Along with the return of school buses and shorter days, Fall is open enrollment time – the period in which you can sign up for, or adjust, your participation in your employee benefits package.

A recent study conducted by Harris Interactive and released as part of the Aflac WorkForces Report found that most workers regret their health benefit choices. The study reports that 77 percent of workers say they’ve made mistakes in their benefit decisions in the past, with 42 percent saying they waste money every year.

The most common mistakes include:

• choosing the wrong deductible
• not taking advantage of flexible spending accounts (FSAs)
• passing on coverage — such as vision and dental care

What can you do to make the most of your benefits package?

1. Visit the Consumer Reports Health website for information on how to choose a plan as well as what changes you should expect due to healthcare reform.
2. If your employer offers an Flexible Spending Account, sign up for it. See below for more on FSAs.
3. Make sure you put enough money in your FSA. According to the Aflac report, 43 percent of respondents said they didn’t contribute enough to the account.
4. Visit the Sterling Resources page for links to companies we’ve partnered with in order to help you negotiate healthcare bills, find the best doctors and medical service providers, comparison shop for prescriptions, and more.
5. Of course, the best resource during open enrollment is always your Human Resources department. They will have all the information that is specific to your particular benefit offerings.

About Flexible Spending Accounts (FSAs)

FSAs enable you to set aside pre-tax dollars to pay for qualified medical, dependent care, and commuter transportation expenses. Depending upon your tax-bracket, an FSA can save you up to 40% on items you already pay for out-of-pocket – such as co-pays for doctor visits, daycare tuition fees, and even gasoline for your “commuter highway vehicle” (better known as your car)!

Don’t forget that even if you’ve participated in an FSA in the past, you still have to re-enroll in these benefits each year, during open enrollment.

Sterling is led by experts in the health benefits and banking industries for one primary purpose – to put our customers in control of healthcare spending. Please contact us with any questions on Flexible Spending Accounts (FSAs), Health Savings Accounts (HSAs), Health Reimbursement Arrangements (HRAs), Premium Only Plans (POPs), or COBRA.