Understanding all of your employer’s benefits can be a challenge, but make sure you’re taking full advantage of everything they offer. Here are some ways to help you make better health and wealth decisions during your open benefit’s enrollment window.
Build your health care budget
Looking at your entire household's spending may help you get your arms around your health care budget. To start your budget, ask yourself questions such as: How much did you pay in premiums this year? How many trips to the doctor, hospital, or emergency room did you or family members make? What else did you spend out-of-pocket for health care last year?Compare different plans
Your employer may have several different types of plans to choose from, and the features and prices can vary significantly. Compare the benefits, rules, restrictions, and costs such as copays, deductibles, and out-of-pocket maximums. Different plan types include a high deductible health plan (HDHP) with a health savings account (HSA), a health maintenance organization (HMO) plan, and a preferred provider organization (PPO) plan.
Even if you’ve been sticking to one plan type for a while, you might want to consider new options based on where you are on your life’s path.
