Insurance open enrollment key time to review coverage, benefits

PHOENIX– The end of the year is when many Valley companies hold open enrollment.

During that time each year is when employees can make changes to to their insurance plans. A lot of people don’t bother reading up on what’s new, and that can be a mistake. Sometimes the changes are small, but sometimes they can be large.

“This includes changes in things like premiums, co-pays, deductibles, out-of-pocket maximums, your drug formulary. Make sure you’re reviewing all of your options and how they best fit your family’s medical needs,” Connie Drushel, human resources business partner with Bonneville Phoenix, said.

Drushel said you want the right size of insurance coverage for you.

“Make sure you’re not underinsuring or overinsuring yourself with a plan that is more expensive than you need to be paying for the coverage you really need for your family,” Drushel said.

Additionally, you should pay attention to your flexible spending options.

It’s an every year re-enrollment, re-election. If you want to adjust the contributions up or down, this is the time to do it.