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Open Enrollment 2020: What You Should Know

It’s time again to elect your employer-provided health benefits for the upcoming year! The deadline is fast approaching and you don’t want to miss this opportunity to understand your 2020 coverage and programs. The more you know about what your plan covers, what programs are offered to you by your employer, and which doctors are the best for your Care Team, the happier and healthier you can make 2020!

This checklist will help you think about Open Enrollment in a way that can benefit you and your family.

Your checklist

❑  Look at your past spending

Visit your Castlight account to see your Recent Claims and how much you spent last year. 

Find out exactly where your healthcare dollars are going by viewing a breakdown of your past claims. Make decisions for your 2020 coverage based on your previous spending.

❑  Understand updates to your plan, if any

Look for any changes to your healthcare coverage that will take effect next year. This could include things like:

    • Changes in co-pays, deductibles, and-out of-pocket maximums
    • New dental or vision offerings
    • Revisions to your medication coverage
    • Updates to your doctor network
    • Additional offerings like chiropractic care or wellness programs

Read more about what updates your employer could make to your health plan. When in doubt, contact your Benefits administrator.

❑  Consider your personal and life events in the year ahead

You’ll only be able to make updates to your plan during Open Enrollment, unless you experience a qualifying event. So now is the time to adjust your health plan if you need to.

Answering these questions will give you a better idea about what you’ll need from your health plan.

    • Do you have any major medical visits coming up?
    • Do you expect any procedures, exams, or tests in the upcoming months?
    • Are you planning to start a family?
    • Will you be starting a new therapy or treatment? 
    • Do you expect to look for alternative therapy?

Anticipating your needs in the year ahead helps you to review your health plan and decide how much to contribute to an HSA or FSA.                                                   

❑  Choose the right health spending account 

Once you take a look at your past expenses, review any updates to your plan, and consider next year’s personal and life events, take a look at your health spending account options. Consider which one suits you the best (if you have the option to choose) and how much you want to contribute.

    • FSA – Flexible Spending Account
    • HSA – Health Savings Account
    • HRA – Health Reimbursement Arrangement

Read this IRS article to know the differences between the accounts and to view a list of qualifying expenses.

❑  Understand healthcare terms

Check out this helpful glossary to understand common healthcare words and terms.

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