Benefit election or open enrolment time is coming soon. This is when you can make changes to your employer-provided benefits. These benefits are an important part of your financial plan, and you should maximize their effectiveness.
Changes to some benefits, such as contributions to a retirement plan can be made all through the years, whereas changes to other benefits such as health plans can only be made during open enrollment, unless you have a qualifying event. However, it is a good idea to review all your benefits during open enrollment.
For example:
– Making sure your employer-provided retirement plan is optimized for your risk tolerance, goals, and diversification needs.
– Reviewing the effects of adding your spouse or dependents to your employer-sponsored medical insurance.
– Reviewing your employer-sponsored disability insurance to ensure you’ve funded your emergency reserves to cover your elimination period.
Whatever the case, it is important to understand the scope of your benefits and how they can (and should) coordinate with your long-term financial plan.
Here is a checklist that outlines 17 considerations that are fundamental to an employer-provided benefits CLICK HERE
The checklist can help you spot good ways to identify all the different opportunities to consider.
Feel free to reach out if you have any questions or would like to discuss anything.