Open enrollment is one of the most important — and most underutilized — financial opportunities of the year. Many people rush through it or simply re-enroll in last year's plan without thinking twice. Here's how to make smarter choices this open enrollment season.
Mistake #1: Auto-enrolling without reviewing
Plans change every year. Premiums go up, networks change, formularies are updated. What was the right plan last year may not be the best option this year. Take 20 minutes to actually compare your options.
Mistake #2: Only looking at the premium
The monthly premium is just one piece of the puzzle. You also need to look at the deductible, out-of-pocket maximum, copays, coinsurance, and network. A plan with a low premium but a high deductible may cost you more overall if you use medical services regularly.
Mistake #3: Ignoring your prescriptions
If you take regular medications, check the plan's formulary (drug list) before enrolling. Not all drugs are covered equally across plans — and the difference in cost can be significant.
Mistake #4: Not checking your doctors are in-network
If you have preferred doctors or specialists, verify they're in-network on any plan you're considering. Going out-of-network can dramatically increase your costs.
What to do instead
Work with a licensed insurance agent (like me) who can walk you through your options side by side, ask about your situation, and help you make a genuinely informed decision — at no cost to you. That's exactly what I'm here for.