# What to do during open enrollment

> Compare health plans on premiums plus likely care costs, re-elect your FSA, and check life insurance and beneficiaries before the deadline.

Source: https://www.walletprep.com/learn/open-enrollment/ · Updated 2026-10-04 · Work and income

Open enrollment is the yearly window, usually a few weeks in the fall, when you can change your job's health plan and other benefits for next year. Compare plans on premiums plus what you'd pay for care, set your FSA or HSA amount, and check your insurance and beneficiaries before the deadline.

## Key facts
- **When it happens.** Your employer sets the dates, often a few weeks in the fall for coverage starting January 1. If you buy insurance through HealthCare.gov instead, open enrollment starts November 1. Enroll by December 15 for January 1 coverage, or by January 15 for coverage that starts February 1.
- **The health FSA limit.** You can put up to $3,400 in a health FSA for 2026, before tax. Plans can let you carry up to $680 into the next year or give you up to 2½ extra months to spend it, but not both.
- **The dependent care FSA limit.** A dependent care FSA covers child care or care for a dependent adult so you can work. For 2026 the limit is $7,500 per household, or half that if married filing separately.
- **The HSA limit.** With a qualifying high-deductible plan, you can put up to $4,400 in an HSA for self-only coverage or $8,750 for family coverage, including any employer deposit. HSA money rolls over every year and stays yours if you leave.

## The open enrollment checklist
Work through it in this order. First, the health plan, since it is the biggest cost and decides whether you can use an HSA. Second, dental and vision. Third, your FSA or HSA amount. Fourth, life and disability insurance. Last, your beneficiaries and the people covered on your plans.
Your 401(k) contribution usually isn't part of open enrollment, since most plans let you change it at any time. It is still a good moment to check that you get the full match.

## How to compare health plans
For each plan, write down four numbers: your share of the premium for a year, the deductible, the out-of-pocket maximum and any employer HSA deposit. Then figure two years. A typical year is premiums plus the care you expect, minus any HSA deposit. A bad year is premiums plus the out-of-pocket maximum, minus the deposit.
If you rarely see a doctor, the plan with the lowest typical-year cost often wins, as long as you could cover the bad year from savings. If you have a chronic condition, a planned surgery or a baby on the way, the bad-year number matters more, and a plan with a lower out-of-pocket maximum may be worth higher premiums.
Most plans can't set an out-of-pocket maximum above $10,600 for one person in 2026, and many employer plans set it much lower. A high-deductible plan that qualifies for an HSA has its own, lower cap, $8,500 for self-only coverage.

## FSA or HSA
A health FSA lets you set aside pre-tax pay for medical costs, and your whole yearly amount is usually available from the first day of the plan year. The catch is that money left at the end of the year is generally lost, apart from any carryover or extra spending time your plan allows.
An HSA only comes with a qualifying high-deductible plan. It belongs to you, rolls over every year and can be invested. You generally can't put money in an HSA while you also have a regular health FSA, though a limited-purpose FSA for dental and vision is allowed.

## Insurance and beneficiaries
Many employers offer basic life insurance free, often one or two times salary, with more available to buy. If anyone depends on your income, compare the price with a term life policy you buy yourself, which stays with you if you change jobs.
Long-term disability insurance replaces part of your pay if illness or injury stops you working. If your employer offers it cheaply, it is often worth taking. While you're in the benefits portal, check your beneficiaries for life insurance and retirement accounts.

## If you miss the window
If you do nothing, many employers keep your current health, dental and vision coverage for next year, but FSA elections often end. Check your employer's rules, since some require an active choice every year.
After the window closes, you can change plans only with a qualifying life event, such as marriage, a birth or adoption, or losing other coverage. Job-based plans must give you at least 30 days after the event to make changes, so act quickly.

## A worked example: two health plans, one typical year
Dana is single and expects about $800 of care next year. Plan A: $110 a month, $1,000 deductible. Plan B: high-deductible, $40 a month, $2,000 deductible, $500 employer HSA deposit.

- Plan A premiums: $1,320
- Care she expects: $800
- Plan A typical year: = $2,120
- Plan B premiums: $480
- Care she expects: $800
- Employer HSA deposit: −$500
- Plan B typical year: = $780

1. Premiums are $110 × 12 = $1,320 for Plan A and $40 × 12 = $480 for Plan B. Her $800 of care is under both deductibles, so she pays it all.
2. Plan A: $1,320 + $800 = $2,120. Plan B: $480 + $800 − $500 = $780. Plan B saves $2,120 − $780 = $1,340 in a typical year.
3. Bad year: Plan A's out-of-pocket maximum is $3,000 and Plan B's is $6,000. That is $1,320 + $3,000 = $4,320 against $480 + $6,000 − $500 = $5,980.

## Common mistakes
- **Picking by premium alone.** The cheapest premium can come with a deductible you can't afford. Figure a typical year and a bad year for each plan, and make sure you could pay the bad-year number from savings.
- **Overfunding the FSA.** Health FSA money left at the end of the plan year is generally lost beyond any carryover. Fund it from costs you are sure of, not from a guess about what might happen.
- **Forgetting to add family members.** A spouse or child usually can't join your plan mid-year unless there is a qualifying life event. If someone needs coverage next year, add them during open enrollment.

## Questions people ask
### What happens if I don't do anything during open enrollment?
It depends on your employer. Many keep your current medical, dental and vision coverage, but FSA elections often end and must be chosen again. Some employers require an active choice, so read the notice.

### Can I change my health insurance outside of open enrollment?
Only after a qualifying life event, like marriage, divorce, a birth or adoption, or losing other coverage. Job-based plans must give you at least 30 days after the event to enroll or make changes.

### Should I choose a high-deductible health plan?
It can make sense if you are generally healthy, have savings to cover the deductible and can use the HSA. Compare a typical year and a bad year for each plan, counting any employer HSA deposit.

### How much should I put in my FSA?
Add up costs you are confident about: regular prescriptions, glasses or contacts, dental work you have planned and copays for regular visits. That total, up to the $3,400 limit, is a sensible election.

## Do this today
Find your open enrollment deadline and put it in your calendar. Then write down each health plan's yearly premium, deductible and out-of-pocket maximum, and figure a typical year and a bad year for each.

## Sources
- [HealthCare.gov: Dates and deadlines](https://www.healthcare.gov/quick-guide/dates-and-deadlines/)
- [HealthCare.gov: Special Enrollment Period](https://www.healthcare.gov/glossary/special-enrollment-period/)
- [HealthCare.gov: Out-of-pocket maximum](https://www.healthcare.gov/glossary/out-of-pocket-maximum-limit/)
- [IRS: Tax inflation adjustments for tax year 2026 (FSA limits)](https://www.irs.gov/newsroom/irs-releases-tax-inflation-adjustments-for-tax-year-2026-including-amendments-from-the-one-big-beautiful-bill)
- [IRS Publication 969: HSAs and other tax-favored health plans](https://www.irs.gov/publications/p969)
- [IRS: 2026 dependent care benefits exclusion](https://www.irs.gov/forms-pubs/correction-to-the-dependent-care-benefits-exclusion-amount-in-the-2026-general-instructions-for-forms-w-2-and-w-3)

_General education, not personalized financial, tax or legal advice. Figures are examples. Check current rates and limits before you act._