We’re sure you have heard the term “open enrollment” in reference to your job. Or, maybe as something your Human Resource department tells you is happening. But do you know exactly what they’re talking about, and what you can change? Below, you’ll find three frequently asked questions and answers about open enrollment. See something we didn’t answer? Post it on Payroll Talk, and we’ll help you out!
What is open enrollment?
It’s the time of year that, without a special life event happening, you have the opportunity to change your benefit enrollment elections that you receive through company plans. This includes: medical / health insurance, dental insurance, vision insurance, life insurance, accidental death and dismemberment, short and long term disability, and supplementary insurance.
Why does open enrollment occur only one time per year?
Generally, companies find it easier to make changes to individual’s coverages only one time a year, instead of throughout the year.
Can I change my elections once I’ve selected them?
The short answer is, “Not until the next year’s open enrollment period.” However, there are some exceptions:
- Getting married
- Having a baby
- Adopting a child
- Getting a divorce
- The death of a spouse or child
When you begin a new job, you will usually have the opportunity to select your benefits during your first few days or weeks at the company. After you make your selections, you are able to make changes during the specific life events listed above, or during your company’s open enrollment period.
Changing your elections can have an impact on your paycheck. Use the paycheck calculators on PaycheckCity to see how different elections will affect your take-home pay!
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