Fall is “open enrollment” season in the world of health insurance.  For many of us, this represents the brief window of time at work when your employer allows you to choose your health plan for the next year.

After talking to our benefits team here at Blue Cross, we compiled this list of the most important questions and considerations to help you prepare for open enrollment.

If I get coverage from my employer, how do I know when my company has open enrollment?

Most employers do a good job with getting the word about when employees need to make their coverage selection. However, if you don’t know when your company has open enrollment, the human resources department is the best place to start.  They will have information on the dates, how to make any updates or changes to your benefits, and where to find the information you need to make the best decision for you and your family.

Why should I care about open enrollment?

Even if you’re happy with your current benefits, it’s important to do an annual check-in to make sure you know what coverage you have and what your options are. Benefit offerings can change year to year, so take some time to understand your choices. Also, don’t assume that your coverage will renew automatically. In most workplaces, employees still need to take action when selecting coverage. By doing nothing, you run the risk of being dropped from your plan.

While you can ask your human resources team a question anytime of the year, open enrollment is when you can do an annual check-in to understand your coverage and make updates to it.

It’s especially important to ask your benefits manager about any updates to your health plan. Don’t worry, if your health plan makes changes throughout the year, they are required to inform you, but it’s good to ask just in case you missed anything.

Also, you may work for a company that has multiple health plan options.  If so, you should check to see if any new plans are available. These could save you money—or provide better coverage for your family’s needs.

What health benefits information is important to review?

When reviewing your health benefits, you should think about:

• Your family’s anticipated medical expenses (taking into consideration the deductible and co-pays or coinsurance)
• Your out-of-pocket maximum for medical care and prescription drugs
• What clinics, hospitals and pharmacies are in your provider network
• How much is deducted from your paycheck for your share of the premium (especially important if you have more than one plan option)

If I can choose from multiple plans, how do I know what plan is the best fit?

Think about your family’s health needs over the next 12 months. Changes to your health or your family’s health may mean a different plan will be a better fit. A pregnancy, chronic illness, or other changes may bring up questions about what your plan covers.

You can ask your benefits manager to help you understand your options.

How do I know if there have been changes to my provider network?

Networks can change, so it’s a good idea to check to see if your regular doctor is in your network. Also, if you have a chronic health condition or potentially have a major procedure coming up, you should check what health care providers are in-network for your plan. Your benefits manager (or an agent if you are shopping on your own) can help give you the resources to find this.

What about HSAs, HRAs, and FSAs?

A lot of people have options that include a medical spending account, so it’s important to understand the different types.

A health savings account (HSA) is paired with an eligible health plan that has a higher deductible. The account helps pay for qualified expenses that are typically not covered by health insurance, like eyeglasses or contact lenses. Many people like the fact that an HSA account stays with you, even if you change jobs.

Unlike an HSA, a health reimbursement arrangement (HRA) is available only through a workplace. Also, employers contribute funding to HRAs. If you have a higher-deductible plan through your work, you can use dollars in the HRA to cover your eligible health care costs.

A flexible spending account (FSA) lets you set aside money tax-free to pay for eligible expenses. Similar to an HSA, an FSA is only available with plans offered by employers.

Blue Cross has more information to help you understand and compare these.

What other benefits should I be aware of during open enrollment?

Some companies include changes to life insurance and short-term disability benefits during open enrollment. Open enrollment is also a good time to review the beneficiaries of any life insurance and retirement plans you may have.

Editor's note: Open enrollment for those who have Medicare or individual health plans also coincides with this time of the year. If you have a Medicare or individual plan, these types of questions will  be valuable as you review your benefits and make necessary updates.