(BPT) - It's that time of year again - open enrollment period, when you can review, select or change your workplace benefits. For a number of weeks each year, you can make selections or modifications to your health insurance, retirement plans or other employee benefits for the next year. These choices can impact your finances and give you peace of mind around safeguarding your family's health. Because changes you make now can be binding for 2026 (outside of qualifying life events), it's important to select the right benefits for your unique situation.

This is a good time to step back and view the big picture. The driving force behind choosing the right workplace benefits should be your needs and values. What is most important for you and your family's overall well-being? What events might come up next year? Are you starting a family, looking for a home or facing medical expenses? Choosing benefits that support you throughout these situations can impact your happiness and well-being.

Here are major benefit categories to consider.

Health insurance options

Sorting through health insurance plans can seem overwhelming. It may be tempting to simply choose whatever option is closest to what you already have. But if you have a new employer, if anything has changed in your family - or you simply want to better understand your options - review these factors:

• Cost: Compare annual premiums, deductibles, copays/coinsurance and OOP (out-of-pocket) maximums in each plan. Ask yourself: How much did you pay in premiums this year? How many trips to the doctor, hospital or emergency room did your family make? Do you anticipate major health care needs in 2026? These answers will help you make informed decisions.
• Plan type: You may be presented with an alphabet soup of options: HMOs (Health Maintenance Organizations), PPOs (Preferred Provider Organizations) and HDHPs (High-Deductible Health Plans), among others. Each plan type has pros and cons. For example, one advantage of an HDHP is pairing it with a Health Savings Account (HSA), which offers tax-advantaged ways to save and pay for qualified medical expenses; and your employer might contribute to it on your behalf, too.
• Plan networks: Each insurance plan has a group of providers contracted to offer services at a certain cost. The network size and accessibility of providers can affect costs and the ease of getting appointments.
• Your family's health needs: How well has your past coverage suited you and your family? What changes might be necessary? Would you rather pay higher costs upfront and lower costs for service, or the other way around? With the HDHP example, you'll potentially pay less for premiums, and you can use your HSA to help offset higher service costs.

Retirement benefits

If you have access to a workplace-sponsored retirement plan, this can be a great way to help you plan for the future. In most cases, these are defined contribution plans like a 401(k), where you dedicate a percentage of your paycheck to flow directly into your retirement account.

Many employers offer a match, which means they'll contribute the same amount as you, up to a certain percentage. If your employer offers a 3% match, try to contribute at least 3% of your salary to your retirement savings, or you're leaving free money on the table.

Student debt assistance

Many employers now offer two versions of repayment assistance for student debt:

• Student debt direct: Your employer matches a percentage of your loan payments, which helps you pay down debt faster.
• Student debt retirement: Your employer matches your payments with contributions to your workplace savings account.

"Student debt assistance is a newer benefit many employees may not know about," said Kirsten Hunter Peterson, vice president, Thought Leadership, Fidelity Investments. "This offers a real advantage for anyone still paying student debt, freeing up money for anything from building emergency savings or making a home down payment to starting your own family."

Ask your human resources department if your workplace offers this benefit.

Additional benefits

Many employers offer financial benefits like emergency savings programs, life insurance and disability insurance to help protect your finances if the unexpected happens. These benefits can make a real difference if they're ever needed.

Work-life balance

Your employer likely offers other initiatives to help you make time for your personal priorities. Familiarize yourself with your company's PTO (paid time off) policy, parental leave and flexible work arrangements to see how you might use them in 2026.

Make open enrollment work for you

The open enrollment period is the ideal time to ensure you understand all your benefits. First, ensure you know your company's enrollment window. Some workplace benefits are offered year-round, while others are only available during the annual enrollment period or for a major life event (like getting married or welcoming a child).

Then think about which benefits are most cost-effective for your needs over the coming year, weighing their cost against the protection and security they provide. If your employer offers a match on your workplace savings plan contributions or HSA, remember the value "free money" can add to your overall benefit plan.

Ask questions

Unsure about choosing your benefits package, or need assistance? Consult your human resources representative or benefits administrators.

Visit Fidelity.com to learn more about workplace benefit options.