099: End of year Moves- Review employee benefits (open enrollment)
Open enrollment season is the time of the year when you are allowed to make changes and review selection of benefits provided to you by your employer.
Let’s discuss the most typical selection of benefits:
- Health, dental & vision insurance – make sure you understand the type of plan you have, what your deductible and out of pocket costs are. Do you anticipate major medical expenses next year?
- Life insurance – has anything changed in your life? Did you get married? Had a child? Got divorced or bought a new home? All of these events trigger the need for coverage review. You need to figure out how much more or less you need and look for options either to increase it at work or purchase private coverage.
- Disability coverage – double check to make sure you are not eligible for supplemental coverage. Do you at least get 60% of your income covered?
Look thru your employee benefits options, what other benefits might you take advantage off?
- FSA & HSA plans are good complements to help pay out of pocket medical expenses.
- Legal plan – this is the newest benefit which provides an option to get estate planning documents done.