Don't Just Renew — Review!

One of the perks of your job may be the benefits your employer offers. So when open enrollment time rolls around, reviewing your 2018 benefit choices — instead of just renewing your current benefits — should be a priority.

During open enrollment, you have a chance to review your benefit options and find out about any coverage changes or premium increases for the coming year. You’ll also be able to compare your benefits with benefits offered by a spouse’s employer and select the options that work best for your family.

Pretax Benefits

You may have to pay a portion of the cost of some benefits offered by your employer. However, your costs may be deducted from your pay before taxes are taken out (pretax), so you’re paying current taxes on a smaller amount of pay.

Some benefit expenses that you’ll typically pay for with pretax dollars include:

• Health insurance premiums


• A health care flexible spending account (FSA) for paying out-of-pocket health care expenses, including doctor visit copays and prescription drugs


• A dependent care FSAto pay for child care for a child younger than 13 while you and your spouse work

For Your Future

Your employer may offer a potentially valuable benefit that can help you save pretax dollars for retirement: a 401(k) or similar plan. As you review your benefit options, you may want to consider increasing your deferral amount, especially if you’re not contributing enough to take full advantage of any employer matching funds.

FR2017-0504-0006/E