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?