Employees often come to us throughout the year asking if they can change their plan, cancel their insurance, join a plan they aren’t on, etc. Insurance carriers are very strict regarding when you are allowed to enter, exit, or make changes to the group plan. Other than open enrollment (which is different for every company) or when you are first hired, you are only allowed to make changes if you have a qualifying event.
According to the Fidelity Plan Sponsor Attitude Survey, employers are most concerned with ensuring their retirement plan is effectively preparing employees for retirement.
HSA eligible plans are extremely popular these days. However, not everyone has had experience using an HSA with their benefits. This can be confusing since the plans do function differently from other plans with their ties to a bank account - the HSA itself.
If you have an HMO plan, your healthcare is pretty well structured and costs are very clear up front. However, there are still things that you should know to get the most out of your HMO plan. Even if you are completely healthy, it’s a good idea to know how to take steps to prevent future issues and to make sure that you are ready if an issue were to arise.