Open enrollment is here — that one time each year when you can review and update your benefits without needing a major life event. Whether you’re sticking with your current coverage or making a change, this is your chance to make sure your benefits match your life, health needs, and budget.
Why It Matters
The choices you make during open enrollment will stay in place for the next year (unless you have a qualifying life event like marriage or the birth of a child). That means it’s worth taking a few minutes to review your options — not just click “re-enroll” and move on.
Things to Think About
Start by reviewing your current plan. Did it work for you this year? If not, now’s the time to explore other options. Think ahead too: Do you expect more medical visits next year? A new baby? A surgery? Your coverage should reflect what’s coming, not just what’s been.
If your employer offers tax-advantaged accounts, like an HSA or FSA, take a look. HSAs (for high-deductible plans) roll over year to year and can grow over time. FSAs are “use it or lose it,” but can still save you money on healthcare or dependent care costs.
Learn the Lingo
Some quick definitions:
- Premium: What you pay from your paycheck for coverage
- Copay: Flat fee for things like doctor visits
- Deductible: What you pay before insurance starts helping
- Coinsurance: Your share of costs after meeting your deductible
- Out-of-pocket max: The most you’ll pay in a year
Knowing these terms makes comparing plans way easier.
One Last Thing…
Take a minute to review your beneficiaries, especially if you’ve had any major life changes. It’s quick and important.
Bottom Line
Open enrollment is your opportunity to make smart choices that fit your life now and prepare you for what’s ahead. Don’t rush it. Set aside a little time, ask questions if you have them, and take control of your benefits for the year to come.