The end of the year is creeping up on us, which means it’s time to take stock of everything finance before 2025 to enter. When you do this, it’s important to evaluate your workplace benefits – especially for your health and that of your dependents – and make sure you’re prepared to meet your needs in the new year.

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In a recent BLOGS On her website, financial guru Suze Orman looks at five things you should do with your workplace benefits this open enrollment period. But don’t wait until the last minute. End this asap – before 2025.

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Consider a high-deductible plan

What kind of health insurance plan do you have now? If it’s not a high-deductible plan, you may want to switch to one. Why? Because, as Orman pointed out, there is a strong possibility that premium and/or deductible costs will increase in 2025.

“If you are healthy and have a large emergency savings fund that might cover your annual deductible, you may want to consider using your plan’s high deductible health insurance planwhich will come with a lower monthly premium,” Orman wrote.

A major potential advantage with a high-deductible plan is that your employer can provide in tandem a health savings account (HSA), which allows for, as Orman put it, “a tax bonanza.”

“The money you put aside is pre-tax, the money grows tax-free, and when you use the money to pay for qualified health costs — this year, or years from now, it’s your choice. – you will not owe any tax on yourself. withdrawal,” Orman wrote.

But be careful here. Don’t switch to a high-deductible plan if you’re short on funds. You’ll need additional savings to cover a higher deductible.

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If you’re on your current health plan, make sure doctors are still covered

If changing plans doesn’t make sense for your situation. financial situation and decide to continue your current health plan in 2025, make sure that any doctor or medical facility you need to see will still be in the network. If they are not, act now to find new care that will be in network.

“Things change,” Orman wrote. “If you learn, you will have to find new care in network for 2025, it will be less stressful if you deal with it now.”

Explore life insurance policies beyond what your workplace can offer

Some employers offer life insurance policies to employees at no cost. Make no mistake: This is a benefit you should take advantage of, but keep in mind that the payout may not be enough to provide for your family if you pass away.

“Typical employer-provided life insurance pay a death benefit equal to one year’s salary. Maybe two years,” Orman wrote. “I seriously doubt it will be enough to support your family.”

If you don’t have a large amount of savings to see your family through if you die, Orman generally recommends getting a life insurance policy with a death benefit that’s at least 20x to 25x your salary your current.

“I know it sounds like a lot, but it won’t be a budget cut if you buy term life insurance,” Orman wrote. “And for those of you with young children with a stay-at-home parent, please make sure there is a life insurance policy for that hard-working caregiver as well.”

Look for options to automate your emergency savings

Part of the purpose of an emergency fund is to cover you in the event of a surprise medical expense. Does your workplace offer a way to automatically direct a portion of your paycheck to a savings account? Look at this.

“Some employers even offer a matching contribution,” Orman wrote. “This is a great benefit to help you build more financial security.”

If your employer doesn’t offer this option, start a conversation with HR about it.

“Send HR a link to SecureSave, which I co-founded when I noticed the lack of options companies had to help their employees save,” Orman wrote. “In the meantime, you can also ask HR if you can set up a ‘split deposit’ of your check.” payment option, where you can designate how much of your payment to deposit directly into your account. current and how much to automatically deposit directly into a savings account.”

Make sure you save 15% of your salary for retirement

Like many other financial experts, Orman wants everyone to set aside 15% of their paychecks in their own retirement savings. Make sure you do, and if not, now is the time to start.

“If you have a plan at work and are not yet at 15 percent, consider increasing your contribution rate,” Orman wrote. “This 15% is the combined rate of your contributions and any employer contribution.”

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This article originally appeared on GOBankingRates.com: Suze Orman: 5 things to do with workplace benefits before 2025