Get the most out of your employee benefits during the health care open enrollment period

The COVID-19 pandemic has changed a lot about the way people have to think about their lives. One way it is affecting millions of Americans is that they have to assess their health care plans.

Every year, from November 1 through December 15, Americans can apply for health care coverage through HealthCare.gov. Although many people already have coverage, COVID-19 has them assessing their plans to make sure they still meet their needs. However, you should not wait until a pandemic to evaluate your health care plan during the open enrollment period. You should evaluate it every year to make sure it still meets your needs.

Making the most out of your health care benefits during open enrollment

When you review your health care plan, you need to ask yourself a few questions, like:

• Is my monthly premium straining my budget?
• Can I cover the costs of meeting my deductible?
• Has my income changed?
• Does my health care plan cover everything I predict I might need next year?

The answers to these questions can dictate whether you want to adjust your plan or keep it the way it is. 

Additionally, you may want to consider signing up for a health savings account (HSA), which helps cover medical expenses using tax-deductible contributions. You may make up to $7,100 in annual contributions to an HSA for a family and $3,550 for individuals. Those who are over the age of 55 may contribute an additional $1,000 into their HSA.

Once you have reviewed your health insurance, it is a good time to review your life insurance plan and other types of insurance you might need, such as liability or disability insurance. Making sure you are properly covered can help protect you and your family from expensive consequences. 

Talk to a ProVise CFP® professional about helping you manage your finances

Whether you are adjusting your health care plan, life insurance, disability or something else, you need to have a financial plan that is flexible enough to keep up with your life. It is challenging to manage your savings, investments and financial responsibilities on your own when you have a busy life, but a financial professional from ProVise Management Group can help.

At ProVise Management Group, our CERTIFIED FINANCIAL PLANNER™ professionals can get to know you and your current financial circumstances, goals, risk tolerance and personal values to help you develop a plan that works for you. We can also create a written plan for you at a fiduciary standard of care. All our written plans come with an unconditional money-back guarantee. If you are unhappy with your written plan, you can return it to us, and we will refund 100% of the fee paid.

Are you ready to talk to a professional about managing your personal finances? Contact ProVise today to schedule a complimentary consultation.