If you are like many, your Open Enrollment period runs November 1st through November 15th. That means you have two weeks to select your benefit options.

This is your opportunity to change your benefit elections for 2024, based on new understandings of how your benefits work, new changes to your situation, or new changes made by your employer.

To optimize your benefits, you will need to understand any changes your employer has made to the benefits being offered. That may include increased or decreased prices, increased or decreased options, and changes in how the benefits interact.

If you don’t fill out the paperwork, likely some benefits will disappear (like your health care and dependent care flexible spending accounts), others may be auto-elected to stay the same for you (your medical insurance plan), and you likely won’t be opted into any newly offered benefits.

Pro tip – Keep a copy of the benefits selection documents that your employer provides during open enrollment. Often the new year documentation isn’t posted in a spot available until March, even though the elections went into effect January 1st, and you may need those details in the interim.

Make sure to read my other articles on open enrollment.