October 31, 2023

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Helpful Tips & Questions to Maximize Benefits During Open Enrollment

– by Jeff Sievers CFP®, CLU®, CHFC®, CASL®
Senior Private Wealth Advisor

Open enrollment is a critical time for employees to review and make decisions about their workplace benefits. Here is a list of items employees should consider:

Life Events: Recent life events like marriage, divorce, having a child, or the death of a family member as they may impact your benefit choices.

Health Insurance Options: Review the available health insurance plans, considering factors like premiums, deductibles, co-pays, and coverage networks. Are your preferred healthcare providers in-network for your chosen insurance plan? Does your company offer dental and vision?

Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs): Decide on your contributions to these accounts, considering anticipated medical and childcare expenses. Do you know the differences between an FSA and an HSA? Have the contribution limits increased for the coming year?

Life Insurance: Is the employer coverage enough to take care of your family financially in the event of your premature death? Has your income increased or debt increased? Are young children or other persons dependent on your income? Consider reviewing options for additional coverage.

Long-term Disability: Many employers provide long-term disability income insurance, which covers you up to a fixed amount or a percentage of your base salary. Has your income or bonus increased? Is there a need to supplement the employer coverage?

Retirement Plan: What type of retirement plan does your employer offer? Do you understand the differences between Roth deferrals and pre-tax deferrals? Have the contribution limits increased for the coming year? Is there an employer match? Do your investment selections still align with your retirement goals and risk tolerance?

Beneficiary Designations: This is a great time to review the beneficiary designations on your employer accounts and personal accounts, such as life insurance, 401K, IRAs, investment and bank accounts.

Taking the time to carefully assess your benefit options and how they align with your personal situation can lead to choices that provide you with the most value and security during open enrollment. Unique Wealth can help you evaluate your benefits and see how they translate into achieving your financial goals. Set up a conversation today.

Jeff enjoys running in the Florida sunshine with the warm gulf breezes. He has participated in too many marathons and half marathons to count!

Office: 813-816-2027
Email: jeff.sievers@uniquewealth.com

Jeff Sievers CFP®, CLU®, CHFC®, CASL®
Senior Private Wealth Advisor