For many companies, October is open enrollment, also referred to as annual enrollment (not to be confused with Medicare or Healthcare.gov’s open enrollment). Many companies offer a benefits fair this time of year, or in the spring, or both, and allow employees to make changes to their benefits.
Your benefits fair may be underway as you read this. Others may have started in September, or push into November. The key takeaway here is that annual enrollment, or open enrollment, is the time of year for you to review all of your employer provided benefits and decide, what, if any, changes you need to make.
Be on the lookout for communications from your employer about your current benefits package, what new offerings may be available, and whether you need to make changes. It's also common for employers to host vendors and insurance reps to be onsite to explain their various offerings. Meeting with these reps can be extremely helpful if your company is rolling out a new fringe benefit or a change to an existing benefit. Keep in mind, with the pandemic in process, these fairs may be virtual.
Some key things to look for:
Health insurance coverage – Review your coverage for any necessary increases (or possible decreases). If you are married, compare your coverage with that of your spouse and see which company’s provider offers you the best coverage, deductibles, co-pays, HSA matching, out of pocket expenses, and network providers.
Life or disability coverage – Now is the time to review and adjust this coverage as well. You may be able to save money by assessing your employer-provided life insurance coverage or disability coverage. Conversely, you may need to increase your coverage if you have had life changes such as a marriage, birth, home purchase, etc.
Retirement plans – Sometimes, your benefits fair may include a representative from your retirement plan provider. This is a good time to learn whether new funds have been added to your investment lineup or features such as a Roth component to your retirement plan.
New offerings – Vendors often roll out new offerings at benefit fairs. Be sure the offering you are considering is truly something you need, and not just dressed up as something new for which you may already be paying. For example, you wouldn’t want to add a new benefit that costs you money that is already covered by a benefit you have, but may not be fully aware of. Do your homework before signing on the dotted line.
Miscellaneous – It’s not just insurance and investment vendors at these fairs. Quite often you may find representatives from gyms, salons, agricultural co-ops, pet services, membership stores, and a host of other providers. These vendors may have valuable discounts for you to take advantage of if you really need the service they are offering.
Annual enrollment is a great time to review your benefits. If you are not sure about a particular offering, grab a brochure and let’s discuss the offering. I am happy to help you decide what changes you may wish to make. As an independent Certified Financial Planner™, I can help you plan your benefits. Contact me and let’s get started. #talktometuesday #education #Hireaplanner #benefits #stressfree #savings #annualenrollment #openenrollment #benefitsfair