October 2024: Open Enrollment Decisions
Subject: Maximize Your Benefits During Open Enrollment
Open enrollment is one of the most important financial decisions you'll make all year.
Health Insurance Strategy
Compare plans based on total cost (premium + deductible + max out-of-pocket), not just monthly premium. If you're healthy, a high-deductible plan with an HSA is often the best financial move.
HSA: The Secret Retirement Account
If you qualify for an HSA, max it out:
- Tax-deductible contributions
- Tax-free growth
- Tax-free withdrawals for medical expenses
- After 65, works like a traditional IRA
Many people don't realize you can invest HSA funds just like a 401(k). Over decades, this becomes a powerful wealth-building tool.
401(k) Adjustments
- Increase your contribution if you can
- Review your investment allocation
- Confirm employer match is being captured
- Consider Roth 401(k) if your plan offers it
FSA vs. HSA
FSAs are "use it or lose it"—only contribute what you'll definitely spend. HSAs roll over forever and are far more valuable long-term.
Pro Tip: If you're switching to a high-deductible plan, set aside your deductible amount in savings now so you're prepared.
Make it count, Private Wealth Collective Team