If the smell of pumpkin-spiced lattes and apple cider is in the air, it will soon be time for you to select your employer-offered benefits. Open enrollment is an important time annually because you are given the opportunity to adjust or update your employee benefits.
During this time, you can sign up for health insurance, flexible spending accounts (FSA) for healthcare and/or dependent care, health savings accounts (HSA), retirement plans, as well as other benefits. Be aware that employers often use the open enrollment period to make changes to their plans, so you may need to account for this when choosing your plan.
With that all said, it is common to feel overwhelmed when comparing and contrasting plans and trying to determine which option is best for you and your family.
Here are a few questions to ask yourself as you start the open enrollment process:
Answering these questions can help start the process and give you some insight into what is essential for you. Next, there are some key considerations that may affect you as a physician.
Ensure you are contributing enough to meet any minimum requirements to receive a match from your employer. If you can, and it makes sense for your specific situation, you may want to take full advantage of your employer-based retirement plan by maxing it out each year.
The maximum HSA contribution limits for 2024 are $4,150 for self-only coverage and $8,300 for family coverage. Individuals aged 55 and over may contribute an extra $1,000 to their HSA.
When was the last time you updated your beneficiaries? If your marital status has changed or a new child has joined your family, you may need to account for these life changes. Your retirement plans and life insurance, whether individual or through your employer, are some of the most common areas where you may have designated a beneficiary.
It is crucial to ensure you are protecting your most important asset — your ability to earn an income. When looking at the disability insurance options, there are two factors you may want to consider:
If you think you may want more life insurance, but due to certain factors, including age, it is cost-prohibitive, try looking into your group insurance under your employer plan to see if it is an option for you.
Often, services like these are offered at discounted rates through your employer. If you feel the growing need to protect your information, this can be a cost-effective way to try it out.
Open enrollment for 2024 will be here before you know it. And there are a lot of critical decisions to make in a short period of time.
If you aren’t sure what to do, your financial planner can walk through your specific situation to help determine which benefits elections best suit you and your family for the coming year. Even though there are many choices to make, you don’t have to make them alone.
Schedule a complimentary discovery call with one of our financial professionals to start the conversation today.
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The team at Spaugh Dameron Tenny works to present timely educational content that benefits doctors and their unique financial situations.
