Take advantage of open enrollment
Edward Jones - Chad Choate, AAMS
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Oct 04, 2024
Florida - Sarasota, Bradenton & Charlotte Counties
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If you work for a midsize or large company, you may soon be able to review your employee benefits package, as we are entering the open enrollment season. So, consider your options carefully, with an eye toward making changes appropriate for your needs.
Here
are some of the key areas to look at:
•
Retirement plan – Depending on your employer, you could change your
401(k) or similar retirement plan at any time of the year, but you might want
to use the open enrollment season to review your contribution amounts. If your
salary has gone up over the past year, you might want to boost your pre-tax
contributions (including catch-up contributions beginning at age 50). At a
minimum, try to put in at least enough to earn your employer’s match, if one is
offered. At the same time, look over how your contributions are allocated among
the various investment options in your plan. You’ll want your investment mix to
reflect your goals, risk tolerance and time horizon.
•
Life insurance – If your employer offers group life insurance at no cost
as an employee benefit, you may want to take it – but be aware that it might
not be enough to fully protect your family should anything happen to you. You
may have heard that you need about seven to 10 times your annual income as a
life insurance death benefit, but there’s really no one right answer for
everyone. Instead, you should evaluate various factors — including your
mortgage, your income, your spouse’s income (if applicable), your liabilities,
the number of years until your retirement, number of children and their future
educational needs — to determine how much insurance you need. If your
employer’s group policy seems insufficient, you may want to consider adding
some outside overage.
•
Disability insurance – Your employer may offer no-cost group disability
insurance, but as is the case with life insurance, it might not be sufficient
to adequately protect your income in case you become temporarily or permanently
disabled. In fact, many employer-sponsored disability plans only cover a short
period, such as five years, so to gain longer coverage up to age 65, you may
want to look for a separate personal policy. Disability policies vary widely in
premium costs and benefits, so you’ll want to do some comparison shopping with
several insurance companies.
•
Flexible spending account – A flexible spending account (FSA) lets you contribute
up to $3,200 pre-tax dollars to pay for some out-of-pocket medical costs, such
as prescriptions and insurance copayments and deductibles. You decide how much
you want to put into your FSA, up to the 2025 limit. You generally must use up
the funds in your FSA by the end of the calendar year, but your employer may
grant you an extension of 2½ months or allow you to carry over up to $640.
•
Health savings account – Like an FSA, a health savings account (HSA)
lets you use pre-tax dollars to pay out-of-pocket medical costs. Unlike an FSA,
though, your unused HSA contributions will carry over to the next year. Also,
an HSA allows you take withdrawals, though they may be assessed a 10% penalty. To
contribute to an HSA, you need to participate in a high-deductible health
insurance plan.
Make
the most of your benefits package — it can be a big part of your overall
financial picture.
Chad Choate III, AAMS
828 3rd Avenue West
Bradenton, FL 34205
941-462-2445
[email protected]
This article was written by Edward Jones
for use by your local Edward Jones Financial Advisor.
Edward Jones, Member SIPC
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