It's time for 2016 open enrollment. This year, many employees are about to learn that they are going to be responsible for larger portion of their healthcare costs. 

Since 2010, the American workforce has seen healthcare costs grow far faster than wages. Many employees are cutting into their retirement savings to make up the difference.

What's more, as deductibles continue to rise, most individuals will not hit their deductibles in 2016, meaning that most medical expenses will come out of pocket.

For many, this reality is tantamount to a pay cut, though the situation is often worse for people on the individual insurance market where the average individual deductible exceeds $3,000.

Many employers are countering with budgeting courses and personal finance education, but with no end in sight, American workers will simply have to make do with less as they work to pay for healthcare.

Read full article at Market Watch.