What To Review During Open Enrollment

(Image credit: Getty Images)

Changes to employee benefits, including health care, can generally only be completed during a short window each year. There are exceptions, but for the most part, this short 2-3 week window annually allows individuals to review changes to coverages they’d like to make for the upcoming year.

At Worthen Financial Advisors, we are here to help our clients make sure you enroll for all the benefits you need, and nothing you don’t.

During this open enrollment time period, you can add, change or remove coverages. This is also a great time to coordinate benefits with a spouse, such as comparing whose health coverage to utilize.

Although you can make changes to your 401K year-round, it’s a good practice to review your 401K funds and contribution amounts at this time as well, so you don’t forget!

It’s important to review coverages and costs carefully to make sure you are choosing the best package for the upcoming year, as it cannot be changed until the next open enrollment period, outside of a few special circumstances.

Just because nothing has changed for you does not mean you can forego carefully reviewing your enrollment options. It is likely that costs and coverages for your current plan have changed, even if you haven’t. The last thing you want is to be surprised at the cost when you receive your first paycheck of the year or at the coverage when you try to use it!

Common Items We Review:

  • What changes to coverages and costs will be made to your health insurance in the upcoming year, including dental and vision?
  • Which health insurance plan best meets your needs and budget?
  • Do you need long term disability and/or short-term disability?
  • Do you have/need an HSA or FSA?
  • Does your 401K offer a ROTH option? Should you take advantage of it or stick with the traditional 401K?
  • Does your company offer a match and are you getting the full match?
  • Are the funds your invested in the right ones for your risk tolerance and goals, or did the system select them based on your age?
  • Should you purchase additional life insurance through the company plan? What type of life insurance is it and is it a good value?

Advisory services are offered through Worthen Financial Advisors, Inc.; an investment adviser domiciled in the state of Texas. This communication is not to be directly or indirectly interpreted as a solicitation of investment advisory services to residents of another jurisdiction unless the firm and the sender of this message are registered and/or licensed in that jurisdiction, or as otherwise permitted by statute.
Past performance may not be indicative of future results. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies recommended and/or undertaken by Worthen Financial Advisors, Inc[“Worthen”]), or any non-investment related services, will be profitable, equal any historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. 
Worthen is neither a law firm, nor a certified public accounting firm, and no portion of its services should be construed as legal or accounting advice. Moreover, you should not assume that any discussion or information contained in this video serves as the receipt of, or as a substitute for, personalized investment advice from Worthen. Please remember that it remains your responsibility to advise Worthen, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. A copy of our current written disclosure Brochure discussing our advisory services and fees is available upon request. The scope of the services to be provided depends upon the needs of the client and the terms of the engagement.


— or —