We know how busy you are, really we do.

But please don't overlook an important money management issue that could have a huge impact on your family budget next year: your employee benefits.

It's open enrollment time...the opportunity to make changes to your employment benefits package.

Considering the spiraling cost of health care, the decisions that you make right now regarding your health benefits alone might be some of the most important financial decisions you make all year.

You need to determine if you want to stay with your current employer-provided health plan and, perhaps, also the life insurance and disability insurance plans.

60% of employees throw away their enrollment package without every opening it! DON'T you DARE be one of them!

It is CRITICAL that you open the envelope that you have, or will soon, receive from your employer outlining your choices.

NO...not as much fun as a college football game or a sale at Nordstrom's, but important time spent for the security of your family--even if you make NO changes!

However, if you don't take the time to fill out the paperwork, your employer may make your choices for you. Or you may miss important changes to your benefits. Or you may miss on opportunities to save money and protect the ones you love!

Before you break into that open enrollment package, take a deep breath. We've yet to see one that isn't a bit daunting. But don't be confused by the options.

1. You vs. your spouse

Go through the each of the options in your plan AND your spouse's OPEN ENROLLMENT choices, if applicable.

Which plan is better? Is there any overlap in current coverage in both of your plans?

With bucks as tight as they are, the last thing you want to do is throw away money by paying for overlapping benefits.

Also, be aware of the fact that, because of this challenging economic environment, many employers have cut back on, or eliminated, spousal coverage.

2. If you are lucky enough to have FSA or HSA health savings account, use it.

Because it is likely that deductibles and co-payments in many plans will increase, you should check into your company's Flexible Spending Account, which allows you to put aside tax-free dollars to pay for certain approved medical expenses.

3. Review your 401(k) options.

At least take advantage of your employer's matching funds contributions. Sock away as much as you can and review your plan's investment options...think CONSERVATIVE!

4. This is an excellent time to see what types of discounts you get as an employee. Review and make sure you are taking advantage of options (offered by many employers) such as discounts at stores, for various kinds of services and "stay /get healthy" options.

5. CAREFULLY review insurance options in your company plan.

Review ALL of them including health, dental, vision. In fact, we just received a postcard from our radio/TV union offering "enhanced dental/vision coverage." You can bet that we'll make that call TODAY to check it out!

6. Take advantage of special health incentives.

Speaking of healthy...more companies, trying to battle spiraling health care costs, are offering enticing incentives for you to stay/get healthy. Take advantage of programs such as "wellness" rewards for losing weight or quitting smoking, lower deductibles for healthy employees, etc.

7. Ask these key questions before you make any changes to your insurance coverage:

• Is your doctor in/still in the plan? How much does it cost to go "out of network" for your doctor?
• Compare the deductibles and out-of- pocket costs--do they work for your family?
• Have co-pays or coverage limits changed in your current plan?
• What type of plan is offered? Is it a Preferred Provider Organization (PPO), a Health Maintenance Organization (HMO), etc....know the differences.
• Which plan is best for the types of care your family has needed/is likely to need? Do any family members have a chronic condition such as diabetes vs. simple routine checkups?

Taking full advantage of your employment benefits is a VERY important matter for you and your family. Be sure to arrange a meeting with your company's Benefits Officer if you have any questions at all.

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