Many individuals aren’t taking the time to understand the benefits their employers offer and consider how each plan may help them. In fact, studies show that about 8 in 10 employees are confused about their benefits and coverage options offered to them.
Whether your open enrollment is around the corner or months away, it’s worth taking some time to explore your employee benefits options. Rachel Leader, Employee Benefits Consultant, and Melissa Olson, Wealth RPS Participation Education Specialist, share benefits you don’t want to miss, along with key considerations when evaluating your options.
Each year, it’s important for you and your family to figure out what your insurance needs truly are – do you have any planned surgeries or known medical issues? What does coverage look like for an unexpected medical need? Everyone has a different financial situation and the worst time to figure out how your benefits work is when you or a loved one are facing an emergency or life-altering diagnosis.
RACHEL LEADER, Employee Benefits Consultant
Amid economic uncertainty and volatility, it may be tempting to forgo certain benefits. But if you aren’t taking full advantage of your employer-sponsored benefits, you may be leaving money on the table.
One of the biggest mistakes we see individuals make is delaying the opportunity to enroll in benefits or selecting inappropriate coverage – putting their financial futures at risk. A few minutes now can help you be prepared to maximize your benefits and possibly save thousands of dollars instead of rushing through a decision or just doing what you did last year.
Several factors go into choosing the right health insurance plan for you and your family:
Click here to learn more about common mistakes to avoid when choosing your health plan.
Both FSAs and HSAs use pre-tax money to pay for the cost of medical, dental, and vision expenses for you and your tax dependents.
Are you prepared if you lose your ability to earn income? We often talk about the “big three’s” of tragedy – death, divorce, disability. In other words – anything that could derail your ability to earn income.
On average, people have a 25% chance of becoming disabled before they retire, yet less than a third of private-sector workers have disability insurance. Signing up for group disability coverage through work is a cost-effective way to protect against a loss of income due to illness or injury. Use our disability insurance calculator to estimate the amount of coverage you may need and compare that to the level of benefits offered by your group plan. If the group benefits are not enough, consider purchasing additional coverage.
Your employer may already provide company-paid life insurance, but the benefit may not be enough. If your employer offers supplemental life insurance, it can be an inexpensive way to provide additional coverage. Group policies may also offer the advantage of guaranteed issue, which is essential for employees who may have problems with insurability.
There is no time like the present to start saving for retirement. However, setting up a savings strategy that is affordable and sustainable takes conscious effort. Your lifestyle will adapt to the income that you bring home. Set aside some time to build your strategy into your spending plan. Time is the one commodity we never get back, so make sure your dollars and investable assets are working hard for you. If your employer offers a retirement savings plan, here are a few important steps:
There’s no time like the present to set yourself up for a life of choice in retirement. Maximize the benefits offered, be realistic on your coverage needs, and educate yourself to better understand how to capitalize your current income working harder for you in the long run.
MELISSA OLSON, Wealth RPS Participant Education Specialist
Ultimately, there is no one-size-fits-all approach to choosing benefits. If you have questions about how your benefits fit into your unique lifestyle and needs, reach out to an advisor today.
Legal Disclaimer: Insurance products and services offered by Johnson Insurance Services, LLC, a Johnson Financial Group Company. Not FDIC insured, not a deposit, not insured by any federal government agency, not bank guaranteed, may lose value. For your protection, coverage cannot be bound or changed via voicemail and is not effective until confirmed directly with a licensed agent.
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