Step right up: The window is officially open.

Fall is the time when many employees can enroll in or change their workplace benefits.

Health care, vision and dental plans and 401(k) investments don’t make you tingle with excitement, but it is real-life stuff.

And it involves money.

So listen up at those meetings. Seven in 10 employees spend an hour or less reviewing benefits and selecting new coverage options, according to a survey by MetLife.

Before you decide on each benefit, look at the big picture.

What’s your stage of life? If a major life event is on your horizon, like a wedding, divorce, baby or home purchase, it might change the way you look at benefits.

A baby might make you want to increase your life insurance coverage. If you’re getting married, your new spouse’s insurance plan might be better for you both.

Here’s a breakdown of some of the benefits routinely offered.  

—  Flexible Spending Accounts (FSAs): These let you set aside money from your paycheck before taxes to pay for out-of-pocket medical expenses (like eyeglasses or co-payments) or dependent care (often used for child care). 

If you are in the 28 percent tax bracket, setting aside $5,000 in pretax income in an FSA will save you about $1,400 in taxes, according to a wire story using Visa’s statistics.

That’s worth doing.

Since you lose the money left in the account at the end of the year, take a good guess on how much you should set aside in an FSA.   

— 401(k) plans: In many companies, employees can contribute a percentage of their pay to the IRS-allowed maximum for retirement. Some companies will match a portion of the worker’s contributions.

In other words, you put in 3 percent of your salary, and the company puts in another 3 percent.

It’s like getting free money. So you should participate, and you should always put in at least as much as your company will match.

The catch is you need to leave this money in until you retire; you will be penalized for withdrawals.

— Health care: If your company offers different levels of coverage with different premiums, assess your needs. Are you single and relatively healthy? It might make sense to pay less monthly and have a larger deductible. Make sure you are covered for major preventive tests or procedures. If you have children, assess their needs, too.

— Life insurance: Consider who is financially dependent on you. Insure accordingly. Many employers provide some coverage (maybe one or two times your salary). More than that may have to come from another source. 

— Disability insurance: This is made to cover your needs if there is no paycheck. A good rule of thumb is to buy disability insurance that will cover 60 percent of your needs if you are sick or injured. 

On the Web

Many personal finance, bank and insurance company Web sites offer calculators and worksheets to help you make open enrollment decisions. Look for help on how much to contribute to a flexible spending account, for example, or how much life insurance you need. Two suggestions: smartmoney.com and kiplinger.com. Your employer might also offer sites and information to guide your choices.

Reach Kathryn Cates Moore at 473-7214 or kmoore@journalstar.com.