Open enrollment comes around once a year, but the decisions you make can affect your finances and healthcare for months to come. Instead of automatically choosing the same options, consider a few important questions to ask during open enrollment before making your elections.
Premiums, deductibles, provider networks, contribution limits, and even your personal circumstances can change from one year to the next. Therefore, a thoughtful annual review can help you determine whether your current choices still fit your needs.
Quick Answer: What Should You Review During Open Enrollment?
Before completing your open enrollment elections, review five key areas:
- Changes to your health plan, including premiums and deductibles
- Whether your current coverage still fits your life
- How much you actually used from your FSA or HSA
- Workplace benefits you may not be fully using
- Beneficiary designations on applicable accounts and policies
These questions can help turn open enrollment from an automatic renewal into a more deliberate financial decision.
1. What Actually Changed in My Health Plan This Year?
Even if you plan to stay with the same employer and health plan, don’t assume your coverage stayed the same.
Start by comparing this year’s plan documents with last year’s. In particular, look at your monthly premium, deductible, out-of-pocket maximum, provider network, and covered services.
For example, ask yourself:
- Did my monthly premium increase?
- Did my deductible or out-of-pocket maximum change?
- Are my doctors and preferred facilities still in-network?
- Did prescription drug coverage change?
- Are there changes to copays, coinsurance, or covered services?
The lowest premium does not necessarily mean the lowest overall healthcare cost. Therefore, consider how you actually use healthcare when comparing your options.
If you expect regular appointments, prescriptions, procedures, or specialist visits, those anticipated costs may matter just as much as the monthly premium.
2. Does My Coverage Still Match My Life?
A plan that worked well last year may not be the right fit this year. Life changes can affect both the amount and type of coverage you need.
Consider whether anything significant has changed since your last enrollment period. For instance, you may have:
- Married or divorced
- Had a child or added a dependent
- Had a dependent age out of your plan
- Started or stopped a medication
- Developed an ongoing healthcare need
- Experienced a change in anticipated medical expenses
Additionally, think ahead. If you already know that a procedure, treatment, pregnancy, or other significant healthcare expense may occur next year, factor that information into your decision.
Open enrollment is also a useful opportunity to consider how your benefits fit into your broader financial picture. For additional financial planning topics and educational resources, visit the Holland Strategic Wealth Advisors blog.
3. Did I Use My FSA or HSA the Way I Expected?
Your actual spending from the past year can provide useful information when deciding how much to contribute next year.
If you consistently had money remaining in a flexible spending account (FSA), for example, you may want to reconsider your election. Conversely, if you ran out of available funds early, a higher contribution could make sense depending on your anticipated expenses and your plan’s rules.
For 2026, the IRS limits employee salary-reduction contributions to a health FSA to $3,400. If an employer’s plan permits unused funds to carry over, the maximum permitted carryover is $680.
Health savings accounts (HSAs) have different rules. For 2026, the HSA contribution limit is $4,400 for self-only coverage and $8,750 for family coverage. Eligibility requirements apply, and people age 55 or older may qualify for an additional $1,000 contribution.
When reviewing your election, compare:
- How much you contributed last year
- How much you actually spent
- Your anticipated healthcare expenses for the coming year
- Your employer’s contribution, if applicable
- The specific carryover or spending rules that apply to your account
Most importantly, remember that FSAs and HSAs work differently. Review the rules for the account available through your employer before making your election.
4. Am I Using All of My Workplace Benefits?
Health insurance often gets most of the attention during open enrollment. However, your employer may offer additional benefits that can affect your financial life.
Review your complete benefits package rather than focusing solely on medical coverage. Depending on your employer, benefits may include:
- Retirement plan matching contributions
- Life and disability insurance
- Wellness incentives
- Dependent care benefits
- Commuter benefits
- Employee assistance programs
- Legal or financial wellness resources
- Educational assistance
If your employer offers a retirement plan match, for example, review whether you’re contributing enough to receive the full match available to you.
Likewise, families paying for qualifying childcare or other dependent care should review any available dependent care assistance program. For 2026, the federal dependent care assistance exclusion increased to $7,500, or $3,750 for a married individual filing separately.
Benefits can change from year to year. As a result, reviewing the entire package may uncover options you overlooked previously.
5. Are My Beneficiary Designations Still Accurate?
Beneficiary designations are easy to set and forget. However, major life events can make an old designation inconsistent with your current wishes.
As part of your annual benefits review, check the beneficiary information associated with applicable accounts and policies, including:
- Employer-sponsored life insurance
- 401(k) or other employer retirement plans
- HSAs
- IRAs
Pay particular attention after a marriage, divorce, birth, death, or other significant family change.
Additionally, don’t assume that updating one account automatically updates everything else. Life insurance policies, retirement accounts, and HSAs can each maintain their own beneficiary records. The open-enrollment guide likewise recommends treating beneficiary designations as a separate annual checkpoint.
If something needs to change, make a note of the account and complete the appropriate update rather than simply planning to return to it later.
Look Beyond the Enrollment Deadline
The most useful questions to ask during open enrollment aren’t simply about which health plan costs less. Instead, they help you consider how your benefits work together and whether they still support your current circumstances.
Before submitting your elections, take a final look at your healthcare needs, expected expenses, tax-advantaged accounts, workplace benefits, and beneficiary information.
Open enrollment provides a natural annual checkpoint. A little preparation now can help you make more informed choices for the year ahead.
Frequently Asked Questions About Open Enrollment
What should I check before choosing a health plan during open enrollment?
Compare premiums, deductibles, out-of-pocket maximums, provider networks, prescription coverage, and other covered services. Additionally, consider how much healthcare you realistically expect to use during the coming year.
Should I choose the same benefits I had last year?
Not automatically. Your plan’s costs and coverage may have changed, and your personal or family circumstances may be different. Therefore, review your options each year before making an election.
How much can I contribute to an HSA in 2026?
For 2026, the HSA contribution limit is $4,400 for self-only coverage and $8,750 for family coverage. Additional rules apply, including eligibility requirements and a potential $1,000 catch-up contribution for eligible individuals age 55 or older.
What is the 2026 health FSA contribution limit?
The 2026 limit on voluntary employee salary-reduction contributions to a health FSA is $3,400. If the plan allows carryovers, the maximum permitted carryover is $680.
Why should I review beneficiaries during open enrollment?
Beneficiary information can become outdated after major life changes. An annual review provides a convenient reminder to confirm the designations associated with your life insurance, retirement accounts, HSA, and other applicable accounts.
