Tips for enrolling in employee benefits

(WTNH) — November is the time of year where most companies offer open enrollment for benefits.

Financial consultant John Caserta shares some tips to make sure you sign up for what is best for you and your family.

What can employees do during open enrollment?

With different types of insurances, be it health, dental, vision, disability, or life, employees can add, terminate, or make changes to their coverage.
They can also enroll in additional voluntary benefits.
Use it as an opportunity to double check beneficiaries in plans.

What are the typical benefits offered during open enrollment?

Health Insurance along with Flexible Spending Accounts (FSA) or Health Savings Accounts (HSA)
Disability Insurance
Life Insurance
Dental Insurance
Vision Insurance

What are some tips on making the best selection for these benefits?

Health/Vision/Dental Insurance
o Think about the typical services you use throughout the year and make sure they are covered under the plan.
o Check to see that your doctors are in the insurance plan network. Using out-of-network doctors can be significantly more expensive than in-network doctors.
o If you have a spouse or partner, compare the health insurance offering with their employer-sponsored plan. There can be significant cost differences among employers.
Disability Insurance
o Make sure the benefit that you would receive through your employer is at least 60-70% of your pre-tax earnings. If not, consider using a supplemental plan that you either offered through your employer or obtained individually.
Life Insurance
o Consider the amount that your beneficiaries would need in the event that you passed away and how long they would need it for.
o Group plans are typically limited so you may need to look for supplemental individual coverage.

In addition to the typical benefits that employers provide, what are some other benefits offered by employers?

Discounted home and auto insurance plans.
Discounted long-term care insurance plans for employees and their immediate family members.
Legal services.
Health and wellness programs that can often provide cash incentives.

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