Open Enrollment: What to Review Before You Choose Your Benefits

This article is provided by our partners at GreenPath Financial Wellness 

Open enrollment can sneak up quickly, bringing premiums, deductibles, acronyms, and deadlines. Rather than automatically choosing last year’s benefits, take time to review your options. The decisions you make can affect your healthcare costs, financial security and household budget all year. 

What to Review During Open Enrollment 

Start with what changed. Marriage, divorce, a new dependent, income changes, new prescriptions, planned procedures, or more specialist visits can all shift which plan fits best. 

How to Choose a Health Insurance Plan 

Look beyond the monthly premium. Compare health insurance  deductibles, copays, coinsurance, out-of-pocket maximums, prescription coverage, and provider networks. Confirm that your doctors and medications are covered. 

The stakes are significant: average annual premiums for employer-sponsored family coverage reached $26,993 in 2025, with workers contributing $6,850 toward that total. A lower premium may save money each paycheck but cost more if you expect substantial medical care. 

Protect Your Budget 

Estimate your prescription costs, appointments and procedures. Then consider what you could comfortably pay toward a deductible in an emergency and whether your savings could absorb an unexpected bill. 

Review the Rest of Your Benefits 

Health insurance gets the most attention, but dental and vision coverage, life and disability insurance, retirement plans, employee assistance programs, and tax-advantaged accounts can also provide meaningful value. 

If you’re eligible for a Health Savings Account (HSA), you may get federal tax advantages. Contributions may be tax-deductible or made pre-tax, earnings can grow tax-free, and withdrawals for qualified medical expenses can be tax-free.  Review Flexible Spending Account (FSA) rules too, including your employer’s deadline, carryover, or grace-period provisions. 

Revisit Retirement Savings 

If your employer offers a retirement plan match, consider contributing enough to receive the full benefit, if your budget allows. Even a modest increase may make a meaningful difference over time. 

Open Enrollment Checklist 

• Compare premiums, deductibles, copays, coinsurance, and out-of-pocket maximums. 
• Confirm that your doctors, specialists, hospitals, and prescriptions are in network and covered. 
• Estimate your likely healthcare needs and costs for the coming year. 
• Review HSA and FSA eligibility, contribution limits, deadlines, and carryover rules. 
• Evaluate dental, vision, life and disability insurance options. 
• Review your retirement contribution rate and employer match. 
• Update beneficiaries and dependent information. 
• Consider how each benefit choice fits your monthly budget and emergency savings. 
• Submit your elections before the open enrollment deadline. 

Make the Most of Available Resources 

Choosing benefits can feel overwhelming, especially when you’re balancing healthcare needs with your monthly budget and other financial priorities. 

If healthcare costs, credit card balances, medical debt or other expenses are putting pressure on your budget, Service Credit Union members have access to financial wellness resources through our trusted partner, Greenpath Financial Wellness. GreenPath offers free financial wellness counseling with certified counselors who can help you understand your options, prioritize expenses and build a plan for both your immediate needs and long-term goals.