Do You Understand Your Employee Benefits?

As we approach the end of 2018 many employers are scheduling their benefits meeting requiring you to select yours before the end of the year. Not all benefit options are the same and understanding each is crucial to making an informed decision. Ask your HR department or the advisor or agent representing the benefit what you don’t understand or ask them to provide you additional information prior to the benefits selection deadline. Many insurance and health benefits don’t allow you to change them once selected. However, employer-sponsored retirement plans allow you to select different funds, rebalance and change payroll contributions at any time per federal law.

Retirement Plan Options & Employer Match.

You may have multiple choices of providers or funds available for you to choose from. Not all employer retirement plan providers provide assistance on fund selection or on-going advice. I can help you with the following:

• Determining how the retirement plan fund options fit your risk profile
• Including your company retirement plan assets in your financial plan
• Monitoring the fund options and offer guidance on rebalancing
• Rolling over your former employers plan into an IRA

Employer-Sponsored Life Insurance.

Life insurance is the most inexpensive way to add protection to your family and your assets if you die. Employer life insurance plans ‘group’ you with other employees to reduce the cost of the insurance. Many times there is a need for additional life insurance outside of their employer plan since the death benefit is usually limited and based on your income. Questions to ask:

• Is this life insurance portable if I leave?
• Will I still be insured after age 65 (some plans drop you after this age) if I’m still employed?
• Can I add more insurance or am I committed to a certain death benefit amount?
• Can I insure other members of my family?
• Death can cause the early liquidation of assets if there isn’t adequate life insurance.

Employer-Sponsored Disability Insurance.

Not being able to work due to injury can quickly deplete financial assets. Disability insurance replaces lost income from a short-term injury or disability or a permanent disability. Social Security Disability benefits won’t replace 100% of your income. Purchasing additional disability insurance coverage is a good idea if you’re in your prime earning years. Ask, so you understand:

• Is disability insurance is underwritten based on my profession, age, and my possible risk of injury at work?
• If I take Social Security Disability Benefits if I’m injured, is my Social Security Retirement Benefit reduced or eliminated in retirement?

Employer-Sponsored Health Insurance Solutions.

Your company may provide you with health insurance choices that you are unable to modify. Ask your insurance provider:

• Are there additional coverage choices for vision, dental, wellness, or indemnity insurance coverage based on my job role?
• Can I customize a health insurance plan based on my specific needs?
• Can I insure additional family members?

Part of asset protection is having insurance coverage in place so that you don’t have to prematurely liquidate personal savings, investment accounts or retirement accounts. I am here to assist you in any way I can with the information you’re being provided regarding your employee benefits.