It’s open enrollment time for your health insurance. It can be confusing…so it’s not surprising that 89% of all workers default to the same plan every year. But it may not be the best plan for you. A couple of things to think about. 1. Don’t just go for cheap. Look past the monthly payments to see what your real costs will be in terms of the big three: deductible, co-insurance, and out-of-pocket maximum. Raising these amounts will lower your premium, but you also have to balance saving a few extra bucks a month with the risk of a potentially big payout this year.  2. Pick a plan that helps you save. Employers are increasingly offering Flexible Spending and Health Savings Accounts (FSAs and HSAs) to employees with high-deductible plans. Both allow you to sock away medical funds before taxes (awesome), but FSAs are “use it or lose it,” while HSA balances roll over every year.

Mandy’s Fabulously Frugal Fact is made thrifty by:

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