Six questions to help you make your open enrollment selections

Each year, employers offer an open enrollment period — a window of time to select your benefits package for the coming year. It’s easy to overlook this opportunity and maintain the status quo, but this could be a costly mistake given the significant role benefits play in your financial life. This year, resolve to review your options with a fresh perspective. Consider the following six questions to get started:

1. Have you experienced a major life change recently?

If you’re on the verge of having a child, recently sent a college graduate off on financial independence or the job status of your spouse has changed, reconsider your health insurance options to accommodate your current situation. If you are experiencing or anticipating major health expenses, you might decide to choose a health plan with a lower deductible. Or, perhaps you may decide you are better off paying a lower monthly premium with a higher deductible.

2. How do your employer’s benefits selections compare to those offered to your spouse?

Employers change their offerings from time to time, so make it a priority to compare your options every year. If you’re considering changing healthcare providers or opting in for legal assistance, check to see if your current professionals are covered under the new plans. If not, consider the cost and whether you want to work with someone new as you make your decisions.

3. Is a Health Savings Account (HSA) worth considering?

If you choose a high deductMARTIN >> PAGE 2

Bronwyn Martin