It’s that time of year again: open enrollment season, a time of year that people largely forget about. Maybe you just picked the first health plan you saw when you started a new job, without considering your individual health needs, or you set up the 401k contributions based only on your employer’s match program.

If you’ve never reviewed your plans or contributions since then, you’re probably leaving money on the table – money that could be getting you closer to your financial goals. Reevaluating your flexible spending, retirement, and health plans each year and making adjustments as your needs change will help you align your contributions with your long-term financial plans.

In today’s episode, I’m talking about why you need to take advantage of the end-of-year open enrollment season, by reviewing your health coverage, asking questions, using trial and error, and planning out your contributions. I’ll also walk you through the different types of programs that might be available to you and how they can work together so you can make sure that your money and your benefits are in alignment with your financial goals.

In this episode, you’ll learn…

[01:22 ] Why you need to reevaluate your plans and contributions during open enrollment season and ways to ensure that the coverage you have aligns with your health needs

[08:21 ] How paying attention to your bills and asking questions about your coverage can help you save money

[14:07 ] The importance of finding out if your FSA money rolls over to the next year and monitoring how much you spend so you know how much to contribute

[17:12 ] What’s different about an HSA and how to determine which plan makes the most sense for you

[20:46 ] Why asking more questions before getting a procedure can benefit your health and your finances

[21:29 ] How planning regular increases in your 401k contributions will benefit your long-term financial health

Tune in to this episode of Money Files for tips on how to approach open enrollment season and making the most of your benefit plans and financial contributions.

Get full show notes and the episode transcript:

https://wealthovernow.com/why-reviewing-your-finances-during-open-enrollment-season-will-set-you-up-for-financial-success-next-year