Open Enrollment 2027: Don't Just Click "Re-Enroll"
Open enrollment season is almost here, and while it may be tempting to simply select the same benefits you had last year, spending a few extra minutes reviewing your options could save you money and help you get more value from your benefits in 2027.
Here are some key things to consider before making your elections.
Think About What the Next Year May Look Like
Before comparing plans, consider your family's healthcare needs.
Ask yourself: Are you planning any surgeries or procedures, have you received a new diagnosis that may require additional appointments or treatment, are you planning to expand your family in the coming year, or do you expect higher healthcare utilization than last year?
The answers to these questions can help determine whether a lower-cost plan or a richer benefit option makes more sense for your situation.
Review Your Prescription Coverage
Prescription costs can add up quickly.
Take a few minutes to review any changes to your plan's formulary, confirm your current medications are still covered, and consider whether upcoming treatments or diagnoses may result in new prescription costs.
Pay Attention to Plan Design Changes
Every year, benefits can change. Don't assume your plan is exactly the same as last year's.
Review your deductible, out-of-pocket maximum, copays, and coinsurance amounts. As healthcare costs rise, many plans adjust these numbers to help manage premium increases. A plan with a lower premium may not always be the least expensive option overall.
Verify Your Doctors Are In-Network
Even if you're staying with the same insurance carrier, provider networks can change.
Before enrolling, confirm that your primary care physician, specialists, preferred hospitals, and urgent care facilities are still in-network to help avoid unexpected expenses.
Is Your Plan HSA Eligible? *
If you're considering a High-Deductible Health Plan (HDHP), make sure you understand the Health Savings Account (HSA) opportunities available.
For 2027, IRS guidelines require HDHPs to meet the following thresholds: *
- Minimum deductible: $1,750 for self-only coverage
- Minimum deductible: $3,500 for family coverage
- Maximum out-of-pocket limit: $8,700 for self-only coverage
- Maximum out-of-pocket limit: $17,400 for family coverage
If enrolled in a qualified HDHP, individuals may contribute: *
- $4,500 for self-only coverage
- $9,000 for family coverage
- An additional $1,000 catch-up contribution for individuals age 55 and older
HSAs remain one of the most tax-advantaged ways to save for current and future healthcare expenses.
Don't Overlook Telemedicine
Many plans include telehealth benefits that can save both time and money.
Telemedicine can be a convenient option for common illnesses such as allergies, ear infections, sinus infections, strep throat, and minor skin conditions. Using telehealth instead of an office visit may help reduce healthcare costs while minimizing time away from work or family activities.
Check Pediatric Dental and Vision Coverage
If you have children on your plan, review whether pediatric dental and vision benefits are already included under your medical coverage.
You may be able to avoid paying for duplicate coverage through separate dental or vision plans.
Compare Coverage if You're Married
If both spouses have access to employer-sponsored benefits, compare your options carefully.
Look at premiums, provider networks, deductibles, prescription coverage, employer HSA contributions, and overall out-of-pocket costs. The best choice for your family may not be the plan you enrolled in last year.
Take Advantage of Employer-Paid Benefits
Many employees overlook valuable company-paid benefits.
Review any employer-provided life insurance, disability insurance, Employee Assistance Programs (EAPs), wellness incentives, HSA contributions, and other voluntary benefits. These benefits are part of your total compensation package, so make sure you're taking full advantage of what's available.
Review Your Beneficiaries
Open enrollment is also a great time to update beneficiary information for your life insurance, retirement accounts, and HSAs.
Major life events such as marriage, divorce, births, and deaths can make updates necessary. Taking a few moments to review beneficiary elections can help ensure your benefits are distributed according to your wishes.
Final Thoughts
Open enrollment is more than choosing a medical plan. It's an opportunity to make sure your benefits align with your healthcare needs, financial goals, and family situation.
A little planning today can help you avoid surprises, maximize your benefits, and make the most of your total compensation package in 2027.
Sources
* Centers for Medicare & Medicaid Services (CMS) Consumer Resources
https://www.cms.gov/CCIIO/Resources/Consumer-Assistance-Grants.