8 tips to save money and your sanity During Open Enrollment

During registration open at work, we are faced with the often confusing task evaluate options benefit of our employers offer. Often, these benefits can change from year to year, which complicates things even more. While you might be tempted to simply let your selections from previous performances "roll over," it is essential to take the time to examine and understand what is offered and make the necessary updates to your insurance and other plan selections to meet the changes that you have or will have in your life.

according to a recent survey by LIFE and LIMRA, among the top financial concerns of Americans today

• having enough money for a comfortable retirement
• to pay for medical expenses
• be able to take over in case of disability and unable to work

Open enrollment gives you the perfect opportunity to review your financial plans and insurance to ensure that you have a base in place to help prepare these types of potential expenditures. These eight tips will give you a hand:

1. Choose your options carefully. Unless a major life change, such as marriage, divorce or birth of a child, most benefit plans do not allow to make changes to your coverage of elections more once a year during open enrollment season. Be sure to consider your options carefully plan so that the choices you make to meet your current needs.

2. Do not assume that doing nothing to maintain your status quo. Allow your benefit options just roll from one year to another may seem like an easy decision when you are faced with many choices open enrollment. But do not take the initiative to evaluate new or changing options could mean missed on plans that could save you money and could leave you in a program that no longer meets your needs.

3. Consider a high deductible health plan. Review your health plan options to see if your employer offers a high deductible health plan. These plans can be cheaper if you do not plan to use your coverage often. However, you'll want to take money from your lower premiums and save. If you incur medical expenses, you may need the money to pay for them because you have to pay a larger deductible front. If you do not have high medical expenses, you will have saved money.

4. Find cost effective ways to enhance your life and / or disability insurance. Many companies offer their employees group life and disability insurance. Sometimes employers will provide a basic benefit life insurance or disability, at no cost to their employees. They can also offer an option for complete coverage through voluntary payroll deduction. It is important to consider the options available to maximize the opportunities where you might be able to increase the coverage of a cost effective manner.

5. Re-evaluate the amount of insurance coverage you need. If you have recently had a child or been married or divorced, it is important to update your insurance policies to reflect the changes of life. When the number of people who depend on you changes, it is likely that your health insurance coverage, life and disability will also change. The LIFE website offers several calculators, including a life insurance needs calculator and disability insurance needs calculator to help you determine how much coverage you should have.

6. Make sure your beneficiary information is up to date. Marriages, divorces, births or adoptions can often be overlooked when people review their policies and designated beneficiaries for things like life insurance or (k) account 401. You want to be sure your information beneficiary is updated based on your current life situation to avoid any confusion or potential problems during the claims process.

7. Calculate your medical expenses out of pocket. As the costs of health care continue to rise, it is important to consider taking advantage of a flexible spending account (FSA) or health account the backup (HSA). These types of accounts allow you to set aside a portion of your earnings before taxes to pay for eligible expenses such as co-pays doctor, prescriptions, daycare centers or even public transport and parking, depending on the type of offered account. If you currently contribute to an FSA or HSA, you can increase or decrease your premium based on your current needs.

8. Ask for help. Talk to your Human Resources representative or benefits counselor of your company about your benefit options during open enrollment. You will also need to consider your options with your spouse the benefit programs are better than others, so you may consider to be added to the plan of your spouse as a dependent or vice versa.