Navigating open enrollment options

NEW YORK (CNNMoney.com) -- When you get your open enrollment forms this year, you'll want to pay attention. You'll be paying $330 more this year for health care and benefits are changing. We'll give you the tools to help you make the best choices.

Most companies offer flexible spending plans. This lets you put pretax money aside so you can pay for medical bills, child care or commuting costs. By taking advantage of this benefit, you can stretch the money available for these expenses and cut your federal taxes.

Here's an example of what you can save. If you put in $1,000 to the account and you're in the 25th percent bracket, your annual savings is $250. Most companies allow you to put up to $3000-$5,000 annually into these accounts.

The caveat is that you have to use all the money in the account by Dec. 31st, or you lose the remaining balance. But companies do have the option of extending this date to two months and 15 days after the end of their benefit year.

To calculate what your savings could be, go to the HR resource Web site, Ceridian.com and search for FSA calculator.

The worst thing you can do is not to re-evaluate your health insurance. Co-payments and costs for prescription drugs are going up. Plus, there are fewer health care options out there.

If cost is the bottom line, think about an HMO. You'll pay lower premiums and out-of-pocket costs - for example the average annual deductible is $400 for a single person. But keep in mind, the choice of doctors can be more restricted.

If you like more choice, or your primary care doctor is outside of an HMO network, consider a PPO. The average deductible for a single person is $460 annually. You'll be able to choose any doctor.

More companies are also offering high deductible health care plans. Generally premiums are lower, but your deductibles can range from $1100 to over $10,000. You don't want to consider this kind of coverage unless you're young and don't anticipate needing much doctor care.

Keep in mind your costs are higher if you go out of the provider list. So check the list of providers in any new plans you are considering. If you're considering any plan, get the report card first at the National Committee for Quality Assurance at ncqa.org.

Review your insurance benefits this year. If you plan on having children or getting married, you may want to update or increase your life insurance.

Check into your disability coverage too. This insurance kicks in if you're ever disabled and unable to work for a certain amount of time. You should have coverage that amounts to at least 60 percent of your income. You may choose to supplement your group policy with individual disability policy.

Your company may also offer group rates on long-term care insurance, car insurance and homeowners insurance. You should be able to elect these benefits throughout the year.

More and more companies are imposing a surcharge on employees who opt to include their spouse on the health plan if he/she has coverage elsewhere according to human resources consulting firm Watson Wyatt.

So, sit down and figure out whether it makes financial sense to cover the entire family under one plan. It may be cheaper to cover one spouse under one plan and then cover the children and spouse on another health care plan.