In this video, Luke explains the concept of open enrollment in employee benefits:
- Open enrollment is an annual period during which employees are allowed to make changes to their insurance coverage. It’s a chance to start, stop, or modify your insurance benefits.
- Most companies conduct their open enrollment near the end of the year, although the specific timing can vary depending on your employer.
- Open enrollment durations can also vary, ranging from a few weeks to just a few days. During this period, it’s essential to invest time in research and asking questions about the available benefits plans.
- The video highlights the common tendency for people to attend open enrollment meetings but not fully engage, resulting in hasty insurance decisions. However, it emphasizes the potential for significant cost savings if individuals take the time to educate themselves about the insurance system during open enrollment.
- It also mentions that there are exceptions to the annual open enrollment period, known as “qualifying events,” which allow individuals to start, stop, or change their coverage outside of the regular enrollment period. Details about qualifying events are covered in a separate video.
