Changing and Understanding Employee Benefits
With all the complex details, sometimes it’s hard to remember that employee benefits are supposed to benefit you, not confuse you. Many employees find that benefits bring nothing but a jumble of questions and complicated options.
With all the complex details, sometimes it’s hard to remember that employee benefits are supposed to benefit you, not confuse you. Many employees find that benefits bring nothing but a jumble of questions and complicated options. As a result, employees may leave their benefits as is, just pick a random set of benefits, or not sign up at all. The point is that benefits are a gift from an employer; they’re offered to help you, but to maximize your benefits, you must first understand (and acquire) the available benefits. This is where your personal Money Coach comes in.
When open enrollment comes around, you want to be able to pick the options that will best fit your personal situation. Your Money Coach can help you explore the options available by explaining the pros and cons of different benefits. As you discuss your lifestyle, your Money Coach can answer questions and help you figure out which options will best fit your situation.
Maybe you already chose your benefits, but are you using them effectively? Perhaps your employer provides a 401(k) with matching contributions. Are you contributing enough to maximize your employer’s contribution match? It’s also good to remember that as life changes, you may need to adjust your benefits; for example, you may want to change your insurance policy if you get married or have kids. Take some time to review the benefits you have and see how they work for your current situation, then think about the upcoming year. Will there be any changes that may constitute adjusting your benefits? Even if your current benefits work well, investigate the other options available to you, so you can see if there’s another option that could be even more beneficial to your lifestyle. And, as always, your Money Coach is available to answer questions.
Whether it is retirement programs or medical plans, your Money Coach will help you feel more informed and ready to make the best decisions concerning your employee benefits. Call 888-724-2326 to talk to a Money Coach today.
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