Maximize Your Open Enrollment

It's that time of year again: Open Enrollment.

For many of us, this is the one email we're tempted to ignore. As one financial planner put it, "Most people treat open enrollment like jury duty – something to get through as quickly as possible."

But this year, just "clicking through" or letting your old benefits roll over could be a costly mistake. Here's what you need to know.

Why This Year Is Different

Healthcare is getting more expensive. A new study from global HR consulting firm Mercer, found that over half of companies are "likely or very likely" to shift more healthcare costs to their employees in 2026.

How? By "bumping up deductibles or other out-of-pocket expenses."

This means the plan you had last year might not be the best deal for you next year. That's why it's more important than ever to be strategic. Taking an hour to review your options can, as one expert said, "add tens of thousands of dollars to your bottom line over time."

Your Open Enrollment Action Plan

Don't wait until the last minute. Set aside an hour and focus on these key areas.

1. Re-Evaluate Your Health Insurance

Your health plan isn't a "set it and forget it" choice. Ask yourself: Is anything big changing in my life next year?

• Are you planning to have a child?
• Do you have a major surgery scheduled (like a knee or hip replacement)?
• Will you need extensive rehab?

If the answer is yes, you'll want to look closely at your plan's details.

Pay attention to the trade-off: A plan with a lower monthly premium (your bill) usually has a higher deductible (what you pay before insurance kicks in). This is great if you're healthy. But if you know you'll have big medical bills, choosing a plan with a higher premium and lower deductible could save you thousands.

2. Maximize Your Retirement

When it comes to your 401(k) or workplace retirement plan, two things matter most:

• Get the Match: At a bare minimum, contribute enough to get your full employer match. This is 100% free money. If you don't take it, you're leaving part of your salary on the table. Check with HR if you're not sure how much your match is.
• Contribute More (If You Can): The more you save now, the better you'll be. As the year ends, check your pay stubs to see how much you've saved. If you can afford to, consider increasing your contribution—even by 1%.

3. Don't Overlook this "Secret Weapon:

Your benefits are more than just health and retirement. Look at this powerful add-on:

• Health Savings Account (HSA): This is one of the best financial tools available. If you choose a high-deductible health plan, you can get an HSA. It offers a triple tax benefit:
  1. Your contributions are tax-deductible.
  2. Your money grows tax-free.
  3. You can pull money out tax-free for qualified medical expenses. (Just make sure you have enough cash flow to cover the high deductible.)

Learn more about HSAs at Mid Minnesota Federal Credit Union.  Visit your local branch or find out more here.

Your employee benefits are a huge part of your total compensation. Don't treat them like an afterthought. Open Enrollment is your one chance all year to make changes that can protect your health and build your wealth. Take an hour this week, review your options, and make sure your benefits are working for you.

Want to learn more or have a financial wellness tip sent to you? Sign up below or contact your local Mid Minnesota Federal Credit Union Office.

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Mid Minnesota Federal Credit Union is federally insured by the NCUA, and we are an equal housing lender.

 

Source: How to Leverage Employer Benefits for Financial Wellness by Jean Chatzky (with reporting by Casandra Andrews), SavvyMoney, Sep. 22, 2025.