Open Enrollment: 5 Things to Know

Open Enrollment: 5 Things to Know

Open enrollment is your annual opportunity to review and update your benefits. Here are 5 things every employee should know. 1. Review Your Current Plan Don't just auto-enroll in the same plan. Your healthcare needs may have changed — new medications, planned procedures, or changes in family size. Compare your current plan's costs against alternatives. 2. Consider an HDHP + HSA High-Deductible Health Plans have lower monthly premiums. Pair one with an HSA and you get triple tax savings. If you're generally healthy, this combination often saves more money overall — even with the higher deductible. 3. Maximize Your HSA Contribution If you're eligible for an HSA, contribute as much as you can — up to $4,300 (self) or $8,550 (family) in 2025. Your employer may also contribute. Don't leave free money on the table. 4. Use Your FSA Before It Expires If you have a Healthcare FSA, check your balance. Most FSA plans have a "use it or lose it" deadline. Schedule those dental cleanings, eye exams, and other qualified expenses before the deadline. 5. Update Your Beneficiaries Life changes (marriage, divorce, new children) mean you should review and update the beneficiaries on your HSA and other accounts. Bonus: Check if your employer offers new benefits like Lifestyle Spending Accounts (LSAs), enhanced commuter benefits, or dependent care FSAs. These can provide significant additional savings.