4 Actions to Take during Your Insurance Open Enrollment

When you are in the middle of an insurance open enrollment period, there are a number of things that you could potentially do. Here are some of the actions to consider taking during your insurance open enrollment.

1. Consider Disability Insurance

During your open enrollment, you might want to consider purchasing some more disability insurance. In most cases, you are going to have some type of disability insurance that is provided at no cost from your employer. However, in the majority of cases, this is going to be short-term disability coverage and it will only cover a certain amount of your income. Many people do not stop to consider the possibility of them becoming disabled at some point during their career. If this were to happen to you, it can significantly impact your ability to perform your job. By purchasing extra disability insurance coverage, you can make sure that you will be protected even if you are unable to work.

2. Beneficiaries

You will also want to make sure that your beneficiary information is up-to-date with all of your insurance policies and retirement accounts. If you have recently been married or divorced, make sure that you add or subtract the appropriate names from your policies. You do not want to overlook this and then the policy ends up paying the wrong person. This is a simple check that you can do in just a few moments that will make a huge difference.

3. Flexible Spending Account

If your employer offers a flexible spending account, you might want to consider boosting your contributions to it. Flexible spending accounts allow you to make tax-deductible contributions to an account that can pay for various medical expenses. Many employers are increasing deductibles and co-pays in an attempt to lower insurance premiums for their employees. If this is the case, you should consider putting more money into your flexible spending account so that you can pay for these expenses with tax-advantaged money. You could save a significant amount of money by paying for your expenses with this account. Just make sure that you do not put so much money in the account that you will not be able to use it by the end of the year. With this type of account, you will lose the money that you don't use at the end of the year.

4. Long-Term Care Insurance

You might also want to take a look at purchasing long-term care insurance during this period. Many individuals find themselves incapacitated when they get older and some type of long-term care is required. The majority of people do not have long-term care insurance to cover these needs. If your insurance provider offers some type of long-term care insurance policy, you should most likely consider purchasing some of it. You do not want to pay more for this type of policy then you can afford, but even getting a little bit of coverage can go a long way when you get older.

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