Open enrollment is very short and companies have many factors to consider. The decision employers make now to stay with their current MCO or change to a new MCO will impact them for the next two years.
“Companies must recognize that when they’re making this decision, to stay with their current MCO or change to a new MCO, it’s crucial to choose wisely,” says Joe Spooner, vice president at Spooner Medical Administrators, Inc.
Smart Business spoke with Spooner about open enrollment and the factors to consider when choosing an MCO.
Employers cannot interview prospective MCOs before the open enrollment period, so it’s advisable to do research beforehand. Then, when employers are free to interview MCOs, they can ask carefully considered questions because there is limited time. A hasty choice or choosing not to look at other MCOs during open enrollment can prove costly.
Meeting with an MCO during the BWC approved open enrollment period from May 2 to May 27 is free. But the vendor the employer chooses could save or cost them thousands.