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I’m a CFP and personal finance reporter. How I plan for open enrollment

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12 months ago

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Azmanl | E+ | Getty Images

As a certified financial planner and personal finance reporter, I spend a lot of time thinking about saving money on rising medical expenses.

Health insurance is a key employee benefit, and many workers don’t spend much time picking the right plan, surveys show.

Nearly one-third of health insurance enrollees spent less than 30 minutes choosing a plan in 2024, according to an Employee Benefit Research Institute survey of more than 2,000 participants in fall 2024.

Some 48% of millennials, my generation, admitted to “blindly” picking health plans because they didn’t understand them, a separate Justworks survey of nearly 4,200 U.S. adults from late 2024 found.

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Picking the wrong plan could be costly as health care prices rise.

Companies expect health plan expenses to increase by 9% in 2026, according to the nonprofit Business Group on Health, based on June survey responses from 121 large employers with plans covering 11.6 million workers.

In 2024, employers offering health insurance covered 75% to 85% of plan costs, and workers paid the rest via premiums and copays, according to a survey of 2,100 firms from the Kaiser Family Foundation, a health-care policy organization.

But as plan costs rise, companies could shift more expenses onto workers in 2025, financial consulting firm Mercer found, based on a survey of roughly 700 organizations.

Amid uncertain costs, here’s how I’m preparing for health care open enrollment choices this fall.

Tracking health care spending

One of the hardest parts of picking health insurance is knowing future needs. There is no crystal ball, but you can review past medical spending.

Several years ago, I started tracking annual out-of-pocket health care costs, including co-payments, prescriptions, medical bills, over-the-counter expenses and more. It’s tedious, but I use the number for two open enrollment tasks: 

  • Finding the right health insurance plan 
  • Deciding how much to save in my flexible spending account (FSA)

Total out-of-pocket expenses, along with detailed receipts, are also useful at tax time to see if I can claim the medical expense deduction, which isn’t typical. (You must itemize tax breaks to qualify, and 90% of filers use the standard deduction, according to the latest IRS data. Even then, unreimbursed medical expenses have to exceed 7.5% of adjusted gross income.)   

Paying now vs. later

Typically, health plans offer two choices. You can pay more upfront via higher premiums from each paycheck. Or, you can pay more later with a bigger deductible, which is how much you owe before insurance kicks in.

By tracking yearly medical expenses, I can see which option could be more affordable for the coming year.

In some cases, the higher deductible is cheaper when you’re healthy and rarely use services. Plus, many plans cover preventative care, such as yearly physicals, at no cost, before hitting the deductible.

That strategy could change if I expect multiple treatments or a surgery. In that case, I would consider opting for the higher premium, lower deductible plan.

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Cover your health insurance deductible

Regardless of the health plan I choose, I always aim to cover my deductible plus other out-of-pocket expenses with my FSA, which is also funded via paycheck deductions. 

The money goes in before taxes, and I can spend those pretax funds on eligible healthcare expenses, co-payments and deductibles. I think of the tax savings like a discount.

The downside of FSAs is I must spend the balance by the end of the calendar year — or forfeit the funds — with a small carryover allowed into the next year. I track that spending monthly to avoid a surprise balance in December.

The average household FSA contribution was $2,250 in 2024, and 77% was expected to be spent by November, according to 2024 data from Numerator, a market research data provider.

dowell | Moment | Getty Images

Leverage a health savings account

Before joining CNBC, I was a full-time freelance writer for six years, with a high-deductible health insurance plan through Healthcare.gov.

Premiums were high, but I could contribute to a health savings account, which works like a long-term emergency fund for medical expenses. Unlike an FSA, the balance rolls over yearly.

If you can afford to leave the money untouched, some HSAs let you invest the balance for long-term growth.

HSAs offer three tax benefits. There’s an upfront deduction for deposits, the funds grow tax-free and withdrawals are tax-free for eligible health care costs.

In 2024, two-thirds of companies offered investment options for HSA contributions, according to a survey from Plan Sponsor Council of America, which polled more than 500 employers in the summer of 2024. 

But only 18% of participants were investing their HSA balance, down slightly from the previous year, the survey found.

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$20,000 Caution Bond Requirement for US Visa Applications imposed on 50 Countries

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6 days ago

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August 8, 2026

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The United States Department of State has officially implemented a revised visa policy introducing a mandatory posting requirement for caution payments of up to $20,000 on select foreign travel applications. Under the updated regulatory framework, consular officials are authorized to require temporary nonimmigrant visa applicants from targeted foreign countries to post a refundable financial bond of $20,000 as a condition for visa issuance. The policy mechanism is designed to address diplomatic concerns regarding high overstay rates among temporary visitor, business, and educational visa categories.

The caution bond pilot program applies selectively to foreign nationals from designated countries whose diplomatic entities record historical visa overstay rates exceeding established federal thresholds. Under administrative guidelines published by the State Department, the full financial deposit is posted directly to a dedicated federal escrow account prior to final visa issuance. The entire caution payment is automatically refunded to the applicant upon verified proof of timely departure from the United States in strict compliance with the authorized duration of stay. Conversely, failure to depart within the legal timeframe results in full forfeiture of the posted financial bond to the United States government.

Diplomatic representatives and travel policy experts have expressed varying perspectives regarding the operational implementation of the caution bond system. Administration officials emphasize that the measure serves as an effective, market-based incentive to enforce international travel compliance and preserve domestic immigration security standards. However, international trade organizations and foreign diplomatic missions have raised concerns regarding the financial burden imposed on legitimate business travelers, foreign students, and commercial partners from developing nations.

The United States finalized the rule to make the temporary visa bond program permanent, taking effect on August 3, 2026. The updated permanent regulation replaces the prior 12-month pilot, eliminates the lowest $5,000 tier, and raises the maximum required bond amount to $20,000 for specific B-1/B-2 business and tourist visa applicants.

Here is the list of the 50 countries on the list as o August 3, 2026

African Nations (31 Countries)

  • Algeria
  • Angola
  • Benin
  • Botswana
  • Burundi
  • Cabo Verde (Cape Verde)
  • Central African Republic
  • Côte d’Ivoire (Ivory Coast)
  • Djibouti
  • Ethiopia
  • Gabon
  • The Gambia
  • Ghana
  • Guinea
  • Guinea-Bissau
  • Lesotho
  • Malawi
  • Mauritania
  • Mauritius
  • Mozambique
  • Namibia
  • Nigeria
  • São Tomé and Príncipe
  • Senegal
  • Seychelles
  • Tanzania
  • Togo
  • Tunisia
  • Uganda
  • Zambia
  • Zimbabwe

Asian & Eastern European Nations (11 Countries)

  • Bangladesh
  • Bhutan
  • Cambodia
  • Georgia
  • Kyrgyzstan
  • Mongolia
  • Nepal
  • Papua New Guinea
  • Tajikistan
  • Turkmenistan
  • Uzbekistan

Caribbean & Latin American Nations (5 Countries)

  • Antigua and Barbuda
  • Cuba
  • Dominica
  • Grenada
  • Venezuela

Oceanian Nations (3 Countries)

  • Fiji
  • Tonga
  • Vanuatu

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Personal Finance

Next-Generation Retirement Planning: Managing Longevity Risk and Variable Income Streams

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1 week ago

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August 7, 2026

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Retirement planning strategies are evolving in 2026 to address increased life expectancies, shifting dynamic market conditions, and the transition away from traditional defined-benefit pensions. Individual investors and financial advisors are abandoning rigid retirement models in favor of flexible, multi-asset strategies designed to mitigate longevity risk and preserve purchasing power over multi-decade retirement horizons.

Mitigating Longevity Risk with Dynamic Asset Allocation
As average life expectancies extend past eighty-five years, one of the primary financial risks facing retirees is outliving their accumulated wealth. Traditional fixed income allocations—such as the standard 60/40 equity-to-bond portfolio—are being reevaluated to ensure portfolios generate sufficient capital growth alongside reliable income.

Financial planners recommend maintaining a meaningful equity allocation throughout retirement to offset long-term inflation erosion. High-dividend equity funds, global real estate investment trusts (REITs), and inflation-indexed Treasuries are combined to create diversified portfolios that deliver both growth and income stability.

The Transition to Dynamic Withdrawal Strategies
The classic “4% safe withdrawal rule” is increasingly replaced by dynamic withdrawal strategies that adapt annually based on market performance. Under a dynamic withdrawal framework, retirees adjust their annual distribution rates within pre-set caps and floors:
– Market Upside: During strong market returns, retirees can increase discretionary spending or fund family legacy gifts.
– Market Downturns: During market pullbacks, spending distributions are temporarily reduced to prevent sequence-of-returns risk and preserve core investment principal.

Guaranteed Lifetime Income Options and Deferred Annuities
To establish a guaranteed baseline for essential living expenses, individuals are incorporating modern fixed-indexed and deferred longevity annuities into their broader retirement architectures. Modern annuity structures offer competitive return caps, transparent fee schedules, and inflation-adjustment options.

By funding essential expenses—such as housing, healthcare, and insurance—with guaranteed income streams from Social Security, pensions, and annuities, retirees can manage discretionary investment portfolios with greater flexibility and lower emotional stress during market volatility.

Actionable Steps for Future Retirees
1. Calculate Baseline Retirement Expenses: Determine fixed living costs and map guaranteed income sources to cover essential expenditures.
2. Adopt Flexible Withdrawal Rules: Implement dynamic spending rules to protect investment principal against market downturns.
3. Incorporate Inflation-Protected Assets: Maintain exposure to dividend-growing equities and inflation-indexed bonds to safeguard long-term purchasing power.

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Personal Finance

Building Generational Wealth: Family Governance, Estate Tax Optimization, and Asset Protection

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2 weeks ago

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August 1, 2026

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As the largest intergenerational transfer of wealth in history accelerates, high-net-worth families, entrepreneurs, and individual investors are placing heightened emphasis on comprehensive estate planning, family governance, and asset protection. Preserving capital across generations requires a balanced approach combining tax-efficient legal structures with open family communication and financial literacy education.

Optimizing Estate Tax Exemptions and Trust Structures
With potential modifications to federal estate tax exemption thresholds on the horizon, proactive estate planning is essential for high-net-worth households. Estate planning attorneys and wealth advisors are establishing multi-generational trust structures to transfer wealth efficiently while minimizing estate and gift tax exposure.

Popular structural strategies include:
– Irrevocable Life Insurance Trusts (ILITs): Utilizing life insurance proceeds to provide liquidity for estate tax obligations without expanding the taxable estate.
– Grantor Retained Annuity Trusts (GRATs): Transferring rapidly appreciating assets to beneficiaries with minimal gift tax consequences.
– Dynasty Trusts: Preserving wealth across multiple generations while providing long-term asset protection from creditor claims and legal liabilities.

Establishing Family Governance and Financial Education
Legal and financial structures alone cannot guarantee long-term wealth preservation without effective family governance. Financial advisors report that a significant percentage of multi-generational wealth dissipation stems from lack of communication and inadequate financial preparation among heir generations.

Families are establishing formal family governance frameworks, including periodic family meetings, written mission statements, and structured philanthropic foundations. Involving younger family members in charitable grant-making and investment discussions fosters financial stewardship and prepares heirs to manage family assets responsibly.

Digital Asset Custody and Legacy Planning
In today’s modern economy, estate planning must extend beyond physical real estate and traditional brokerage accounts to encompass digital assets. Comprehensive estate plans now include detailed inventories and legal access protocols for corporate domain names, intellectual property, digital media rights, and cryptocurrency holdings.

Fiduciaries and estate executors should be provided with secure, encrypted access mechanisms and clear legal authority to manage and transfer digital holdings in accordance with the owner’s estate directions.

Practical Steps for Legacy Planning
1. Review and Update Estate Documents: Ensure wills, revocable trusts, and power-of-attorney designations accurately reflect current family structures.
2. Establish Structured Trusts: Utilize irrevocable trusts to protect assets from creditors and minimize future estate tax liabilities.
3. Create a Digital Estate Inventory: Document access protocols and legal permissions for all online accounts, intellectual property, and digital assets.

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