- Be prepared for an increase in the cost of health insurance. Whether it is premiums, deductibles or co-pays, expect costs to go up.
- Review dental and vision care. If you child is younger than 5, you may be better off paying for cleanings out of pocket rather than insuring. And vision care benefits may not be worth the costs. If your optometrist is not in-network or you find discounted glasses online, you may not receive the full benefits.
- Evaluate long-term disability insurance if your company offers it. It is difficult enough to find a job in this economy, and could be even more challenging if you become disabled and need to pay the bills.
- How much life insurance do you really need? If you have a policy outside of work and are paying for life insurance through your employer, you may be over-insured. Run the numbers to check.
- Update your 401(k) information. Review your contribution amount, asset allocation, and beneficiaries. Many plans allow you to make these changes at any time, but open enrollment season is a good time to check the details.
Open enrollment is like hunting season. You have to have a license, or job, to be able to participate. Then, you can only hunt for animals in your area, or you can only select the benefits that your employer offers. Preparation is the key. Here is my top 5 checklist to help prepare you for open season.
Thanks for reading!
Think of me as your Mom - I'm hear to listen, give sage advice, and help educate you with your finances. As with all Moms, sometimes I have to dish out tough love so you can reach your goals.
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