4 Things to Review During Open Enrollment
on Oct 11, 2024
It’s that time of year again—Open Enrollment season! This is your opportunity to review and update your benefit elections, which can include health insurance and other employer-provided options. Here are four key categories to review during your open enrollment this year:
1. Healthcare
Open enrollment is an excellent time to reassess your healthcare needs for the upcoming year. Consider if you need to change the type of healthcare plan you will have for the upcoming year, and explore options like Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs).
2. Disability Insurance
Check your disability insurance coverage and understand the tax implications of the premium payment. Consider whether you need additional coverage beyond what your employer provides.
3. Life Insurance
Review your life insurance options, including additional coverage for yourself or your spouse. Make sure you have adequate coverage, especially after significant life changes.
4. Legal Benefits
Check if your employer offers legal services or legal plans as part of your benefits package. This could be beneficial for estate planning or legal counsel needs.
If you have questions about your employee benefits during open enrollment, feel free to reach out to us at MainStreetplanning.com. We would be happy to review your benefits with you to help you make informed decisions for the upcoming year.
FAQs
What is open enrollment?
Open enrollment is a period during which employees can review and make changes to their employer-provided benefit elections, such as health insurance, disability insurance, life insurance, and legal benefits.
Why is it important to review benefits during open enrollment?
Reviewing benefits during open enrollment allows employees to ensure they have the right coverage for their needs, especially after significant life changes. It also provides an opportunity to explore new benefit options offered by the employer.
Conclusion
Open enrollment is a crucial time for employees to review and update their benefit selections. By carefully considering healthcare, disability insurance, life insurance, and legal benefits, individuals can ensure they have the appropriate coverage for their needs. Seeking guidance from financial professionals can help navigate the complex landscape of employee benefits and make informed decisions for the upcoming year.