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Open Enrollment 2020: Boost Your Financial Well-Being

Oct 03, 2019

Key Takeaways

  • Your life isn’t static. Your decisions about your employee benefits shouldn’t be either.
  • Many believe that disability “will never happen to me,” but the odds are worse than you may think.
  • Your employer may offer benefits that can help improve your financial health.

 

It’s that time of year – the annual open enrollment season is upon us. Yet while it’s tempting to simply check off last year’s boxes in your employee benefits program, it’s smart to make sure you’re getting full value from everything that’s available to you. Have you received a promotion at work or a change in your marital status? Are you anticipating a child or getting ready to make college tuition payments? Take these changes into account as you review the benefits your employer offers, how you’re using them, and whether some you may have skipped over in the past might make sense for you now.

 

Five Things to Think About During Open Enrollment
  • General health. Use tools to estimate your ordinary estimated out-of-pocket costs for the upcoming year.
  • Health event. Consider how to fund out-of-pocket costs resulting from an accident, critical illness, or hospital stay.
  • Disability event. Have a plan for your safety net, including caregivers and liquid savings, in the event you couldn’t work temporarily due to a disability.
  • Premature death. Estimate how much your family would need to stay on track if something happened to you.
  • Long-term financial goals. Focus on managing day-to-day finances so that you can also save adequately for the future.

 

Your employer likely offers a wide range of benefits, including some that may not be readily available outside the workplace. Open enrollment season is a good time for a financial check-up to determine what steps you can take to improve your financial health and stay on track to meet your retirement goals.

For Compliance Use Only: 1026874-00001-00

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