How a Money Coach Can Help During Open Enrollment

Open enrollment season is underway! With such a variety of benefit options, it can get confusing. For some benefits, this is the only time when you can add, change, or drop coverage – unless you have a qualifying life event such as marriage, divorce, or birth of a child. Below are some things to keep in mind as you review your options and how an MSA Money Coach can help.

Compare Health Insurance Plans

Premiums, deductibles, and copays – how do they work? Typically, insurance plans with low premiums are paired with higher deductibles. So, while you may think it makes sense to sign up for a less expensive plan, you could end up spending more out of pocket if you use your insurance a lot.

Leverage Potential Tax Savings

Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) often provide tax savings and can give you more control over your healthcare spending – along with other benefits. A Money Coach can help you understand the ins and outs of these popular accounts and the options that may be available to you.

Protect Those Who Count on You

It’s gloomy to think about, but life insurance will pay your beneficiaries if you should die. Some employers provide life insurance to a specified limit, then you can voluntarily boost your insurance coverage and pay the required monthly premium. A Money Coach can provide tools to help you determine how much life insurance you may need.

Prepare for the Unexpected

Disability insurance is one of the most overlooked and misunderstood benefits out there. It replaces all or part of your income for a specified period of time if you’re unable to work due to illness or injury. Short-term and long-term disability plans are typically voluntary. Review your alternatives with a Money Coach, determine if you would like coverage, and feel more secure if the unexpected occurs.

Use Open Enrollment as Your Annual Checkup

Review benefits that you can change during the year.

Review your tax withholding to see if you’re having too much or too little withheld. A Money Coach can help you understand where you might reduce your tax liability and when it makes sense to update your W-4 form.

Review your retirement benefits to see if you’re contributing enough to get the company match (if offered); otherwise, you could be leaving money on the table. A Money Coach can help you understand traditional and Roth options in your plan so that you can make an informed choice.

Check out any voluntary benefits and perks that may be available. Many employers provide access to wellness and other programs at discounted prices or even no cost. Benefits often include tuition assistance, gym memberships, weight loss programs, pet insurance and more.

Connect with a Money Coach

Did you know that about a third of employer compensation is put towards benefits, according to the U.S. Bureau of Labor Statistics?* That makes it a valuable part of your overall compensation and an important part of your financial well-being. Talk to an MSA Money Coach about the financial impact of your benefit selections. If you have a spouse/domestic partner, you will want to be sure that both of you are maximizing your benefit offerings. Your coach can help you review the pros and cons of your choices and better evaluate what makes the most sense for your household.

Call 888-724-2326 to talk to a Money Coach today.

* “Employer Costs for Employee Compensation Summary.” U.S. Bureau of Labor Statistics, June 2024. Web. Accessed 1 Nov. 2024. bls.gov/news.release/ecec.nr0.htm

This content is for informational purposes only and does not guarantee eligibility for the program or its services. Information provided in this document is for informational purposes only and is not intended to offer specific personalized investment, financial planning, tax, legal, or accounting advice. We recommend that you consult an attorney, tax advisor, or accountant regarding your unique circumstances. Employer matching contributions may be subject to a vesting schedule that can reduce or eliminate employee access to employer contributions if they leave the employer within a certain timeframe. See your Plan Document or speak with your Plan Administrator to understand your employer matching contributions. If MSA services are received as part of a benefits package, investment or financial planning recommendations may be influenced by the employer or network preference for current benefit offerings.