Although it might be tempting to let your current benefits stand when your workplace's open enrollment rolls around, it’s critical to review the details of your benefits and make any changes required.
You don't want to ignore open enrollment to avoid wasting money if a better plan or more affordable coverage is available.
We explore some of the key potentially money-saving moves to make during the open enrollment period based on Suze Orman’s advice.
If you’re over 50, take advantage of massive discounts and financial resources
Over 50? Join AARP today — because if you’re not a member you could be missing out on huge perks. When you start your membership today, you can get discounts on things like travel, meal deliveries, eyeglasses, prescriptions that aren’t covered by insurance and more.
How to become a member today:
- Go here, select your free gift, and click “Join Today”
- Create your account (important!) by answering a few simple questions
- Start enjoying your discounts and perks!
Important: Start your membership by creating an account here and filling in all of the information (Do not skip this step!) Doing so will allow you to take up 25% off your AARP membership, making it just $12 per year with auto-renewal.
Review your current health plan
Start by looking at your current health plan and comparing it to the other available options. Find out if premiums have increased for your current plan. Beyond premium hikes, read the fine print to see if the costs have risen for any services you regularly use.
Orman wrote in a recent blog post, “If you are in good health and you have a big emergency savings fund that could cover your annual deductible, you may want to consider if using your plan’s high-deductible health insurance plan, which will come with a lower monthly premium.”
But Orman stresses that it’s not a good idea to choose a high-deductible health plan (HDHP) if you don’t have enough savings to cover the deductible.
Explore Health Savings Account (HSA) options
If you opt to switch to an HDHP, you might be able to open a companion Health Savings Account (HSA).
HSAs are tax-advantaged accounts with multiple benefits. The funds you contribute to an HSA are pre-tax, the funds grow without tax bills along the way, and when you use the funds for a qualified medical expense at any time, you won’t have to pay any taxes on your withdrawal.
Orman wrote in a recent blog post, “That triple tax break makes an HSA a great financial move if you have the ability to do some saving today. An added benefit is that some employers offer a matching contribution to an HSA.”
Double-check your doctors
If you like your current doctor and want to continue seeing them, take a minute to confirm that the doctor or provider you want is still covered as an in-network option in the coming year.
Unfortunately, things can change from year to year. It’s better to learn about the change now because you can potentially switch up your health insurance plan to retain access to your preferred doctors.
Resolve $10,000 or more of your debt
Credit card debt is suffocating. It constantly weighs on your mind and controls every choice you make. You can end up emotionally and even physically drained from it. And even though you make regular payments, it feels like you can never make any progress because of the interest.
National Debt Relief could help you resolve your credit card debt with an affordable plan that works for you. Just tell them your situation, then find out your debt relief options.1
How to get National Debt Relief to help you resolve your debt: Sign up for a free debt assessment here. (Do not skip this step!) By signing up for a free assessment, National Debt Relief can assist you in settling your debt, but only if you schedule the assessment.
Consider your spouse’s insurance options
If you and your spouse both have access to health insurance options through work, it’s a good idea to explore what’s available from each employer. You might discover a better option through your spouse’s employer-sponsored options.
Explore the wellness programs
Many employer-sponsored health insurance plans offer wellness programs. As you review your benefits, keep an eye out for potential wellness perks.
For example, you might get a discount on your premiums, a gym membership credit, or a gift card for completing specific wellness tasks. If you find a perk, don’t hesitate to take advantage of it.
Trending Stories
Don’t just rely on workplace life insurance
Many employers offer workplace life insurance policies. Although this coverage is nice to have, it’s generally not enough coverage to protect your dependents.
For example, many employer-provided life insurance policies offer a death benefit equivalent to one year’s salary.
Orman wrote in a recent post, “My general advice is that unless you already have large savings, you should aim for a life insurance policy with a death benefit that is equal to at least 20x to 25x your current salary.”
If the worst should happen, your family will have the financial safety net they need.
Beef up your retirement savings
Saving for retirement is critical to a stable financial future. Orman recommends saving at least 15% of your salary for retirement, which can include your contributions and any employer-matching contributions.
Start by determining how much you are currently saving for retirement. Next up, make the necessary adjustments to increase your retirement savings.
How do you make this adjustment to your budget? Orman wrote in a recent blog post, “My advice is that they just dive in cold. That is, commit to automatically saving 15% of their income ASAP. The faster this becomes a habit, the easier it is to pull off.”
Explore automated savings opportunities
An automatic savings strategy is a great way to stay on track with your budgeting goals. Some employers offer a savings plan through work.
Essentially, the company will send a portion of your paycheck into a dedicated savings account. Depending on your employer, you might even be able to receive a match for your savings contributions.
Bottom line
During benefits season, it’s a good idea to read through the fine print and seek out the best possible option for your situation.
Not only will making the necessary changes potentially help you get ahead financially, but making these money moves can help you protect your family’s future.
Lucrative, Flat-Rate Cash Rewards
FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.
Wells Fargo Active Cash® Card
Current Offer
$200 cash rewards bonus after spending $500 in purchases in the first 3 months
Annual Fee
$0
Rewards Rate
Earn unlimited 2% cash rewards on purchases
Benefits
- Low spend threshold for its welcome offer — $200 cash rewards bonus after spending $500 in purchases in the first 3 months
- Cell phone protection benefit (subject to a $25 deductible)
- Can redeem rewards at an ATM for literal cash
Drawbacks
- Foreign transaction fee of 3%
- No bonus categories
- Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
- Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
- Earn unlimited 2% cash rewards on purchases.
- 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers. 19.49%, 24.49%, or 29.49% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
- $0 annual fee.
- No categories to track or remember and cash rewards don’t expire as long as your account remains open.
- Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
Subscribe Today
Want extra-cash moves to come right to you?
Stop browsing endlessly. Get proven ways to earn pocket money, help cover rent, and crush your debt — sent to your inbox daily.