As we head into November, open enrollment season is upon us and with it, the opportunity to make sure your workplace benefits are aligned with your family’s goals and next year’s financial plan.
A few key areas to review before finalizing your elections:
- Health Insurance Options: Don’t simply carry over last year’s choices. Compare the cost and coverage changes in your employer’s plans, especially between traditional and high-deductible options. The right decision can lead to meaningful tax and cost savings.
- HSA vs. FSA: If you’re eligible for a Health Savings Account (HSA), it’s one of the most tax-efficient tools available. Contributions, growth, and withdrawals for medical expenses are all tax-free. A Flexible Spending Account (FSA), on the other hand, may make sense when you know you’ll have predictable expenses next year. Think orthodontics, vision, or childcare (since funds generally need to be used within the plan year).
- Dependent Care, Disability, and Life Insurance: Review any dependent care accounts and confirm whether your employer’s disability and life coverage are sufficient or if additional personal coverage might be beneficial.
- Other Benefits: Take a moment to explore lesser-known perks, like student loan repayment programs, transportation subsidies, or wellness stipends. These seemingly small benefits that can add up to real value over time.
We know you all have a lot going on, and that’s why we’re here to help answer any questions that come up and ensure your benefits and financial plan are working hand in hand.
Your Apeiron Planning Team