As Open Enrollment Season Nears, 10 tips for Making the Best Decisions on Employee Benefits

Detroit —August 31, 2023 —DENCAP Dental Plans, a Detroit-based provider of dental insurance plans and Michigan’s largest Dental Health Maintenance Organization (DHMO), is gearing up for open enrollment starting as early as September for some of the Detroit area’s largest employers, as well as unions, schools, municipalities and small to medium-sized businesses. DENCAP President Joe Lentine, Jr., says it’s important for enrollees and their families to plan ahead to make the right decision on employee benefits.

“Families evolve and their dental and health insurance needs can change from year-to-year. That’s why enrollees shouldn’t assume a benefit plan that has worked for the previous year is necessarily the correct plan for the year ahead,” Lentine Jr. said.

Tips for maximizing open enrollment opportunities

1. Educate yourself! Even enrollees who are confident their current insured benefit plan is the correct one for the following year should review the plan details closely. Coverage options can vary from year to year, even if the plan has the same or similar name as the year prior.
2. Don’t buy more insurance than you need. Look at co-pays and deductibles for covered services relative to the monthly premium. The most expensive plan may be the best plan for one year, but the plan with a high deductible could be better for a year where the family is likely to experience a change that could impact coverage needs.
3. Thinking of joining the freelance or gig economy? Some plans may offer conversion options for continued coverage when an employee leaves their employer or the group through which they are receiving benefits. This could be a less expensive option than continuing benefits through CORBRA and should be considered.
4. Getting married within the next year? Check what your future spouse’s benefits are, assuming they plan on staying in their current employment situation. You may want to consider a less expensive plan if you’ll be joining your spouse’s plan in the next several months. Marriage counts as a qualifying event to join a spouse’s coverage immediately.
5. Do you need braces or extensive dental work in the next 12 months? Make plan decisions that offer the most coverage relative to the premium cost.
6. Has your employer been sold – or purchased a new company – in the past year? Corporate moves can trigger a change in benefit plans that merit further review. Insurance companies may have plans that sound similar to other company plans, but a detailed review of coverage options should be undertaken.
7. Do you want to go out-of-network for your medical or dental care? Compare costs for out-of-network versus in-network care. If your preferred provider is out of network and beyond your budget, seek out referrals from those who have used in-network providers and are happy with the relationship.
8. Take advantage of benefits fairs or online or onsite benefit explanation sessions during open enrollment, even if you don’t think you want to switch from your current plans.
9. Ask your HR representative for clarification on coverage. They can access the insurance company for a reliable response. To be on the safe side, have them provide the response in writing. For example, there may be a brochure or website link that spells out key coverage points.
10. Remember that insurance is about risk. How much can you afford to pay out of pocket if you opt for the high deductible plan and need to access your benefits at a higher level than anticipated?

“12 months may not seem like a long time for an employee benefit plan decision to matter that much, but in reality, your expenses can be double or triple what you expected to pay in that same period if you are underinsured,” Lentine Jr. said.

About DENCAP Dental Plans
Founded in Detroit in 1984 with a mission to offer dental coverage for all, DENCAP is a licensed insurance business with the State of Michigan and provides affordable and comprehensive Dental Health Maintenance Organization (DHMO) and Point of Service (POS) plan options for groups, employers, families and individuals. DENCAP is also an experienced third-party administrator (TPA), providing all aspects of dental plan management to insurance companies, self-funded dental plans and government agencies.

Media Contact: Barbara M. Fornasiero; EAFocus Communications; 248.260.8466; barbara@eafocus.com;
Joe Lentine, Jr., DENCAP; 586.945.9505; jtlentine@dencap.com