What to Do During "Open Enrollment Meetings"

Life-Stage Matters

Consider the impact on your benefits if you have experienced a major life event (e.g., if you were married or divorced, had a baby, purchased a home or graduated from professional school).

With Healthcare and Dental Benefits, "Costs" are Relative.

Make a list of the major preventative and diagnostic procedures you are likely to need and make sure your health plan covers those services.

The "least expensive" plans will most likely be those that cover the services - doctor visits, pharmaceutical costs, test procedures - that you use most. Consider any benefits your spouse may have so you don't pay for double coverage if you don't need it. Compare coverage levels and cost to get the best plan.

Be Through When Assessing Life Insurance Needs

When looking at your life insurance coverage, start by thinking about who is financially dependent on you and what they would need if you weren't able to provide for them. Consider not only your day-to-day expenses and larger obligations - e.g., your mortgage or rent, or childcare - but also services you may provide for an ageing parent such as cooking or cleaning. Remember that many employers only provide basic life insurance coverage (one or two times your salary), so if you have dependents consider purchasing supplemental coverage

Increase Disability Insurance Every Time You Get a Raise.

Disability insurance is designed to protect your ability to earn a paycheck. Employees should make sure that they have coverage that amounts to al least 60% of their income in the event that they are ill or injured and cannot work. Review your coverage as your income rises to ensure that the benefit is sufficient consider supplementing your group policy with and individual disability policy.

Save as Much as You Can for Retirement.

If your employer offers a 401(k) plan match, it's always a good idea to contribute at least enough to get the full contribution. Consider increasing your 401(k) contributions every time you get a raise. Weigh the importance to you and your family of creating retirement income, especially if you don't have a company sponsored pension plan.

Ask Your Employer About the Availability of Long Term Care, Homeowners and Auto Insurance

Most workplace plans offer group rates and convenient payment options. Unlike many traditional benefits (e.g., life insurance, health insurance), which employees can only elect during open enrollment season, many companies allow employees to buy long term care insurance, homeowner insurance and auto insurance throughout the year.