Open enrollment checklist for small business employees

Open enrollment is typically the only time of year you can change your benefits elections without a qualifying life event. Don't skip it — even if nothing seems to have changed. Your health, family, and financial situation may have shifted since last year.

Before open enrollment opens

1. Gather your documents. Locate last year's elections, any bills or claims from the past year, and your current plan's Summary of Benefits and Coverage (SBC).

2. Review your healthcare usage from the past year. How many times did you see a doctor? Did you hit your deductible? Did you have any large unexpected expenses? This tells you whether your current plan is working.

3. Note any life changes. Marriage, divorce, a new baby, a dependent aging off your plan, or a change in your spouse's coverage all affect your optimal elections.

4. Check if your current doctors are still in-network. Provider networks change every year. Confirm before re-enrolling.

During open enrollment

1. Compare all available plan options — don't auto-re-enroll without looking. Even if your plan 'renews,' premiums, deductibles, and networks may have changed.

2. Calculate your total cost of coverage, not just the premium. Add up: monthly premium + estimated deductible + typical copays based on your actual usage. The cheapest premium isn't always the cheapest plan.

3. Decide on your HSA or FSA contribution. If you're enrolling in an HDHP, set your HSA contribution. If you have an FSA, set your amount carefully — unused funds may not roll over.

4. Review dental and vision separately. These are often overlooked but can represent significant savings, especially if you wear glasses or need dental work.

5. Update your beneficiaries. It takes 90 seconds and it matters enormously.

6. Confirm your dependents are correctly listed. Adding or removing a dependent affects your premium tier and coverage.

Before you submit

1. Review your elections one final time before confirming. Mistakes are hard to correct outside of open enrollment.

2. Note your plan's effective date. Coverage often starts January 1 but confirm this with HR.

3. Download or save your confirmation. Keep a record of what you elected.

4. Set a calendar reminder for next year's enrollment window.

Advisor tip

Share this checklist with your employer clients to send to their employees before enrollment opens. Employees who do this prep work make fewer enrollment errors and have higher benefits satisfaction — which reflects well on the broker relationship.

Frequently asked questions

What if I miss open enrollment?

You generally cannot make changes until the next open enrollment period unless you have a qualifying life event (QLE) — marriage, divorce, birth of a child, loss of other coverage, etc. Some events give you a 30-day window to make changes.

Can I waive employer coverage and buy insurance elsewhere?

Yes. If you have access to coverage through a spouse's plan or the ACA marketplace, you can decline your employer's plan. Note that declining employer coverage may affect your subsidy eligibility on the marketplace.

What is a qualifying life event?

A qualifying life event (QLE) lets you change benefits outside of open enrollment. Common QLEs include: getting married or divorced, having or adopting a child, losing other health coverage, moving to a new state, and changes in employment status.

How do I know if my premiums changed?

Your HR team or broker should communicate any changes before enrollment opens. You can also find this in your plan's Annual Notice of Change or by comparing your current SBC to the new one.