Open enrollment period has rolled around again for many people. Don’t fall into the trap of just selecting the same plan you had last year because it is easier than looking into others. Use this time to ask relevant questions and pick the best plan for you. Regardless of how you picked your plan—in an informed manner with appropriate research or by closing your eyes, spinning around and pointing—you will have this plan for a year. Isn’t that a good reason to pick the right plan? Here is some background information to get you started.

What is open enrollment? Open enrollment is the time of year, most frequently taking place in the fall, when you are allowed to make changes to your medical and disability plans. Most plans won’t allow you to make changes during the rest of the year, in part because of tax implications, unless you have a change in your life status, such as marriage, birth or adoption, divorce or death.

Why is the open enrollment period important? This is when you can make changes without any penalties. Many companies also provide their employees with a chance to meet with representatives from health care companies to ask questions about each option and relevant changes for the new year. If your company offers these meetings, make sure you attend one. Look through the options in advance so you can ask questions. If representatives aren’t able to answer specific questions at the time, get the name and contact information of a representative who can help you find the answers you need. If you are married, make sure you do your due diligence to determine what plans are best for both of you. You might discover it is time to make switch to your partner’s coverage or to keep your plans separate.

Don’t forget to think about life insurance. Too frequently younger professionals think of life insurance as something older or business-owners need. If you have a family, spouse or partner, life insurance is a smart plan, regardless of your age.

For more information on benefits, visit the Career section of the 360 Degrees of Financial Literacy Web site