For many people, fall brings an important opportunity: open enrollment. While it may not sound as exciting as planning for the holidays, taking a careful look at your workplace benefits now could save you hundreds or even thousands of dollars next year.
Open enrollment is the period when you will choose your medical and other workplace benefits for the year ahead. Most employers hold it in the fall, with elections taking effect in January. Once the window closes, you usually can’t make changes unless you experience a major life event like marriage, divorce, the birth of a child or when a dependent has become an emancipated adult.
While it may be easy to simply renew last year’s choices, that could be a costly mistake. Your employer’s plans, providers or costs may have changed. It’s also possible your own circumstances are different than they were a year ago — for example, if you had a baby, got married or expect new medical needs. Taking a fresh look helps ensure your benefits match your life today.
