Open enrollment is the yearly window when you can sign up for, change, or drop your health insurance and other employee benefits without needing a special life event to qualify. Most workplaces set this period in the fall, giving you a few weeks to review your current coverage against what you actually used and needed over the past year.

During this time you can switch plans, adjust your contribution to a health savings account or flexible spending account, add a new dependent, or update your life insurance elections. If you miss the window, you're typically locked into your existing choices until the next open enrollment, unless you experience a qualifying event like marriage, a new baby, or a job loss. Taking even thirty minutes to compare your options during open enrollment can save you real money and prevent gaps in coverage down the road.