If you’re a current Procter & Gamble employee, you’re in Open Enrollment season right now: November 5–19.
Most people experience this as a box to check between meetings: click through the screens, keep what you had last year, and hope for the best.
As someone who grew up in a P&G family, spent years working at P&G myself, and now advises P&G employees and retirees every day, I’ll tell you this: Open Enrollment is one of the most under-appreciated financial planning moments of the year.
Here’s how I’d approach it.
STEP 1: TAKE 5 MINUTES BEFORE YOU LOG IN
Before you even open the benefits site, pause and ask:
- What changed this year? New baby, empty nest, diagnosis, marriage/divorce, spouse’s job change?
- What’s coming up? Planned surgery, braces, college, a possible retirement date, aging parents who may need more help?
Grab your spouse for a quick conversation if they’re on your benefits or have their own plan. Those five minutes of context will make the rest of your decisions much easier.
STEP 2: RUN THE NUMBERS ON YOUR MEDICAL PLAN (NOT JUST THE PREMIUMS)
Most P&G folks are choosing between:
- A more traditional PPO-style plan
- A high-deductible health plan (HDHP) that’s HSA-eligible
The HDHP + HSA combo can be a powerful long-term tool because of the tax benefits.
When you compare, look at:
- Total estimated annual cost: premiums + expected out-of-pocket costs – any P&G HSA contribution
- Your actual doctors and hospitals: are they in-network?
- The worst-case scenario: what’s the out-of-pocket maximum, and are you comfortable with that? This is always my go to with 4 kids!!
If you choose the HDHP, try to fund the HSA as best possible. If you are able to continue saving the HSA funds, you can reinvest and use down the road for things like Medicare premiums.
STEP 3: BE INTENTIONAL WITH HSA AND FSA ELECTIONS
Open Enrollment is your chance to set:
- HSA contributions (if you’re in an HSA-eligible plan)
- Healthcare FSA
- Dependent Care FSA
Quick reminders:
- FSAs will not roll forward automatically. You need to re-elect them each year.
- HSAs are different: the dollars are yours. They can be invested and used years later for qualified medical expenses.
If you’ve been burned by “use it or lose it” in the past, start a bit conservative on the FSA and adjust as you get more comfortable.
STEP 4: CHECK YOUR LIFE AND DISABILITY COVERAGE
P&G provides base coverage, and many of you have optional life and disability coverage layered on top. As income, savings, and family responsibilities change, those elections can drift out of alignment.
Ask yourself:
- If something happened to me tomorrow, what financial gap would my family face?
- Has my income, debt level, or family situation changed since I last looked at this?
For some later-career employees with strong balance sheets, it may make sense to scale back optional coverage. For younger families, I often see the opposite: great income, growing kids, and not nearly enough coverage.
Either way, don’t let this stay on auto-renew without at least a quick review.
STEP 5: DON’T IGNORE THE “SMALL” BENEFITS
Dental, vision, wellness programs, EAP, legal plans – they’re easy to scroll past when you’re in a hurry, but they can quietly save you real money.
Examples:
- Dental/vision: preventive care and big-ticket items (like a crown or new glasses) can look very different in-network vs. out-of-network.
- Wellness incentives: sometimes you’re leaving dollars on the table – premium discounts, HSA contributions, or rewards – by not completing a screening or questionnaire.
- Employee Assistance Programs: confidential support for mental health, caregiving, and stressful life events.
- Legal plans (ARAG): helpful in years when you know you’ll be updating your will/trust or doing a real estate transaction.
You don’t need to buy everything. But know what’s available and line it up with what’s actually happening in your life.
STEP 6: TIE YOUR BENEFITS BACK TO RETIREMENT AND INVESTMENTS
Even though your P&G Savings Plan (401(k)) sits in a different part of your financial life, Open Enrollment is a natural reminder to check your contribution levels.
- Does my current investment mix still fit my time horizon and risk tolerance?
- If I’m within 5–10 years of retirement, do my benefits choices support that timeline?
STEP 7: GET A SECOND SET OF EYES IF YOU’RE OVERWHELMED
This is exactly the kind of work we with P&G employees and retirees:
- Comparing PPO vs. HDHP for your specific situation
- Setting smart HSA/FSA levels given your cash flow and upcoming expenses
- Coordinating benefits, PST, stock options, and retirement timing
- Making sure everything is tax-aware and aligned with your bigger goals
If you’d like a quick Open Enrollment strategy review before November 19, send me a message here and we'd be happy to walk through it together with you.
