It’s Open Enrollment Season, so if you work for a medium or large-sized company, you will need to make some choices regarding your employee benefits — and these choices can have a big impact on your financial situation.
Depending on your employer, your benefits package may include various types of insurance, plus access to a 401(k) or similar retirement plan. Here are some suggestions for getting the most out of these benefits:
Health insurance – Companies regularly change plans and providers, so the coverage and premiums you had last year may not be the same this year. In any case, look at all aspects of your coverage options – premiums, deductibles, co-pays and total out-of-pocket limits. A lower premium may seem attractive, but you could end up paying even more if the coverage is not as good. So, choose wisely.
Life insurance – You may want to take whatever life insurance your employer offers, but it still might not be enough. To determine how much life insurance you need, consider a variety of factors – your age, income, family size, spouse’s income, and so on. If your employer’s coverage is insufficient, you may want to supplement it with a separate policy.
Disability insurance – This could be a valuable employee benefit – but, as is the case with life insurance, your employer’s disability coverage may not be enough for your needs, especially if you’d like to protect yourself against an illness or injury that could sideline you from work for a long time. Consequently, you might want to consider purchasing your own disability policy.
Apart from reviewing your insurance options…
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