The Most-Missed Health Care Options

It’s open enrollment time for many employer-sponsored insurance plans. Many people just renew the same old plan, without considering what they can do to better use their health care and life insurance dollars. However, with premiums and other costs constantly going up, it pays to take the time to review your options. Here are six things to consider during open enrollment:

1. Beneficiaries

When we experience life changes, we often forget that these changes can impact insurance policies. Marriage, divorce, death and the addition of a child mean that it becomes necessary to change your beneficiaries. Check your plans — especially your life insurance and retirement plans — to make sure that your beneficiaries are updated. Who is designated on your insurance policies supersedes what you have in your will, so don’t forget to make sure they match up.

2. Long-term care insurance

Open enrollment season now comes with more employers offering access to long-term care policies. While you will probably have to pay the full premium, getting it through an employer can mean a group discount, along with a wide range of coverage options. If you are concerned about long-term coverage, this might be a good time to get a policy.

3. Disability insurance

Even though many employers offer some disability coverage as a standard benefit, it may not be as much as you need, since many policies cover only about 60% of your base pay, and there may be a monthly benefit cap. Double-check the disability coverage you already have, and determine whether you need a little bit more. If you get your own coverage, you can take it with you when you switch jobs, and if you are paying your own premiums, the benefits are tax-free.