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Tips for enrolling in employee benefits

Understanding all of your employer’s benefits can be a challenge, but make sure you’re taking full advantage of everything they offer. Here are some ways to help you make better health and wealth decisions during your open benefit’s enrollment window. 

Build your health care budget

Looking at your entire household's spending may help you get your arms around your health care budget. To start your budget, ask yourself questions such as: How much did you pay in premiums this year? How many trips to the doctor, hospital, or emergency room did you or family members make? What else did you spend out-of-pocket for health care last year?

Compare different plans

Your employer may have several different types of plans to choose from, and the features and prices can vary significantly. Compare the benefits, rules, restrictions, and costs such as copays, deductibles, and out-of-pocket maximums. Different plan types include a high deductible health plan (HDHP) with a health savings account (HSA), a health maintenance organization (HMO) plan, and a preferred provider organization (PPO) plan. 
Even if you’ve been sticking to one plan type for a while, you might want to consider new options based on where you are on your life’s path. 

Find creative ways to save

The ways that people seek and purchase health care services continue to evolve. Today, there’s more choice, more convenience, and more ways to save money. A few examples include using walk-in clinics or urgent care offices on main streets or shopping malls instead of emergency room visits; getting flu shots at your employer, local pharmacy, or town hall; buying store-brand versions of over-the-counter drugs such as aspirin or vitamins; and asking your doctor to replace brand-name prescriptions with generics.

Make decisions before the deadline

It's critical that you don't miss your enrollment deadline and that you familiarize yourself with all benefits open to you and look for ways to save money.

What to do with an old 401(k)?

Consolidating 401(k) savings in a rollover IRA might make sense for you.

More to explore

This information is general in nature and provided for educational purposes only.