October 2023 Newsletter: Annual Enrollment

Annual Enrollment

It's that time of year again-annual enrollment season is upon us! This annual event gives us the opportunity to reassess our benefits and coverage options. Outside of a qualifying life event, this is the only time during the year to review your current elections and assess upcoming needs to make the most out of your benefits and resources. Below are some considerations when making your annual elections:

  1. Healthcare Coverage: Evaluate your healthcare needs and review the available medical, dental, and vision plans. Consider factors like your family's health history, potential upcoming medical procedures, and prescription drug needs. If you've experienced changes in your health, this may be the time to adjust your coverage accordingly.
  2. Financial Planning: Review the premium increases for the upcoming year, alongside the total out-of-pocket costs, to determine if your current plan remains your best option - you may find opportunities to save by switching to a new plan or network. Don't forget to factor in financial benefits like retirement plans, voluntary benefits, flexible spending accounts, and health savings accounts. Assess your financial goals to make sure you are on the right track for a secure future.
  3. Earn financial incentives: by participating in the Watkins Wellness Program. You and your spouse/domestic partner can participate in programs to better your health whether you are enrolled in the healthcare benefits or not. Those with a qualifying HSA or HRA may be able to earn rewards for participating and completing certain requirements associated with the wellness program, which will help further lower medical expenses. Visit https://hchealthbenefits.com/ to get started.
  4. Open Enrollment Window: It is important to know and mark your calendars for your open enrollment dates. Missing this window may limit options until the next enrollment period.

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