In today’s installment of our 2020 OE special for the FI/FIRE community, we give you some tactical reminders that will help you understand what to think about as open enrollment (OE) approaches. The good news? Benefits are a great thing to have. Health benefits in particular are both great and essential to have.
The bad news? Well, read on for insights and strategies.
First, I wrote late last year about something I’d seen a lot in the FI community. We love numbers. We love to count them down (debt) count them up (savings and investment), count them sideways (money-saving tips, side-hustles, rewards programs), count them any which way!
But as you’re looking at your benefits, make sure you’re counting all of the invisible value you get from being insured. Health insurance may seem overly expensive — because it is — but the financial risk to you, let alone the health risk, is incredible if you aren’t careful about what you get to cover yourself and your family. It’s especially hard with many different options touting themselves as “good” insurance when, in fact, they’re hardly health insurance at all. So, I wrote this primer on finding good insurance, or, more to the point, avoiding bad insurance.
Why you Need -Good- Health Coverage
Another challenge that can limit the value you get from your benefits is simply that they’re really confusing. Many employers have gotten better at giving you good tools and content to help you make better decisions, but not every employer has jumped on board. So, preparing for OE is a great time to flex some of those FI muscles and get to asking questions. Figure out what is best for you. Ask your benefits/HR manager lots of questions. Be an active consumer!
Employer Benefits are Confusing. Duh.
OK, we’re getting there. Next up, we’ll get right into the nitty-gritty of knowing how to make the best choices for you, your family and your FI goals. Much more to come!
(P.S. Got your own strategies on selecting benefits that you’d like to share? We’d love to hear from you!)Like