Yes, Halloween and Día de los Muertos are behind us, but we're still in the midst of something really spooky - open enrollment season.
What makes it frightening? It's a clash of several things that keep people up at night; the size of their paychecks, health care decisions, and trying to predict the future.
Luckily, we've got your back! Make an appointment for us to examine your benefits package together. We'll consider whether it makes sense for you to take advantage of benefits that are often overlooked, such as:
- Health Savings Accounts - these nifty vehicles are available only when used in combination with a High Deductible Health Plan. If you qualify, they can be a really tax-efficient way to build up an emergency savings account just for health care and even used as a bonus retirement account.
- Dependent Care Flex Spending Account - this benefit allows you to put away tax-free dollars towards dependent care, as long as that care allows you to work. For married couples, this means both spouses must be working or that the non-working spouse must meet the definition of disability. The person getting care could be a child under 13 or a spouse or dependent of any age who is physically or mentally incapable of self-care. It can be used for benefits like daycare or respite care, babysitting, or summer camp. Unlike an HSA that can accumulate funds over time, FSA's generally cannot be rolled over from one year to the next (although sometimes exceptions are granted).
- Life Insurance - Employer-provided life insurance can be a double-edged sword. Yes, it's often less expensive and less of a hassle - but we've seen it become more of a curse than a blessing, too. Your next job may not offer insurance. You may become disabled and not have access to employment at all. Or you may look at the "free" insurance offered through work, check the box, and never consider how much insurance your family actually needs. It's worth a broader discussion based on your family's unique set of circumstances.
- Legal Insurance - Most people we talk to have never heard of this type of insurance, but it has amazing potential to add stability to your life. These types of policies give you access to a network of lawyers that can assist with a wide array of legal issues including estate planning, real estate transactions, family law, and more. Some will even pay all or a portion of fees charged by attorneys outside the network.
- Fitness Perks / EAP - We can do a lot to help you get your balance sheet get healthy, but what about your body and mind? Don't overlook benefits like fitness rewards, coaching, and mental health resources. We firmly believe that an investment in your health is money well spent.
Don't hesitate to reach out so that we can review your benefits package together!