The do’s and don’ts of preparing for Open Enrollment

Open Enrollment — and Medicare’s Annual Election Period — can be overwhelming. With so many options to choose from in a short amount of time, it can be pretty confusing and hard to keep up with. But help is on the way! We’ve got some do’s and don’ts to share, so you can take on this annual task with confidence.  

First things first: take a deep breath. Then grab a pen and some paper. With a little preparation, you’ll be on your way to signing up in no time, without any added stress. But before we dive into a to-do list, let’s talk about what we’re preparing for — and how much time we have to do it. 

What is Open Enrollment? 

Open Enrollment is the annual period of time when people can enroll in or change their health insurance for the next calendar year. If you miss Open Enrollment or would like to change your plan outside of this time frame, you have to wait for a qualifying event, like getting married, having a baby, or losing health coverage. For more information on qualifying events, head here.  

For 2022, health insurance Open Enrollment typically runs from November 1 to January 15 every year, but this also depends on your state. (For example: New York’s Open Enrollment period ends December 31.)

What is the Medicare Annual Election Period? 

There are actually two opportunities for those that qualify for Medicare to enroll in or change their coverage.  

The first is Medicare’s Annual Election Period, and your selections during this time will go into effect on January 1. The second is Medicare Advantage’s Open Enrollment Period. 

If you qualify for Medicare and are looking into your options for the next year, here’s what you can do:  

Here are the do’s and don’ts of picking a healthcare plan. 

Now that you know when and what you need to sign up for, let’s talk about the do’s and don’ts of how to prepare.  

Do: Gather your personal information before you apply.  

When you enroll in or renew your coverage, you’ll be asked to provide information on any dependents, your household income, and key details like your Social Security number and address. If you’re currently enrolled in coverage, you should have your policy handy, too. (This makes it easier to compare it against new plans in case you’d like to switch.) 

Don’t: Just assume your current health plan is the best option. 

Plans change annually — and if you’re not careful, you can re-enroll in a plan with higher rates, different coverage options, and a new network of doctors. If you’re happy with your current plan, that’s great! But before you agree to another year of coverage, make sure you read the fine print — just in case.  

Do: Make a list of must-haves.   

Do you have a specialist you really like? Would you prefer a plan with easily accessible telemedicine options? By defining a list of must-haves for insurance, it will be that much easier to sift through plans and create your “short list” of ones to choose from. Here are some considerations to get you started:  

• A big network of doctors  

• Low monthly costs vs. a low deductible  

• Prescription drug coverage options 

• An HSA-eligible plan 

• Out-of-network coverage options  

• Your maximum out-of-pocket cost 

  
  

Don’t: Wait.  

Your enrollment deadline and signup method (over the phone or online) depend on your primary home state. You’ll want to make sure you’re giving yourself enough time to find a plan and think it over — because after the deadline, you’ll have to wait a whole year (or for a qualifying event) to enroll. 

Find your state on the chart below to see your 2021 Open Enrollment deadline.

Do: Define your budget.  

Like your coverage must-haves, creating a budget is just as important. Would you prefer a plan that has a higher monthly cost — but a low deductible? And how high can that monthly cost comfortably be? Determining this now can save you a lot of headache later, because an unexpected health bill can have a huge financial impact.  

As Open Enrollment approaches, it’s easy to feel anxious. Making your healthcare or Medicare choice for the next calendar year is a huge decision, but we hope these tips made you feel more at ease — and more equipped to get enrolled. Be well!