Open enrollment season is here, and if you rush through it in ten minutes on your phone, you could be leaving hundreds of dollars on the table.
This is the one time of year most workers can change their health insurance, dental, vision, and flexible spending accounts without a special qualifying event.
Miss the window, and you are typically locked in until next year.
Most employer plans close enrollment in early-to-mid November, while Affordable Care Act marketplace sign-ups run November 1 through January 15 in most states.
Write the date down, set a phone reminder, and do not assume your HR department will chase you down.
People who miss it usually find out the hard way, at a pharmacy counter or an emergency room.
Next, compare your current plan against the alternatives, not just the premium.
A lower monthly payment often hides a higher deductible, which is the amount you pay before most coverage kicks in.
If you have a family and visit doctors often, a pricier plan with a lower deductible can cost less overall.
If you are young and healthy, a high-deductible plan paired with a health savings account may make more sense.
Check whether your doctors and medications are still covered.
Insurance networks change every year, and a doctor you love may be out of network in January.
Pull up your prescriptions and confirm each one sits on the formulary, the plan's approved drug list.
A single uncovered medication can run into the hundreds per month.
These are cheap add-ons that pay off fast, since a single crown or pair of glasses can cost more than a year of premiums.
If your employer offers them, price them before you decline.
Flexible spending accounts deserve a hard look too.
An FSA lets you set aside pre-tax money for medical or dependent care costs, but the catch is that many plans are use-it-or-lose-it.
Estimate carefully, because overshooting means forfeiting the difference.
A dependent care FSA is different from a health FSA, so do not mix them up.
If you are on a marketplace plan, update your income estimate.
Subsidies are based on projected earnings, and a raise or a side gig can shrink your tax credit.
Underreporting income can mean owing money back at tax time.
Overreporting can mean overpaying all year.
Finally, review your beneficiaries and life insurance while you are in the portal.
It takes two minutes and prevents a paperwork mess later. **The bottom line:** Open enrollment is boring until it is expensive.
Spending an hour with a calculator and your last few months of receipts can save you real money.
Final Thoughts
Treat the deadline like a bill you cannot ignore, because in this case, ignoring it costs more.