It’s Open Enrollment Season

Cooler weather and holidays are approaching, along with Open Enrollment Season. Yes, for many of you, it’s time to select your workplace benefits. This means you may have some very important decisions to make, and while you are probably busy this time of year, Open Enrollment is not something you want to take lightly. 

You work hard for those benefits, so make sure you get the most out of them by avoiding these common mistakes:

  1. Don’t fall into the trap of mindlessly keeping the same coverage. Your plan is likely to change from year to year, so take time to review all options.

  2. Know the rules pertaining to tax-advantaged accounts for out-of-pocket expenses. For example, find out if unused money can be rolled over and plan accordingly. 

  3. Don’t choose your health coverage based only on price. Cheaper isn’t always better and you may end up facing more out-of-pocket costs than you bargained for.  If high premiums are a concern for you, find out how you can save money with an HDHP/HSA combination.

  4. Don’t underestimate the value of disability insurance, especially if you have a family to care for, or a mortgage to pay. 

  5. Do your homework when you buy life insurance. In most cases, coverage ends when you leave your employer and you may find affordable coverage independently.

Want to learn more? Here’s a great article on open enrollment and choosing the right benefits.