| Nearly 75% of working adults spend 45 minutes or less reviewing their benefits during open enrollment, according to a recent study. By comparison, the average fantasy football player spends 6.9 job hours every week working on their team. Meanwhile, the average consumer will visit about 40 websites before booking a vacation. It appears many people have their priorities mixed up.
Of course, choosing your workplace benefits can be confusing. Sadly, that confusion leads to stress, stress leads to procrastination and procrastination leads to making some uninformed and very expensive mistakes every year. Health insurance is a big chunk of your total compensation, which is why it's important to do your homework and find the right health plan that gives you the best care for the least amount of money. The smart choice can save you hundreds, possibly thousands, every year.
Unfortunately, the majority of employees fail to review their insurance benefits at the end of the year. As a result, they go on autopilot and choose the same benefits instead of taking time to consider making any changes. This is easily one of the biggest — and costliest — mistakes people make during open enrollment.
So, before you just stick with last year's health-care plan, take a look at a recent pay stub and an explanation of benefits so you can compare your costs and benefits now with those for the upcoming year. Pay particular attention to your share of the premium, deductibles, co-payments, co-insurance, out-of-pocket maximum and prescription drug benefits.
Finally, many people tend to think of benefits in narrow terms: Medical, dental, vision, retirement — and not much else.
Your employer may offer other benefits that you never even knew existed, such as disability insurance, life insurance and even pet insurance. Take the time to research the many benefits that are offered. Your benefits are a significant part of your total compensation and open enrollment can be your only chance to take full advantage of many of them.
For more cool stuff like this, please follow me on Twitter @jimpavia and check out CNBC's Financial Advisor Hub and CNBC + Acorns Invest in You: Ready. Set. Grow.
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