Released: October 15, 2009

Perils of ignoring open enrollment

Source: Michelle Singletary, Washington Post (Free Registration)

It’s that time of year—open enrollment for your employment benefits.

It’s time to determine whether you want to stick with your current health insurance plan or switch to another. You may have to decide about your employer-provided life insurance or disability insurance or whether to sign up for legal or financial-planning services.

Only 40 percent of employees actively make a decision about their open-enrollment choices, even if they choose to keep everything they had the year before, according to Hewitt Associates, a human resources consulting and outsourcing company. Do nothing and you may end up with no health coverage, said Sara Taylor, Hewitt’s health and welfare strategy leader.

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