Open Enrollment: How to Select the Right Benefits
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Hey, your money briefing listeners. This is J.R. Whelan. Here at YMB, we're all about bringing you important personal finance and career news to help you make better decisions about your money. But we want to learn more about you. What personal finance topics would you like to hear more about? If you're listening on Spotify, look for our poll under the episode description. Or you can send us an email to ymb at wsj.com. That's ymb at wsj.com. Now, on to the show. Here's your Money Briefing for Friday, November 3rd. I'm J.R. Whelan for The Wall Street Journal. It's November, and for millions of workers that means it's open enrollment season when they select company-provided health benefits for next year. But all the choices, all the rates, and all the deductibles can result in lots of confusion.
One of the biggest mistakes I see is overbuying a plan, making the choice of taking the most expensive plan, thinking this is the plan that's best for you. So now you've spent all this money on premiums and you only went to go see the doctor twice.
We'll discuss the best ways to approach open enrollment, as well as important benefits people often overlook after the break.
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Millions of Americans will be signing up for company-provided health benefits this month, but the range of options and alphabet soup can result in confusion. Mambi Arthur-Price, founder of Arthur Benefit Solutions, joins me. So, Mambi, what should people consider in terms of their own situation when they're selecting benefits?
One of the things that people should be considering for this upcoming open enrollment season is number one, looking at their flexible spending account. Flexible spending accounts as it relates to dependent care or health care benefits are one of the ways that you can use pre-tax dollars to actually save money when going to the actual doctor. Another thing that you should think of is looking at your health care savings account. If you're in a plan that's a high deductible health plan, this is a plan that is beneficial to you because you can continue to use those monies within those accounts, whether you leave the company or not. Whereas the flexible spending accounts, if you don't use them, you lose them.
How about their health on a day-to-day basis? What should they consider there?
When we think about considering day-to-day healthcare, you want to definitely do your annual physical. Within all the plans throughout the United States, it is free to get your annual physical. If you've got any upcoming expenses, you want to budget that in now for next year. And again, take advantage of the flexible spending account. or the healthcare savings account. So you can decide which plan actually works best for you, whether it be going into a more fully funded plan, meaning if you are actually going to have to pay more out of your pocket on the front end, then you might want to consider that versus paying a little less out of your pocket on premiums and then putting that money into a healthcare savings account.
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