During open enrollment season, many workers focus on the big, headline decisions that tend to come at the beginning of the process, such as the premiums, deductibles and styles of coverage offered by various health, dental and vision insurance plans. But if you don’t pay attention to some of the smaller details, you could end up costing you or your family time, money and anguish, says Carolyn McClanahan, a physician, certified financial planner and founder of Life Planning Partners. Take workplace life insurance policies, which you can often opt into during open enrollment by simply checking a box. Doing so is almost always a good idea, says McClanahan, but failing to properly designate who gets the policy’s payout in the event of your death is a big mistake.
