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Because adverse selection is a thing. If people can just change insurance selections whenever, they’d just wait until they faced the highest risks. By keeping it to a once a year thing, people aren’t able to time it quite as much.
This. Clearly op doesn't understand insurance.
I had the same question this year.. a
At my company,it was a 2 week period. I never had a chance to go through all the options so I chose the same as last year.
I had mine done on the first day. I also only added paid PTO to mine and kept everything else the same.
Paid PTO? Like short term disability?
Like someone else said people would spend cheap for crappy insurance and then switch for better when they foresee an upcoming issue. You can change your insurance selections anytime your role significantly changes, your pay takes a significant shift, you get married ..have a baby..these are life events you have to apply for ..but often you can use those moments to change your selections.
Caveat to changing selections..anyone of childbearing age should have short term disability. Most use that as part of your maternity leave and most insurances require you've had it 6-12, months in advance of needing it.