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This Is A Custom Widget

This Sliding Bar can be switched on or off in theme options, and can take any widget you throw at it or even fill it with your custom HTML Code. Its perfect for grabbing the attention of your viewers. Choose between 1, 2, 3 or 4 columns, set the background color, widget divider color, activate transparency, a top border or fully disable it on desktop and mobile.

Open Enrollment: 7 Things to Review NOW

 

If you are employed by a company or organization that provides benefits, you may be coming up on an open enrollment period. This is typically a few weeks or a few months that your employer uses as a window for you to make changes to your benefits. It is often during the fall so that you can make changes that are made effective in the next calendar year. Many people make their decisions (or “elections”) on their employer-provided benefits upon hire. It is important to go back and review those elections throughout the years as your financial situation evolves.

Open enrollment may allow you to make changes in your elections to a number of benefits, including:

  • Medical or Health Insurance
  • Dental Insurance
  • Vision Insurance
  • Life Insurance, both group-term and voluntary/supplemental
  • Short and Long-term Disability
  • Retirement Plan contributions

It is important to review these elections because you may be locked into these benefits until the next open enrollment period. There are a few exceptions that allow you to make changes. These include:

  • Marriage
  • Divorce
  • Birth
  • Adoption
  • Death

7 things that you should review as you enter open enrollment:

Review Your Beneficiary Designations – Open enrollment is a great time to look up and/or make changes to your beneficiary designations. People rarely realize that your beneficiary designations trump a will! Do not forget to update them as your family dynamic changes.
Should You Sign Up For a Legal Plan? – At many larger employers, a legal plan is offered as a benefit. These legal plans may cover basic issues like a simple will, trusts, and possibly divorce planning. Estate planning is often neglected for far too long. If you have children, it is important to know that minors cannot inherit assets. You need to have your estate planning in order to avoid a probate judge deciding how your assets are doled out in the case of an unexpected death.
Examine Your Withholdings – Did you get a refund last year or did you owe money? Did you have a new child this year? Did you get married or divorced this year? Asking these questions will allow you to determine the right amount of withholdings from your paycheck so you don’t get too large a refund or owe too much money come tax time. Many people fill their withholding forms out once, and then never change them again.
Understand Your Life Insurance Need – Have your family dynamics changed? Open enrollment is a good time to take a close look at how much protection you have in the event of an unexpected death. Are you under or over-insured? A life insurance “Needs Analysis” with your advisor can help you understand how much you need.
Get Rid of Accidental Death and Dismemberment Insurance – You need a certain amount of life insurance…period. It doesn’t matter if your death was “accidental” or not. A sound financial plan should include a Life Insurance Needs Analysis and help you avoid unnecessary costs.
401(k) or Roth 401(k) Contributions? – Tax analysis and managing tax brackets are another component of a sound financial plan. Your contributions have a big impact on your taxable income as well as your future tax situation while taking distributions. You may decide on a combination of the two.
Has Your Health Insurance Changed? – Look into if the construction of your health insurance plan has changed. Many have changed in accordance to the Affordable Care Act. If you do a Health Savings Account because you typically haven’t met your deductible, then make sure you set aside cash to max out the pre-tax opportunities.

To learn more about how to put these strategies to use, contact me for a no-obligation consultation.

Nick Vail is a co-founder and independent financial advisor with Integrity Wealth Advisors in Indianapolis. He started Remove The Guesswork to empower people to stop guessing when it comes to their finances and to start PLANNING. You can learn more about him here. Are you interested in working with Nick?
By | 2017-08-04T14:49:55+00:00 October 22nd, 2015|Categories: Financial Planning, Higher Education|Tags: , , , , , |3 Comments

3 Comments

  1. Steven A. Branson, Esq. October 26, 2015 at 11:31 pm - Reply

    Reblogged this on Millennials-Money and commented:
    Good to review

  2. […] Open Enrollment: 7 Things to Review NOW  Open enrollment is approaching for many of us.  Here is a list of things that are important to review. […]

  3. […] You may also like a previous post I wrote, OPEN ENROLLMENT: 7 Items to Review NOW […]

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