Open enrollment may be one of the most important financial and healthcare decisions you make all year. Yet many employees spend just 30 to 60 minutes choosing their benefits or allow their previous elections to continue automatically. That approach may be convenient, but it can also lead to costly oversights.
According to the 2026 Selerix Employee Benefits Survey, 35% of employees regret the benefits choices they made during their last open enrollment. Common reasons included failing to account for lifestyle changes, missing the enrollment deadline and not understanding the available options.
Your benefits affect your access to care, out-of-pocket expenses, financial protection and overall well-being. This article explains how investing additional time now can help you choose coverage that better reflects your needs for the coming year.
Your Current Elections May No Longer Fit
Even if you were satisfied with your benefits this year, your circumstances may have changed. For example, you or a family member may have received a new diagnosis, started taking a prescription medication or begun seeing a specialist. You may also have gotten married or divorced, welcomed a child or taken on caregiving responsibilities.
Before reviewing your options, consider what has changed since your last enrollment. Ask yourself:
- Did you or a dependent use more or less healthcare than expected?
- Do you anticipate surgery, pregnancy, therapy or other significant care?
- Have any of your regular medications changed?
- Do you need to add or remove a dependent?
- Have your dental or vision care needs changed?
- Could supplemental benefits provide useful financial protection?
- Are you contributing an appropriate amount to a health savings account (HSA), flexible spending account (FSA) or dependent care FSA?
Your benefits selections generally remain in place for the entire plan year unless you experience a qualifying life event. Spending time evaluating your expected needs can help reduce the likelihood of discovering a coverage gap when it is too late to make changes.
Plans and Coverage Can Change
Choosing the same plan does not necessarily mean receiving the same coverage. Employers and insurers modify health plan designs from year to year. Changes may affect:
- Monthly premiums
- Deductibles
- Copays and coinsurance
- Out-of-pocket maximums
- Provider and hospital networks
- Prescription drug formularies
- Covered services
- Prior authorization requirements
Review your open enrollment materials even if you plan to keep your current coverage. Confirm that your preferred doctors, hospitals and pharmacies will remain in network and that any regular prescriptions will still be covered. If a medication moves to a different coverage tier or your provider leaves the network, your costs could increase considerably.
Other workplace benefits may change as well. Your employer may introduce or update dental, vision, disability, life insurance, accident, critical illness, hospital indemnity, mental health or wellness offerings. Automatically repeating last year’s choices could mean overlooking a new benefit that meets an important need.
Costs Extend Beyond the Premium
The amount deducted from each paycheck is important, but it is only one part of a health plan’s total cost. A plan with a low premium may require you to pay a higher deductible or a greater share of the cost when you receive care. A plan with a higher premium might provide more predictable expenses or lower costs at the point of service.
When comparing plans, consider what you might spend over the entire year, including:
- Annual premiums
- The deductible you must meet
- Copays or coinsurance for expected services
- Prescription drug expenses
- Potential out-of-network charges
- The plan’s out-of-pocket maximum
Think through more than one scenario. Estimate your costs if you have a relatively healthy year, but also consider what you might owe after an emergency, hospitalization or serious diagnosis. No one can predict every medical need, but comparing possible outcomes can help you assess how much financial risk you are comfortable assuming.
If your employer offers an HSA or FSA, review those options carefully. These accounts may allow you to set aside pretax money for eligible expenses, reducing your taxable income. Pay attention to eligibility requirements, contribution limits and rules about carrying over or forfeiting unused funds. Some accounts require a new election each year, so do not assume your current contribution will continue automatically.
Your Benefits Support More Than Medical Care
Open enrollment is an opportunity to evaluate your broader physical, mental and financial well-being. Depending on your employer’s offerings, you may have access to benefits such as an employee assistance program, telehealth, caregiving resources, legal assistance, financial counseling, fertility support or wellness programs.
You may also be able to purchase voluntary coverage to help with expenses not fully covered by major medical insurance. For example, disability insurance may replace part of your income if an illness or injury prevents you from working. Accident, critical illness or hospital indemnity coverage may provide payments following certain covered events.
These benefits are not appropriate for everyone, so review their costs, exclusions and limitations. The goal is not to enroll in every available offering. It is to understand your options well enough to select those that address your priorities.
Make Your Enrollment Time Count
You do not need to become a benefits expert or read every document in one sitting. Instead, schedule uninterrupted time before the deadline and focus on the information most relevant to your household. Consider taking these steps:
- Gather records of this year’s medical, prescription, dental and vision expenses.
- List expected healthcare needs for every covered family member.
- Review the summary of benefits and any description of plan changes.
- Compare total potential costs, not just premiums.
- Confirm that important providers and medications are covered.
- Discuss the options with your spouse, partner or other family members.
- Use available comparison tools, webinars or benefits guides.
- Contact HR or the plan administrator with questions before enrolling.
- Review your selections and beneficiaries before submitting them.
- Save your confirmation statement and benefit documents.
Conclusion
Open enrollment may feel like one more task competing for your attention, but its impact can last throughout the coming year. Taking time to reassess your needs, study plan changes and compare potential costs can help you avoid unwanted surprises. A thoughtful review now may lead to better access to care, stronger financial protection and benefits that more closely support you and your family. Contact your HR department to learn more.
This Know Your Benefits article is to be used for informational purposes only and is not intended to replace the advice of an insurance professional. © 2026 Zywave, Inc. All rights reserved.
