I absolutely love this time of year—the crisp air, football, and the kickoff of both the holiday and snowboarding seasons. But, I also get energized by open enrollment season. What??? Yes, I love benefits and wellness and especially enjoy helping others understand their benefit options. I know many feel differently, so I’ve pulled together some quick and helpful tips to guide you through the process so you feel confident in making the best choices for yourself during open enrollment. You got this!

Know Your Out-of-Pocket Costs

• Estimate your medical, dental, and vision costs. While preventive care like wellness exams and health screenings are typically covered 100%, you’ll still have out-of-pocket expenses to consider. Children can be on your plan until age 26. If your child is disabled, contact your HR team to complete the appropriate steps to keep them on your health insurance plans as a disabled dependent adult.
• Do you rely on maintenance medications? If you take prescription drugs daily/monthly and need to refill every 30–90 days, factor those ongoing costs into your budget. Also, take advantage of reduced cost pharmacy programs.
• Anticipate any extra expenses. Consider whether you’ll need new glasses or contacts, or if you have upcoming medical or dental procedures. 
• Maximize your Medical Flexible Spending Account (FSA). Once you have a clear idea of your expenses, take advantage of your Medical FSA. You can set aside up to $3,300 in pre-tax dollars to cover medical, pharmacy, dental, and vision costs. Some employers may allow you to carry over a portion of unused funds to the next year. Plus, you can use your FSA dollars to purchase items from the FSA store, GoodRX, or even Amazon.
• Use your Dependent Care Flexible Spending Account (FSA). Households can contribute up to $5,000 pre-tax dollars to help pay for childcare services such as child or adult daycare, preschool, or summer camp.

Know Your Voluntary Benefit Options

• Employer-provided life insurance and AD&D. While your employer may offer life insurance and accidental death & dismemberment (AD&D) coverage, you might need additional life insurance. As a new employee to your organization, you may be eligible for a higher guaranteed amount, but keep in mind that there are often restrictions on increasing coverage during open enrollment. PLEASE make sure to review and update your beneficiaries.
• Supplemental health insurance. Consider options like critical illness, accident, or hospital indemnity insurance to help cover unexpected medical expenses and reduce out-of-pocket costs. 
• Identity theft protection. Many employers offer identity theft services, but you may also find affordable alternatives through your credit card companies or other third-party services that offer comparable protection at a lower cost.

Know your Employer Paid Benefits

• Health Advocacy Programs. Many employers offer health advocacy services to assist with navigating and resolving claims issues, obtaining second opinions, or coordinating care. 
• Lifestyle Accounts. A newer and trendy benefit, Lifestyle Accounts are flexible accounts funded annually by your employer. These funds can be used for a variety of personal expenses such as gym memberships, pet care, or childcare, giving you more autonomy in how you spend the funds. 
• Employee Assistance Programs (EAPs). EAPs are employer-sponsored benefits designed to support mental and emotional well-being. They provide confidential counseling services and often include resources for financial, legal, and family issues. 
• Medicare and Disability Resources. Employers may offer resources for employees who are Medicare-eligible, as well as assistance with disability benefits, ensuring you have the support you need as you navigate these services. 

Optimize Your Benefits

• Participate in Wellness Incentive Programs. Check if your employer or health insurance plan offers a wellness incentive program. You can often earn rewards like cash back or reduced out-of-pocket costs by meeting specific health milestones. 
• Explore programs within your medical plan. Many health plans include additional benefits or programs like behavioral health support, discounted pharmacy rates, disease management programs, financial wellness resources, or weight loss. Be sure to take full advantage of these offerings, including your annual wellness exam and available health screenings.
• Use the Wellness Incentive/Health Screening Rider with Critical Illness coverage. If you’re enrolled in Critical Illness insurance, make sure to use the Wellness Incentive or Health Screening Rider to earn cash back for completing a wellness visit.

This is not an exhaustive list of benefit options or tips. Each employer’s benefits program will differ, but they typically provide a Benefits Guide that outlines any upcoming changes, rates, and available options. Employers often host webinars or benefits and wellness fairs to offer more insight into the program, so make sure to take advantage of these opportunities and don’t hesitate to ask for assistance if needed.

I hope you find these suggestions helpful. If you have questions or your own helpful tips, please leave a comment.