Financial Wellness Minute: What to Know About Open Enrollment

Get smarter about your money with this Financial Wellness Minute. I'm Patrick Voigt, manager from the Detroit Lakes Office of Mid Minnesota Federal Credit Union. Open enrollment is a critical time for employees to review and make changes to their employer-sponsored benefits. It is the one time in the year you can make changes to important benefits for you and your family. Here are some pointers to remember:

• Dates and Deadlines: Know the deadlines for open enrollment. This will ensure that you don't miss out on important opportunities to make changes or enroll in new benefits.
• Review the Benefit Options: Take the time to understand the all the benefits offered by your employer. Review each option carefully and consider your specific needs. Reach out to the benefits administrator for any questions.
• Evaluate Costs: Each benefit has a cost. Look at the premiums, deductibles, copays, and out-of-pocket maximums. Review what you spent over the last several years and any changes in the coming year. Compare each benefit against its cost to ensure you are getting the most out of your selections. You do not want to be paying for the highest tier plan if you do not need it.

By being proactive and informed during open enrollment, you can make the most of your employer-sponsored benefits and ensure that your coverage aligns with your unique needs. Want to know more about Open Enrollment or have a weekly financial wellness tip sent to you? Sign up below or, contact your local Mid Minnesota Federal Credit Union Office. Sign Up for a Weekly Financial Wellness Tip Mid Minnesota Federal Credit Union is federally insured by the NCUA and we are an equal housing lender.