| Open enrollment is underway — here are 5 tips for maximizing your benefits during a public health crisis | | |  | WED, NOV 04, 2020 | | | | It's open enrollment time. That means it's your opportunity to make changes, additions or updates to some very important workplace benefits that will impact your finances.
And yet, 75% of working adults will spend 45 minutes or less reviewing their benefits before enrolling. These same people will likely spend more time deciding what take-out food delivery to order.
Come on, people, this is serious stuff.
As tedious as open enrollment might seem, you need to resist the urge to rush through the process. It's important to dedicate some time to carefully review your options.
It may seem easy to simply keep things as they are because making changes is confusing. But you might find the options you chose last year may no longer be the best fit if you had some life change. It's worth doing a quick review to ensure you're not missing opportunities or skipping chances to save.
Most people understand how important it is to take advantage of health benefits that are offered. But many barely scratch the surface when it comes to tapping all other types of benefits.
Open enrollment isn't just about reviewing your retirement savings account or picking the right health, dental and vision plans. It's about taking advantage of the best possible employee benefit options available that are often overlooked, such as life insurance, student loan repayment, elder care, mental health assistance or even pet insurance. Additionally, you may be missing out on workplace health-care incentives. To that point, your employer might offer rewards and bonuses for completing health and wellness programs.
The open enrollment process can be overwhelming and somewhat confusing. However, it's worth putting in the time and energy to take advantage of the resources available to select the best possible benefits for your family and you.
For more key stuff like this, please follow me on Twitter @jimpavia and check out CNBC's Financial Advisor Hub and CNBC + Acorns Invest in You: Ready. Set. Grow.
On Nov. 17, CNBC's Path Forward: Your Money virtual summit will bring together some of the top experts in personal finance to provide critical advice on spending and saving. We'll examine the psychology behind decision making, to help you stay financially sound during this time of unprecedented challenges. Featuring Suze Orman, Pats linebacker Brandon Copeland, Die With Zero author Bill Perkins and more. Register now. | |
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