Newsletter: How to Tackle Benefits Enrollment with Confidence
read time 6 minutes
Welcome to the FI Mastery Journey, a weekly newsletter where you receive actionable ideas from me to help tame financial chaos, get your financial house in order and live your legacy.
Here’s how it works: each week, you’ll receive one article written by me. You’ll also get three simple questions that go along with the week’s article to help jog your mind and inspire you to take small, bite-sized financial wellness actions.
And, you’ll also get an inside look at the research I’m reading.
Follow along for one year and you will have completed all the work necessary to keep your financial house in order.
My goal in all of this work?
To provide you with the tools, resources, and insights to help you take one step closer to becoming the master of your own financial independence journey.
This Week at a Glance
- Benefits elections are coming up and it’s often a grueling process for many of you out there. That’s why in this week’s article, I cover a 4-step process to avoid the fluff and efficiently navigate the enrollment process this year.
- Markets are selling off this week on news that the Fed is holding rates higher for longer. If you’re wondering why, check out the article I published last month at fimastery.com
- ICYMI – be sure to check out last week’s post on career planning. This is a hot topic that’s come up in many of my conversations this week.
Tackle Benefits Enrollment with Confidence
Benefits enrollment is just around the corner.
Do you have what you need to make critical choices at this vital time of the year?
Now, while benefits elections might seem like a routine administrative task, the decisions you make during this crucial election period could significantly impact your finances for years to come.
But for many of you out there, open enrollment might feel like a maze of features and benefits that can leave you feeling so confused and overwhelmed that you resort to box-ticking just to get it over with.
And so, what if we could change the narrative this year?
What if this year was the year where you finally stepped off the default path, and made your benefits elections with confidence?
What if this year, instead of rushing through the enrollment process, you mindfully took your time and opted into coverages that align with your lifestyle needs?
And, so, how do you achieve this outcome?
Well, this approach begins with a game plan for navigating the maze of health plans, insurance options, and fringe benefits available to you.
More specifically, when you know how to approach your benefits book, which common pitfalls to avoid, and how to select your coverage options, you can make wise choices this benefits season without being overwhelmed.
How to Avoid Getting Overwhelmed During this Benefits Elections Period
With all the options coming your way, here are three things you may want to consider to avoid analysis paralysis during open enrollment:
Step #1 Review Last Year’s Benefits Usage
When you reflect on the past year, were there any unexpected health or financial challenges that a different benefits plan could have better addressed?
Evaluating past benefits usage can provide insights into future needs, helping reduce out-of-pocket expenses and enhance financial growth. For instance, those with new chronic conditions might benefit from plans with higher premiums but lower deductibles.
Step #2 Avoid the Default Options
When was the last time you thoroughly reviewed your benefits package, and how can an annual review safeguard you against unexpected financial challenges?
Many employers are changing benefits this year to get ahead of costs. Coasting along without annually reviewing benefit changes can lead to unexpected expenses, jeopardizing financial control and stability. For instance, a previously covered medical procedure might now be an out-of-pocket expense.
Step #3 Block off Time on Your Calendar to Review Your Benefits
Ask: what can I do to set reminders and prioritize my decision-making to ensure that I don’t miss out on the best benefits available to me?
It happens more often than you think, well-intentioned folks simply forget. That’s why taking too long in benefit decision-making can result in missing crucial deadlines, preventing you from securing the best options for your financial needs and delaying your journey to financial independence.
What I’m Reading
We’re all busy in the daily rush of things. That’s why I’m sharing a list of articles that I’ve read this week to help me stay on top of my own financial independence journey.
You can find links to these articles in the daily feed at app.fimastery.com
- This is your stressed out brain on scarcity
- The real price of success
- 12 things that look less impressive as you get older
- How to invest like the 1%
- The past is not true
- Don’t be surprised by China’s collapse
- If China’s boom is over…
- The Fed, Inflation, the 10-Year and the Dollar
- What are banks saying?
- Where are the extremes?
Thanks for taking a look,
Peter Donisanu
