As we enter the open enrollment season for 2024, we wish to remind you about the importance of reviewing your employee benefits. Whether you’re with a new employer or staying at your current job, taking time to evaluate your options can significantly impact your financial well-being.
Not optimizing your benefit selections can lead to unintended financial consequences, including missed savings opportunities, inadequate insurance coverage, and higher out-of-pocket costs.
Key areas of focus include:
- Health insurance options and costs
- Retirement contribution levels (2025 limits have increased!)
- HSA/FSA opportunities
- Life insurance and disability coverage options
- Other benefits such as commuter benefits with pre-tax dollars, gym reimbursements, pet insurance, etc.
Last year’s Benefits Package Checkup provided key considerations when reviewing benefits. While the core principles remain the same, we encourage you to review it as you prepare to make your selections.
Remember, your benefits are a significant part of your overall compensation package, so they require careful and comprehensive review as your financial and personal situations may change each year.
Take Action
- Review Your Current Benefits: Assess your existing coverage and identify any gaps.
- Evaluate Your Needs: Consider upcoming healthcare needs for you and your family.
- Compare Plans: Analyze different options for premiums, deductibles, and out-of-pocket costs.
- Ask Questions: Reach out to HR or benefits representatives for clarification on any uncertainties.
- Review Beneficiary Designations: Check and update your life insurance and retirement plan beneficiaries.
- Enroll on Time: Ensure you complete your enrollment by the deadline to secure your selected benefits.