It’s October again, and the air is getting cooler every day. With autumn leaves starting to fall and the holidays right around the corner, we’re coming up on open enrollment. Most American workers don’t put nearly enough thought into their benefits plan, but they should. With healthcare more important now than ever before, it’s important to sit down and seriously evaluate your benefits to avoid making mistakes that could cost you down the road.
At One Tech Engineering, our engineering and technical recruiting services specialize in placement of qualified engineering professionals. We also offer benefits packages including healthcare. In this post, we’ll share tips and tricks for navigating open enrollment this year.
1. Compare Plans.
The size of your family and the offerings available from your employer may give you multiple healthcare plans to choose from. Take the time to compare the plans available from eligible adults in your household. If you’ve got children or a spouse, you’ll need to decide whose policy to add them to.
Although it seems counterintuitive, in some cases, it may be more affordable to use separate policies rather than a family plan. Some policies include a spousal surcharge if your spouse’s employer offers coverage. This may increase your premium by as much as $100 per month.
If you have adult children, it may be beneficial to keep them on your insurance policy. They’re eligible to stay on your policy until the age of 26.
2. Save Your Confirmations.
One of the biggest mistakes policyholders make is to think they’ve completed the process but for whatever reason they did not. Always print a copy of your online enrollment confirmation if you change your benefits online. When your first paycheck of the new year arrives, make sure it reflects those changes. If you do make a mistake while changing your policy, employers can make some changes for you until the second pay stub of the new year.
3. Take Advantage of Tax Savings Accounts
If a health care savings account is available, be sure to take advantage of this opportunity. In addition to a Health Savings Account, you can also use an FSA or Family Savings Account to help pay for childcare and even day camp. Talk to your HR department to make sure you understand the rules and limitations of these programs.
Contact Our Engineering Recruiters to Discuss Your Benefits Plan
With open enrollment just around the corner, now is a good time to ask if your benefits package is working for you. At One Tech Engineering, we’re pleased to offer a benefits package whether you’re hired on contract or contract-to-direct hire. To learn more about our healthcare plans, connect with our engineering recruiters at 952.884.9199, or contact us online.