Make the Most of Health Care Open Enrollment

Open enrollment is the time of year to either review your employer's health plans or other options to find what's right for you. It's one of the most important financial decisions you can make, so it's essential to find the right fit for your personal and financial needs. You can do a few things to prepare — and make the most of this significant time.

Know the deadline. Missing the deadline could mean missing out on valuable upgrades or needed changes to your current policies. If you haven't received clear communication on your open enrollment dates and deadlines, consult your human resources department to ensure you know when yours is.

Compare health insurance plans. Your current health insurance may still be working for you, but over the year, you may have had trouble finding a preferred doctor in-network, or some of your medications or other medical needs haven't been covered. Now is the best time to compare all policies offered to ensure you pick the best one for your needs. Here are a few essential aspects to review in detail:

• Plan design
• Premium costs
• Deductibles
• Provider networks
• Out-of-pocket costs, including copayments and coinsurance for doctor visits, urgent care, emergency room visits, and prescription drugs

Even if your current is still working for you, it's worth reviewing it in detail in case there have been notable policy changes that create a reason for a change.

Think about life changes. Changes to retirement goals, family size, or the desire for extra coverage should be all factor into your open enrollment considerations. For example, if you had a child, you might want to add that life insurance policy to your portfolio.

Know if HSA or FSA options are offered. If you go with a high deductible health insurance plan, a health savings account (HSA) or flexible spending account (FSA) is one way to pay for qualified medical costs that aren't covered. Contributions you make are excluded from your gross income, and any interest you earn is tax-deferred. Some FSAs come with deadlines for the money to be used, but HSA funds always roll over to the following year; it's essential to know the specifics of your employer's plan.

Open enrollment can sneak up, and suddenly you're approaching the deadline and haven't had time to give it much thought. That's likely why most people stick with the same plan yearly. Preparing for open enrollment and doing your homework, you'll find the right plan for your health needs.