Making Healthy Open Enrollment Decisions as a Couple: A Guide

• Open enrollment can be more complicated when you're in a relationship and your workplace's enrollment windows don't match.
• Here's how you can make sure your benefits decisions complement one another.

The open enrollment season can be overwhelming for anyone, and being in a relationship makes it even more complicated when your workplace enrollment periods don't match.

Coordinating choices for couples can be difficult due to conflicting deadlines, varying benefits options, and differing risk appetites.

To create a comprehensive benefits program that meets everyone's needs, it's important to coordinate your decisions, communicate effectively, and know when to seek assistance.

Start early

The first key to navigating open enrollment together is communicating early.

Discussing benefits options early on is crucial to avoid relying on assumptions. If an enrollment deadline is close to another's enrollment window, contact the latter's enrollment team for options in the second window promptly.

To make accurate comparisons, you need complete copies of plans that are not readily accessible online.

Regardless of enrollment window timings, couples can have big-picture conversations to make informed decisions.

Ask each other the following questions:

• Have you experienced any significant changes in your personal or financial circumstances this year?

• Do you have any new health and wellness goals or requirements to discuss?

• How can your benefits assist you in achieving your long-term financial goals?

Early alignment on priorities will enable you to make informed decisions about your benefits that align with your collective goals.

Understand each other's benefits options

To coordinate your benefits effectively, it is crucial to comprehend what is available to you, as many workplaces provide a range of options, including health insurance, retirement contributions, disability coverage, and wellness programs. By comparing these benefits, you can determine which ones are most suitable for your household.

Obtain all the necessary documents pertaining to your and your partner's benefits offerings, such as your benefits guide, summary plan descriptions, and any additional detailed documents provided by your employers. It may be necessary to request this information proactively from one of your employers.

Rewritten sentence: Can you provide me with information on the benefits available to you, including upfront costs, recurring costs, limits of coverage, and employer contributions to your health and retirement plans? Benefits inventory: 1. Health insurance: - Upfront cost: Deductible amount - Recurring cost: Payroll deductions for premiums - Limits of coverage: In-network and out-of-network coverage - Employer contribution: Percentage of premiums paid by the employer 2. Retirement plans: - Upfront cost: None - Recurring cost: Payroll deductions for contributions - Limits of coverage: Contribution limits and vesting schedules - Employer contribution: Matching contributions up to a certain percentage of employee contributions

To determine the best option for your family, you must evaluate employers and organizations based on their objectives and offerings, which may not always be apples-to-apples comparisons.

Develop a holistic strategy for your benefits

To develop a strategy for your benefits enrollment, it's important to consider both your individual and joint options, even if your enrollment windows differ. While some benefits, like disability insurance, only require individual consideration, others, such as medical, vision, dental, and life insurance, offer coverage for multiple people and should be evaluated together.

For many people, the most important benefits of a health insurance plan are major medical coverage, which protects against high healthcare costs and ensures access to necessary medical care.

To maximize the benefits of employer subsidies, it may be advantageous for you and your partner to enroll in separate health insurance plans, as some employers may only cover employee premiums and not extend that to spousal or family coverage.

Understanding your risk tolerance is crucial when selecting insurance options. For instance, do you prefer to have access to a wide range of medical specialists or do you prefer a "wait and see" approach?

Having more comprehensive health insurance can mitigate the financial risks of medical care, but there's also an emotional aspect to consider. Do you feel more secure knowing you have more coverage in case of an emergency? That's important too.

Review and adjust annually

It's crucial to review your benefits annually, even if you had everything in order the previous year, as life, employment, and finances can all change.

Discuss your financial strategy and concerns twice a year during your regular money meetings as a couple. Talk about whether your current approach feels sufficient or too restrictive, and whether you've experienced any tightness with cash. This way, you can be proactive and make any necessary changes before the next enrollment season.

Seek professional guidance if needed

Seeking assistance from financial advisors, benefits specialists, or human resources departments can be beneficial when feeling overwhelmed by the process of making informed decisions about your options. Some advisors specialize in working with couples and can help you coordinate your benefits strategies to align with your broader financial goals.

Making coordinated open enrollment decisions as a couple can be challenging, but it can also strengthen your partnership. Effective communication, mutual understanding of options, and shared planning can ensure that your benefits align seamlessly, regardless of when your enrollment windows open and close.

The Joint Account, a money newsletter for couples, is written by Douglas and Heather Boneparth. Douglas is a certified financial planner and the president of Bone Fide Wealth in New York City, while Heather is the firm's director of business and legal affairs. Additionally, Douglas is a member of the CNBC Financial Advisor Council.