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It's open enrollment time at my office. The most magical time of the year. Ha. So says
you. What is open enrollment anyway? Well, it's when all members of your group health
insurance plan have the opportunity to enroll in certain benefit programs, or make a change
in their employer benefits. And that means what? Well, if your company is like most others,
it may offer multiple offers for health insurance. This is when you need to choose your coverage
for the next year. Some companies call this period annual enrollment or benefits enrollment.
And what excitement awaits me during open enrollment. Well, you're going to be looking
at some SBCs. That's short for Summary of Benefits Coverage. Now, these documents are
mandated by federal law and they help you compare different plans. Ok, and what should
I be looking for? See what's covered and what's not covered and evaluate each plan based on
your health and what you want to pay. That would be as little as possible. Ok, but keep
in mind that the lowest premium isn't always the best overall value. To pick the coverage
that best meets your needs, there are a few tips. Oh yeah? Like what? Well, first calculate
your healthcare costs from recent years. Then, try to estimate what costs might be for the
coming year and don't forget to estimate the cost of doctors visits, daily medications
and any procedures you might be planning. Like you said, magical. I really am glad that
I have a job that offers me the luxury of choosing my benefits.