By Stuart Canzeri, Founder of Peachtree Financial

Open enrollment season often arrives with little fanfare. A few HR emails. Some confusing benefit options. A deadline that always feels too soon. For most people, it becomes just another checkbox in a busy fall. That is a missed opportunity.

Open enrollment is not just administrative. It is strategic. The choices made during this brief window can have a direct impact on your health care costs, tax efficiency, and long-term financial resilience. At Peachtree Financial, we view this season as a critical checkpoint for wealth protection.

There is no need to become an insurance expert. You just need to know what to look for and how those decisions fit into your larger financial plan.

Health Plans: Beyond the Premium

The most visible part of open enrollment is often the health insurance selection. Many focus on premiums alone, but that does not tell the full story. Comparing total cost of care – including deductibles, copays, coinsurance, and out-of-pocket max is essential.

High-deductible health plans (HDHPs), for example, often pair well with health savings accounts (HSAs). When used properly, HSAs offer a triple tax advantage: contributions are deductible, growth is tax-deferred, and withdrawals for qualified medical expenses are tax-free. They are also one of the few vehicles that allow you to carry funds over year to year.

If you are relatively healthy and can afford a higher deductible, choosing an HDHP and fully funding an HSA may be a powerful move toward both current savings and future health care preparedness.

FSA and Dependent Care Options

Flexible spending accounts (FSAs) are another tax-advantaged option available through many employers. These accounts let you use pre-tax dollars for medical expenses not covered by insurance, including copays, prescriptions, and dental care.

Dependent care FSAs can also be used for qualified child care expenses, helping working parents reduce their taxable income while covering necessary costs.

These accounts are “use-it-or-lose-it,” so they require careful estimation. October is an ideal time to review this year’s spending and project what is likely for next year. A few hundred dollars saved through pre-tax contributions can add up significantly over time.

Life and Disability Insurance Review

Many open enrollment portals offer optional life and disability insurance. These often get skipped or auto-renewed without evaluation. That is risky.

Life insurance through an employer can be a helpful supplement, but it may not be sufficient for family protection. Term policies outside of work are usually more portable and customizable. Use this season to evaluate whether your workplace coverage is enough.

Disability insurance is even more overlooked. For high-income earners, long-term disability protection can be the difference between maintaining lifestyle or facing financial disruption. Check for income replacement percentages and elimination periods. Then compare to your existing coverage, if any.

Critical Illness and Legal Plan Options

Some employers offer add-ons like critical illness insurance or legal assistance plans. These can provide value when coordinated properly.

Critical illness coverage offers lump sum payments in the event of a serious health event like cancer or a heart attack. If your family history includes these risks, or if high deductibles create a potential financial gap, this coverage may be worth considering.

Legal plans can cover basic estate planning services, document reviews, or even identity protection. If you have not updated your will, power of attorney, or healthcare directive recently, these benefits can be both affordable and practical.

Retirement Plan Review and Adjustments

While technically separate from open enrollment, this is also a great time to revisit your workplace retirement plan.

Ensure you are on track to meet or exceed your annual contribution goals. Confirm investment allocations are aligned with your current goals and risk tolerance. If your employer offers a Roth 401(k) option, this might be a year to explore whether after-tax contributions make sense based on your income trajectory and tax outlook.

If you recently experienced a change in income, career path, or life stage, your 401(k) choices may need adjustment. Small tweaks now can help ensure your retirement plan is optimized as the year closes.

Do Not Default to Default

Open enrollment defaults are often convenient, but they rarely serve you well. Life changes, benefit options evolve, and strategies that once fit may no longer be ideal.

Take time to read the fine print. Compare plan documents. If needed, reach out to your advisor or HR contact for clarity. These decisions, while seemingly small, can have long-term implications on your financial flexibility and protection.

October Is the Sweet Spot

Open enrollment windows vary, but many fall between October and mid-November. That makes this month the perfect time to take stock. You still have time to review, ask questions, and make thoughtful decisions, without the rush that November tends to bring.

These choices may not feel exciting, but they are foundational. They create a safety net that supports the rest of your financial plan. Protection is not about paranoia. It is about preparation.

If you need help reviewing your benefits or would like to align them with your broader strategy, let us know. We are here to walk through it with you.