‘Tis The Season (For Open Enrollment): How to Pick the Right Options for Your Family

In the News: HerMoney

Life is busy, and sometimes we don’t the time (or the headspace) to make the savviest money moves. But if there ever is a time to roll up your sleeves and learn more, it’s during open enrollment —that period of time at the end of the year when you can sign up for new benefits for the upcoming year or make changes to your current ones.

For several years, I told my friend to check out her company’s dependent care flexible savings account (FSA) so she could save money on taxes when she paid for her toddler’s daycare. I knew other people at the company where she worked, and I knew that it was a benefit they offered.

But with a little one, a demanding job and another child on the way, researching and signing up for yet another employee benefit just wasn’t on my friend’s radar. When she did finally have time to dig in and learn more a few years later, she realized she could save big money each year by participating in the dependent care FSA, which lets employees put away pre-tax money to pay for childcare.

These programs change constantly. It’s a good idea to know what’s new and make sure that what you have is still meeting your needs. Watch for open enrollment lunch-and-learn programs at work where the human resources department explains all the different programs that are available to you in addition to whatever written materials you get.

Here are some of the most common benefits you’re likely to see on your employer’s menu of options.

Read the full article on HerMoney.com

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