Why benefits open enrollment matters every year

The annual benefits open enrollment period is in progress and ends on Friday, Nov. 15. Since this is what is called a "passive" year – meaning that employees are not required to make selections – you might be tempted to let it slip by without a second thought. 

While there are no major changes, Human Resources wants employees to know that this year's benefits open enrollment still deserves your attention. 

Here are a few reasons why. 

Life changes. Maybe your benefits need to change, too.

Your life might have changed in the last year. Have you gotten married or had a child? Did your health needs or those of your dependents change? Even in a passive year, it's crucial to review your current coverage to ensure it still aligns with your life's circumstances.

Use this time to conduct a comprehensive review of your benefits package and how it works for you and your family. Are you taking full advantage of all available benefits? From life insurance to disability coverage, ensure you're not missing out on your benefit options.

Maximize your FSA 

Flexible Spending Accounts allow you to set aside money pre-tax to use for qualified health expenses, child care and elder care. Benefits open enrollment is your only chance to adjust your contributions based on your anticipated needs for the coming year, without experiencing a qualified life event, so this is a good time to consider and plan your contributions carefully. Please note:

• Even in a passive enrollment year, if you wish to have an FSA in 2025, you must elect it during the benefits open enrollment period. 
• Limited FSA options are available if you enroll in the High-Deductible Health Plan. 
• Carefully consider what your family's annual health and/or dependent care expenses will be for 2025. Your FSA contribution is "use it or lose it." The Dependent Care FSA has a grace period, allowing you to claim expenses incurred through March 15 of the following year. The Health Care FSA allows some rollover from one year to the next, but the amount is capped, while the Dependent Care FSA has no rollover.

Review your beneficiaries

Take this opportunity to review and update your beneficiary designations. Life changes could affect who you list as your preferred beneficiaries. If you don't update accordingly, your benefits may not be distributed in the way you wanted or to whom you wanted. 

During this benefits open enrollment period, review the listed beneficiaries for each applicable benefit, including life insurance policies and retirement accounts. Please note that life insurance beneficiaries should be updated in UAccess, while retirement account beneficiaries are updated with the vendor. 

Stay informed

Benefits open enrollment is an excellent opportunity to educate yourself about your benefits. Understanding your coverage now can save you time, money and stress when you need to use your benefits later. Suggestions:

• If you missed the Virtual Open Enrollment Expo, you can view a recording on the HR website. 
• Visit the Updates and Changes for 2025 page for a 30-second overview of what has changed.
• Visit the Learn about your 2025 benefits options page for complete information.

Taking just a few minutes to review your options during open enrollment – even in a passive year – could lead to better coverage, potential savings and peace of mind. Don't let this important opportunity pass you by. 

Benefits open enrollment ends at 5 p.m. on Friday, Nov. 15. Visit the benefits open enrollment website for more information.