It’s that time of year again, when your Human Resources managers distribute large booklets of information and ask you to make choices about your benefits for next year. It’s never a fun task to read through all of that material, but it can have a real impact on your personal bottom line when you make good choices.
Benefits are a huge part of your total compensation.
Would you believe 30%? That’s the amount, according to this recent report from the Bureau of Labor Statistics. That’s a huge amount, and you can’t afford to not pay attention to those. Most of the companies we have worked with here in New Orleans offer great benefits, and they want their employees to make the most of these for their and their family’s benefit. Here are 6 things to think about while you make your choices.
- Make the right choice for you and your family for your health insurance. Most employers offer several options for their health insurance plans. Look at the different options, and learn about some of the newer choices like Healthcare Savings Accounts (HSAs). Once you understand the moving parts, they can be a great deal and they can save you thousands.
- Get a raise by contributing to your retirement plan up to the match (at least). If your employer offers a match, it’s free money there for the taking. Make sure you take it. Here’s a previous article I wrote on 401k Matches that provides more specifics.
- Don’t assume the life insurance offered is the cheapest option for you. Most employers offer a basic amount of life insurance that is fully paid by your company. The supplemental life insurance isn’t always a great deal, however. If you think you need more life insurance (and are in great health), check the rate offered by your company and search online for quotes. You might be able to save some money.
- If you’re not in great health, the life insurance offered by your company is probably a great deal. If you’re not sure you’d be able to qualify for life insurance through the traditional underwriting process, grab whatever coverage you can get from your employer.
- Check your beneficiaries. Open Enrollment is a great time to make sure you’ve got your beneficiaries listed properly. Did you get married? Divorced? Have a child? Make sure your elections are up-to-date and accurate.
- Ask an expert. We offer free employee benefits reviews for anyone, so if you want a second opinion on the options offered by your employer, contact us and let us do some of the heavy lifting.