Election season is just around the corner — but this one has nothing to do with choosing between Hillary Clinton or Donald Trump (or Jill Stein and Gary Johnson, for that matter).
In a matter of weeks, workers will be electing how much health, life, and disability insurance to get for the following year. While many find the process a hassle, experts say it's important to assess your financial situation to help make the best decisions.
Life changing events, such marriage or children, can have a major impact on which benefits you choose and how much to allocate to them. Certified financial planner Douglas Boneparth told CNBC's "On the Money" in an interview that it's important to look back and "see what you actually spent on health care costs this year."
Knowing this information can help employees gauge if a high deductible plan with lower premiums is better, versus a lower deductible but higher premiums for 2017.
For example, Boneparth explained that "If you ended up not spending a lot because you were healthy, maybe the high deductible plans are right for you because you don't want to pay a lot in premium."
However, " if you see a lot of doctors, or have a lot of prescriptions, then maybe you want to look for those plans that have lower deductibles, where paying more premium could be advantageous," he added.
Boneparth also recommended looking to see if doctors are in-network. Wanting to keep using the same physician may help employees make their decision. Additionally, he said research is key: Workers should ask their company's HR representative for a plan comparison — and shouldn't hesitate to call the insurers being offered for more detailed information.