Like clockwork, your employer’s
- Estimate costs. Review how often you typically see a doctor and which prescriptions you take. Do you anticipate dental work, surgery or a family change this year? Factor in deductibles, copays and out-of-pocket expenses. These numbers can guide your enrollment decisions.
- Compare your plan options. Plans may change from year to year, so take time to review what’s offered. Compare benefits, total costs and provider networks, and factor in your estimated costs.
- Assess all your insurance coverage. Look beyond medical coverage. Your employer might provide life, disability, vision, dental or supplemental insurance. And they also might let you buy additional coverage. Knowing what you already have helps you decide what you need.
- Revisit your HSA or FSA contributions.
Health savings accounts (HSAs) and flexible spending accounts (FSAs) let you pay for health care costs with pre-tax dollars, so what you contribute is worth thinking through. Adjust your contribution based on what you expect to spend, especially if you had money left over the previous year. Remember: FSAs are typically “use it or lose it” funds, so don’t contribute more than you’ll need. - Update your beneficiaries. This often-overlooked task takes just a few minutes, and it matters. Without an
updated beneficiary , your assets might not go where you intend, regardless of what your will says. - Know the deadline. Put the deadline on your calendar and set reminders. Miss it, and you might be stuck with last year’s choice for another year.
Evaluate your options, validate the details and don’t procrastinate. This is your chance to choose coverage that supports your family all year.
