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What You Should Know About Renewing Health Benefits

Review your plan thoroughly before renewing
Read Time: 2.3 minutes
Dec 23, 2021

Every year, health benefits need to be renewed. It’s an opportunity to review your current health benefits and decide if it’s time to make any changes to your plan. Usually, you’re only able to renew your benefits at the time of Open Enrollment, which may vary depending on where you work and the insurance company that offers the benefits. If you have a major life event, such as getting married or having a child, however, you may be eligible to make changes to your health benefits outside of the Open Enrollment Period.

When Is Open Enrollment?

Open Enrollment is typically between November 1 and December or January 15, but it can vary depending on the company you work for and whether or not you’re using Medicare.

Can You Change Your Health Benefits?

The Open Enrollment Period is a good opportunity to review your current health benefits. It’s the only time of year that you can change your health benefits unless you have a qualifying event like marriage or childbirth. You should thoroughly review which benefits you used and what you didn’t. It’s also important to review your healthcare costs and whether your preferred doctor, dentist, or any other medical provider is considered in-network by your health insurance.

Reviewing your current health care plan will help you to determine whether it’s still meeting your health care needs.

Consider All Costs Before Changing Plans

While it is important to consider your health network and what your current health care benefits cover, it’s also essential to consider how much it costs. What are your monthly contributions to your health care plan? How much is contributed by an employer? If there’s a copay, what is it? What is the yearly deductible? You know exactly how much you’ll need to pay out-of-pocket for both the insurance itself and for health care costs before the insurance kicks in.

Know How Much Health Insurance You Used

Part of calculating how much health insurance you need is looking at how much of your health insurance that you used. Considering how much you’re paying out-of-pocket for health benefits and how much of those benefits you actually used will help you determine if you should change plans for the next year or not.

Do You Need Dental Insurance?

Depending on the insurance company and the amount your dentist charges per visit, it may cost around the same amount annually. But dental care isn’t just biannual cleanings. It’s important to thoroughly check exactly what dental coverage is included in your benefits before deciding whether or not to include it in your health insurance plan. Dental emergencies can occur that could cost much more out-of-pocket than the costs of adding dental insurance to your health benefits.

Should You Add Extra Benefits?

Depending on the insurance company offering the health benefits, there may be extra benefits that you can add to your plan. This may include something like a gym membership that could help you to stay fit or lose weight in the coming year. There may be discounts on health-related products that you could take advantage of.

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