Daniel Stewart

Guide to Understanding the Open Enrollment Process for Benefits

There are a few instances where you can change the benefits your health insurance offers. These are referred to as life-changing circumstances, such as getting married or having a child. You can also select the benefits you receive when you begin work as a new employee. The only other time you can make changes to your insurance is during the insurance open enrollment process. Let's take a look at how the open enrollment process works.

First Things First

The open enrollment process usually happens toward the end of the year, and it occurs annually. HR can help employees make their changes in an informative and efficient manner by keeping employees informed about the enrollment process before it begins. In the instance a new employee wants to decide on their benefits package, they will most likely need to wait 90 days before their benefits become active. As previously mentioned, life-changing circumstances also warrant a need for changes.

Four Types of Employee Benefits

There are four types of employee benefits: health benefits, retirement, financial security, and education. Different employees value benefits differently. Despite the different types of benefits, health spending accounts (HSAs) are important to nearly all employees. HSAs help employees keep their hard-earned money and plan for upcoming expenses with pre-taxed income to save additional money. HSAs require careful forethought and planning, though.

Helping Employees with Their HSAs

With anything related to healthcare expenses, you need information and tools that are straightforward and make the process of paying for healthcare needs easy manner. You want to choose an HSA that doesn't have hidden fees, is secured and insured, offers support whenever it's needed, and offers additional information on how to save additional money on healthcare expenses. Contact Lively now to get started with an HSA. If you need more information on the insurance open enrollment process or HSAs, reach out to them.

Author Resource:-

Daniel Stewart has been helping people with their money management and personal finance with over 15 years' experience in business finance. You can find his thoughts at HSA strategy blog.