It’s time to review your benefits

With open enrollment approaching, now is the time to review your benefits and make informed choices that support your family’s needs and financial goals. Whether you’re reviewing health insurance, retirement contributions or supplemental coverage, thoughtful planning can help save you money and protect your future.

Here are some key areas to focus on this open enrollment season:

Don’t put your insurance plan on autopilot. Oftentimes, we default to the elections we had chosen in the previous year; however, health needs can vary from year-to-year and your insurance plan should reflect that. If you anticipate surgeries, treatments or specialist visits, a lower-deductible plan may be more cost-effective. On the other hand, if you expect minimal health care usage, a high-deductible plan paired with a Health Savings Account (HSA) could offer long-term savings. HSAs provide triple tax advantages: tax-deductible contributions, tax-free growth and tax-free withdrawals for qualified expenses.

Take the time to review your Flex Spending Account (FSA) benefits. FSAs allow you to set aside pre-tax dollars for medical or dependent care expenses. Since FSA funds typically must be used within the plan year, estimate your expenses carefully to avoid losing unused funds.

Review auxiliary benefits that are being offered to you. Many employers offer wellness programs, mental health support and preventive care incentives.

These benefits can reduce out-of-pocket costs for services like counseling, gym memberships or health screenings. Legal plans are also worth considering if you need to update your estate documents, such as wills or powers of attorney. Enrolling in a legal plan can help you prepare these documents with little or no additional cost to you.

Many employers offer buy-up options for short- and long-term disability policies to protect your income should you become unable to work due to illness or injury. Group life insurance is often available through employers, but younger, healthier individuals may find better rates with private policies. Open enrollment is a great time to review and update your beneficiaries on life insurance, retirement accounts and other policies. Life changes — like marriage, divorce or the birth of a child — should prompt a review to ensure your wishes are accurately reflected.

Open enrollment is also a great opportunity to increase your 401(k) or other retirement plan contributions. Make sure you’re maximizing any employer matches and consider speaking with a financial advisor to review your investment allocations.

Open enrollment is your annual chance to take control of your benefits and make choices that support your health, wealth and peace of mind. If you’re unsure about what’s best for your situation, consult your benefits provider or other trusted professionals in your life. A little guidance can go a long way in helping you make confident, informed decisions for the year ahead.

Katie Geery, MBA, CFP, APMA, CRPC, is a private wealth advisor and vice president of Rise Private Wealth Management, a private wealth advisory practice of Ameriprise Financial Services, LLC, in Bedford.