Mastering Open Enrollment: Make Healthy Choices When Choosing Insurance Plans

Each year you likely get emails and other notifications from your employer about open enrollment season. This is an important time for you to review your work benefits, financial contributions, and the health-related plans your employer offers., It’s also an opportunity to make decisions that impact you and your family’s physical and fiscal well-being in the coming year.  

Each employer offers different employee benefit packages and here are some common types of benefits you may see:

• Insurance – Different types of insurance (health, life, vision, dental, disability, etc.) may be offered and it’s up to you to review each plan and choose the right coverage and price point to meet your and your family’s needs.
• Health Savings Account (HSA) & Flexible Spending Account (FSA) – Both accounts help you save for qualified medical expenses on a pre-tax basis. HSAs are only available when you’re enrolled in an HSA-eligible health plan.
• Employer-Sponsored Retirement Plans – You are allowed to contribute a portion of your wage into a tax-advantaged retirement plan your employer offers, such as a 401(k), a 403(b), a 457, and a TSP. Many employers match up to a certain percentage of your contribution so don’t pass up free money!

Once you have familiarized yourself with the benefits your employer offers, follow steps below to take full advantage of this open enrollment season:

1. Review Your Current Coverage: Take a close look at your current insurance coverages and financial contributions. Make note of any changes in your healthcare needs and personal circumstances that may require adjustments to your election.
2. Explore Available Options: Once completed researching the different health insurance plans and benefit options, compare costs to find the best fit for your needs and budget.
3. Consider Additional Healthcare Benefits: Take a look at supplemental healthcare coverages that may be available to you. These additional benefits can provide extra support for your healthcare needs.
4. Take Advantage of Employer Contributions: If your employer offers to contribute to certain benefits, such as a HSA, a FSA, or a 401(k), be sure to take advantage of these opportunities to maximize your savings.
5. Don't Miss the Deadline: Be aware of the open enrollment deadline and take any necessary steps before it passes. Missing the deadline could mean having to wait until the next enrollment period to make any changes.

With so many employers offering open enrollment seasons towards the end of the calendar year, we encourage you to give yourself the gift of financial security by reviewing all your financial and health benefits, as well as your general financial situation. This will ensure you make the most appropriate selections for your and your family’s needs this year. The future you – who is healthy and financially secure – will thank you.