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An important piece of mail could save you hundreds, if not thousands of dollars.

Your company's benefits open enrollment plans are not always an easy read but with health care costs escalating, the decisions you make could either save, or cost you a lot of money.

"When you look at the cost of things and how insurance is paid in comparison to what it would cost you if you didn't have insurance, it's amazing," said Courtney Miller, a payroll specialist for a construction company.

The Henry Kaiser Family Foundation estimates health insurance costs more than $13,000 a year for a family of four, and more of these costs are being shifted to the employee.

"It's very important for employees to look at what they're given, because they do have choices," said Cathy Graham, with the Employers Association.

Graham says a close look at your benefits shows some areas where you can save some money.

“A flexible spending account is an account that an employer sets up for its employees that allows them to set aside money on a pre-tax basis,” she said. “They avoid paying federal, state and FICO, which is about 30 cents on the dollar.”

Graham says insurance plans are great buy they don't pay for everything.

You're going to have your co-pays, your prescription drugs, even over-the-counter medication can be paid for using flexible spending account dollars,” she said.

Others offer a flex account for child care. Maxed out at $5,000 apiece, at 30 percent tax rate, you'll save $3,000.

But time is running out for most employees. The open enrollment period is closing and that could close your opportunity to save money.

“We do have to re-enroll in our flexible spending account each year,” Miller said. “So I'll go through and look at my expenses, do upcoming expenses for the year and base my number that I do on that."

Every company is different and you should check with your employer’s human resource department for specific guidelines on making your yearly benefit selections. Some companies even include a cost calculator so you can determine which health plan to choose and how much you can select for the flex spending accounts.