Nathaniel Sillin: 10 Open Enrollment Mistakes To Avoid

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Submitted By Anonymous, Created 09/15/2015 - 13:20

Not having an overall financial plan. Your company may offer excellent benefits now. However, the Labor Department reports that average worker tenure at U.S. companies is only 4.6 years
Making choices at the last minute. Your benefits are important and deserve time for consideration
Forgetting to coordinate with your spouse or partner. Many employers are planning big changes to spouse/partner benefits
Ignoring your state’s Health Insurance Marketplace. Even if you have employer health insurance, things change
Underestimating how big life events might affect your benefits. Salary changes, marriage, divorce, serious illness or starting a family are big signals to check your benefits
Passing on flexible spending accounts (FSAs) and health savings accounts (HSAs)
Leaving retirement selections unchanged. As the Aflac data indicates, many individuals don’t change their investment focus in self-directed retirement plans for years
Overlooking wellness options. Many employers pay for exercise, cholesterol screenings, weight loss, smoking cessation, immunizations or related benefits that can make you healthier
Bypassing transportation breaks. If you drive or take public or company-sponsored transportation to and from work, you may qualify for specific discounts or tax deductions
Forgetting education benefits. If an employer is willing to train you to advance in your career, don’t pass it up