Open Enrollment – How (and Whether)

to Purchase Voluntary Benefits

Open enrollment is almost here, and it is no longer just about choosing next year’s health insurance plan

and retirement savings allocation.

While those things are important – and a

sizable chunk of your total compensation –

there are other things “for sale” you should

pay attention to.

Voluntary Benefits

According to a 2013 Towers Watson survey

, over 80% of employers offered

voluntary benefits to their employees. That probably means you.

And other surveys show employees

appreciate the ability to purchase voluntary benefits through their

employer. Why?

Convenience of shopping while at work,

convenience of paying directly from their

payroll, (often) more affordable rates, and the comfort of knowing HR

screened this programs.

So should you purchase voluntary

benefits through your employer?

Possibly, assuming you need the product and the expense can be made to work with

your budget.

Some common options include: dental and vision insurance, short and long term disability insurance, critical illness coverage,

accidental death and dismemberment, and long

term care insurance.

Still need help selecting your

voluntary benefits?

Things you can do:1. Talk with your HR department2. Attend the benefits fairs and

seminars when scheduled3. Speak with the

product/service specialist 4. See a financial advisor to

understand how these fit into your overall financial plan

Take a moment this open enrollment season to plan your benefits purchases, whether they be health insurance, retirement

savings or increasingly common voluntary benefits.

Review annually.

Thank You!