As summer slows and fall approaches, many employers begin sharing updates about their health and benefits plans. Before the forms arrive and deadlines sneak up, August is the ideal time to start preparing for the open enrollment season. Whether you’re reviewing insurance coverage, evaluating savings options, or revisiting your family’s needs, making thoughtful choices now may lead to better outcomes in the year ahead.
Reviewing Health Insurance Options
Employer health plans often change annually. Premiums may rise, deductibles may shift, and networks may be updated. Don’t assume your existing plan is still the best fit.
Use this time to:
- Compare plan types (PPO vs. HMO vs. HDHP)
- Look at total annual cost, not just premiums
- Confirm that your doctors and prescriptions remain in-network
If you’ve experienced a life change—like marriage, childbirth, or a new diagnosis—it’s even more important to reevaluate coverage options.
HSA and FSA Strategies
If your employer offers a High-Deductible Health Plan (HDHP), you may be eligible for a Health Savings Account (HSA), one of the most tax-efficient tools available. Contributions are tax-deductible, grow tax-deferred, and can be withdrawn tax-free for qualified medical expenses.
Flexible Spending Accounts (FSAs) can also help you set aside pre-tax dollars for healthcare or dependent care costs, but they have use-it-or-lose-it restrictions. Review how much you spent last year and adjust accordingly for 2025.
Disability and Life Insurance Coverage
Employer-provided disability and life insurance may not be enough to fully protect your family’s financial future.
This time of year, is great to review the following:
- The coverage your employer offers
- If the coverage would be sufficient if you could no longer work
- If supplemental policies, such as individual life or long-term disability insurance, may be needed
Don’t overlook these crucial protections, as they’re often easier to adjust with minimal underwriting during open enrollment.
Maximizing Other Employer Benefits
Beyond health coverage, open enrollment is your chance to take advantage of additional offers like:
- Legal or identity theft protection
- Commuter benefits
- Wellness incentives
- Employer stock purchase plans (ESPPs)
It’s also a good time to check your retirement contributions. If you receive a raise or bonus this year, consider increasing your 401(k) deferrals heading into the final quarter.
What To Do Next
Choosing the right benefits package is more than checking boxes—it’s about protecting your health, income, and future. If you’re not sure how to approach open enrollment this year, our team at BCA Private Wealth is here to help.
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