrollment process?
• What health insurance plans can you recommend that have coverage for chronic health issues?
• Are there health plans that include Advanced Primary Care?
• Is there a health plan where employees don’t have to worry about a doctor being in or out of network?

3. Cast a wide net: Once you have chosen your broker and have some health plans to consider, it’s important to take the time to research them and weigh the pros and cons of each. While it can be tempting to choose the first health plan that sounds like a good fit for your company, you might miss out on an option that could end up saving your employees time and money in the long run. Be sure to look at an entire plan and costs, including deductibles, monthly payments and tax implications. A deeper dive to better understand hospitals, doctors and healthcare facilities that are part of each plan will ensure a complete understanding of each health plan.

4. Look for savings on overhead and out-of-pocket costs: A good health plan will provide great benefits, quality doctors and affordable copays. Additionally, the plan should be available to your company at an affordable price – ideally, even helping to lower your costs, while increasing health benefits. Some health plans will even do the price and provider comparisons for your employees, which will save them hours of time and thousands of dollars in out-of-pocket costs, while still getting quality care.

5. Know what’s on the market: While there are many different types of health care plans available, the most common is the traditional healthcare plan. Under this model, costs are divided between co-payments, co-insurance, and deductibles. Also part of these plans are in- and out-of-network, individual versus family deductibles, and plan types (PPO/HMO).

As mentioned earlier, there are also newer, more innovative health plans that allow employees to “shop” for a procedure in advance and the ability to select a doctor of choice and the out-of-pocket cost – all up front, so there are no surprise medical bills. With these types of plans, there aren’t deductibles and coinsurance, only “dynamic copays” that change based on the quality of the doctor and cost of the procedure. Many times, the highest-quality providers also have the lowest out-of-pocket costs to members.

In the end, taking the time to find a good broker and then research potential health plans will have a huge payoff — after all, health insurance plans are typically the second largest expense outside of employee payroll, so start early and be thorough.

Ross Klosterman is the Co-Founder and Chief Executive Officer of Poppins Health.