Open enrollment season is here, and if you treat it like a formality, you could be leaving hundreds or even thousands of dollars on the table next year.
Most workers spend less than 30 minutes reviewing their benefits—yet these choices lock in your paycheck deductions for the next 12 months.
A little homework now can pay off all year.
Start with your health plan, but don't just default to the same option.
Premiums, deductibles, and copays shift every year, and your employer may have quietly added a cheaper plan.
Run the math on your actual expected costs: a low premium with a high deductible can sting if you have regular prescriptions or planned procedures.
If you're generally healthy, a high-deductible plan paired with a health savings account (HSA) can be a strong combo.
If you have an HSA, check the contribution limit and whether your employer kicks in matching dollars.
For 2024, the IRS caps HSA contributions at $4,150 for individuals and $8,300 for families.
That money goes in tax-free, grows tax-free, and comes out tax-free for qualified medical costs—one of the few triple-tax-advantaged accounts out there.
Don't leave free employer money unclaimed.
Dental and vision plans are easy to ignore until you need a crown or new glasses.
A vision plan often covers an annual exam and a frame allowance for a fraction of what you'd pay out of pocket.
Dental premiums are usually modest, and a single filling can cost more than a year of coverage.
If you know you'll need work done, these add-ons can be worth it.
Life and disability insurance deserve a hard look, especially if your employer offers them at group rates.
Many people are underinsured and don't realize it until it's too late.
Employer-provided life insurance is often cheap, but it may not be enough to cover a mortgage or childcare.
Disability insurance is even more overlooked—it replaces part of your income if you can't work, and most workers have no idea their paycheck could vanish after a few months.
Don't forget the flexible spending account (FSA).
Unlike an HSA, FSA money typically doesn't roll over, so estimate carefully.
Underestimate and you leave tax savings behind; overestimate and you forfeit what you don't spend.
Check whether your plan offers a grace period or a small rollover, and factor in predictable costs like glasses, prescriptions, or planned dental work.
Finally, review your beneficiaries and dependent info.
Life events—marriage, a new baby, a divorce—often don't get reported, and that can cause headaches for your family later.
Update your 401(k) and insurance beneficiaries while you're already logged in.
It takes two minutes and prevents real problems.
The bottom line: open enrollment isn't just paperwork—it's a yearly chance to cut costs and protect your household.
Final Thoughts
Set aside an hour, grab your pay stubs and last year's claims, and compare plans side by side.