For many employees, November marks the kickoff of open enrollment for 2024, meaning that your window of opportunity to select or change your insurance policy will be available until mid-to-late January. For many of us who have little experience choosing or changing our insurance policies, understanding health insurance options and language can feel extremely overwhelming. Luckily, we’ve created an easy-to-follow guide to help you feel prepped and ready to make an educated choice this benefit enrollment season.
Let’s start with defining a few of those unfamiliar insurance terms.
When doing benefit enrollment, it’s important to understand what policies and plans are available to you and what each has to offer. Based on your age and health status, some plans might be better suited to meet your needs than others.
There are two types of Networks that you should know about during benefit enrollment. First, an In-Network plan is one where physicians, hospitals, or health care providers who contract an insurance plan provide services to its members. People within the network tend to have more coverage with other In-Network providers than those with Out-Of-Network plans.
Something that is Out-Of-Network means that physicians, hospitals, or other health care providers do not work with an insurance plan to service its members. Expenses for services provided by out of network providers have the potential of not being covered or having less coverage than in-network providers.
Now that you’ve gotten a refresher on the basics and are ready to get started with benefit enrollment – mark your calendars for November 1st and get ready to feel confident choosing the right policy for you. Remember, if you’re job searching, be sure to ask your future employer about these 5 benefits.
*Original publication date October 12, 2021. Updated October 31, 2023.
Cara is a Senior Professional in Human Resources (SPHR) and the Vice President of People & Engagement at Atrium. With a passion for Diversity, Inclusion, and Belonging, her career journey is dedicated to developing people and their potential.
Copyright © 2023 Atrium. All Rights Reserved
Copyright © 2022 Atrium.
All Rights Reserved.