Open enrollment is an important time of the year. It not only lets you select benefits, but also gives you the opportunity to change existing benefits. It can be overwhelming to consider all of the benefits offered to you, so it’s a good idea to start preparing for it in advance.
Tips before open enrollment:
1. Talk to your HR department representative. If you have any questions about the benefits available to you, the HR department should be able to provide you with answers.
2. Evaluate your family needs. If you recently had a baby, or got married, or even switched jobs, your benefit needs will likely change. Open enrollment is a chance to evaluate your existing coverage and make a change if necessary.
3. Research benefit options. If your employer offers a Flexible Spending Account and you’re not sure what it is, read more about these plans. Our FSAstore.com Learning Center gives answers to many questions you may have about Flexible Spending Accounts. You can find information ranging from coverage information to claims submission details to important deadline reminders.
4. Calculate yearly expenses. If you decide to enroll in an FSA, you must estimate your annual expenses. Keep in mind that these could include visits to different health providers, prescription medications, routine exams, dental and eye care, and medical products and supplies.
Try our FSA Calculator to easily do the math. We don’t save the information you enter, and you instantly see how much you can save on out-of-pocket medical expenses.
Your employer has a final say over the maximum annual contribution you are allowed to make to an FSA. Your employer also determines which products and services are eligible with your FSA. It’s best to check in with your FSA provider before you decide how much to set aside for the year.
1. Familiarize yourself more with your FSA. The FSA is a great way to save on taxes while paying for qualified medical expenses. Not sure which products or services are covered by an FSA? Check out our FSA Eligibility List. Still have more questions about your FSA? Get the details via our FSA Learning Center.
2. Budget your FSA as best you can. Use your FSA at the dentist’s office. Get a yearly physical. Cover a copay when you see a doctor. See which products and services qualify under your FSA.
3. Update your medicine cabinet with health products and supplies. First aid items, breast pumps, blood pressure monitors, and sunscreen are a few examples of FSA eligible products available.