Open Enrollment Is Here: What Physicians Should Check Before Clicking Submit

It is open enrollment season. Most physicians will spend more time choosing a restaurant this month than choosing their benefits. That is not a criticism. The portal is boring by design. Ten minutes, a few dropdowns, done.

But benefits elections are rarely one decision. The health plan choice shapes the HSA decision, which carries tax considerations. A high deductible plan paired with a fully funded HSA can be one of the most useful savings tools available. That one election connects to retirement contributions, cash flow, and the tax picture. One question connects to four others.

Check your beneficiaries while you are in the portal. Life changes. Beneficiary forms often do not keep up. This small step touches estate planning considerations and takes two minutes.

And do not set your retirement contribution on autopilot without running the number. The right amount this year may not be the right amount next year. Income changes, especially for residents becoming attendings, can shift the whole picture.

The physicians who get the most from open enrollment usually do one thing differently. They look at the elections as a single picture before clicking submit. Small decisions, made with intention, compound.

David Kopittke, CFP®