Your Open Enrollment Guide: Choose Benefits That Fit Your Life

November may bring cooler weather, shorter days, and plenty of pumpkin spice, but it also brings something important for your finances: open enrollment season. While it’s not celebrated with cozy sweaters or holiday treats, this once-a-year window gives you the chance to make big decisions about your health and financial well-being for the year ahead.

Think of it as a fall check-up, not for your body, but for your benefits. By reviewing your health coverage now, you can set yourself up for less stress, fewer surprises, and stronger financial stability in the months to come.

Why Open Enrollment Matters

Health insurance isn’t just about doctor’s visits; it’s a major part of your household budget. The plan you choose affects your monthly spending, your ability to cover unexpected expenses, and even how well you’re able to save for future goals.

Just like your life changes year to year, so do your financial needs. Maybe you got married, had a baby, started a new job, or sent a child to college. These milestones are more than celebrations—they're signals to revisit your coverage and make sure it still fits your life.

How to Review Your Needs

Start by looking back before you look ahead. Ask yourself:

• How often did you and your family visit the doctor this year?
• Were your prescriptions affordable and covered?
• Did you have any surprise bills that made you rethink your plan?

Then, think about what's on the horizon. Is there surgery scheduled? Are you expecting a baby? Do you or your spouse take new medications? Anticipating changes makes it easier to choose coverage that's both protective and cost-effective.

Comparing Plan Options

When it comes to picking a plan, the details matter. Take a close look at:

• Premiums vs. Deductibles: A lower monthly premium may mean higher out-of-pocket costs when you need care. A higher premium could save you money if you expect frequent visits or prescriptions.

• Copayments and Out-of-Pocket Maximums: These tell you what you’ll pay each time you use your plan and what the most you’ll spend in a year could be.

• Provider Networks: Make sure your favorite doctors, specialists, or hospitals are included. Out-of-network care can be much more expensive.

• Prescription Coverage: Check whether your medications are covered, and at what cost.
  
  
  
• Wellness Benefits: Some plans include gym membership discounts, nutrition counseling, or preventive programs that can save you money and boost your health. 

Don't Forget FSAs and HSAs

Open enrollment is also your chance to set aside money in pre-tax savings accounts that make healthcare expenses more manageable. These accounts are:

• Flexible Spending Accounts: Contribute pre-tax dollars to pay for eligible medical or dependent care expenses. Keep in mind that most FSAs are “use it or lose it” by year’s end.
  
  
  
• Health Savings Accounts: If you’re enrolled in a high-deductible health plan, HSAs let you save pre-tax money for medical expenses now or in the future, even in retirement. Unlike FSAs, HSA funds roll over year to year.

Both options can lower your taxable income while helping you plan for healthcare costs in a smart, intentional way.

Pay Attention to Deadlines

Here's the tough love reminder: Open enrollment comes with firm deadlines. Miss them, and you'll be locked into your current coverage, or left without the coverage you need, until next year (unless you have a qualifying life event). Put the dates on your calendar, set reminders, and try not to wait until the last minute.

A Season of Preparation

As we move into the holiday season, it’s natural to focus on gifts and gatherings. But before you start making shopping lists, take care of the to-dos that really matter for your health and financial security. Open enrollment is more than a chore: It’s an opportunity to protect your family, your budget, and your peace of mind.

At American Heritage, we're here to help you make confident financial decisions, whether it's managing your budget, planning for the future, or finding ways to save. Think of us as your partner in making this fall a season of gratitude and good planning.