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Fall Time – Open Enrollment For Health Benefits

For everyone this fall is an important time for so many reasons. For so many parents it’s a time of non-stop activity and the in-between shuffling of kids to school, to dealing with our work or things we need to get done. It’s important to make sure everything is up-to-date and you’re getting the most out of the year.

Not only does school start or college for the kids or maybe it’s the work year but it is also open Enrollment season. For many of those out there with a spouse whose health benefits are through their place of employment. Now is also the time to reconsider those coverage’s and re-check into them to get that best out of your plans. Some employers also provide auto and home insurance, legal services, critical illness insurance, accident insurance and even pet insurance!MetLife Open Enrollment Tip Sheet FINAL time is money

Now you may wonder why this may be important, but last year 60 percent of employees did nothing to checking into their current plans. Making sure you have the same levels of protection or better is important to protect yourself from being under-protected or just getting the best plan. People spend more than 10,000 minutes a year consuming TV compared to 20 minutes selecting their voluntary benefits.

Some things to consider could be that more income may mean upping those life insurance and disability policy benefits (check out the MetLife disability insurance calculator) or maybe the kids are getting older and will need some major dental work like braces, now is the time to up that coverage.

Fall is a good time to make sure everything is getting you the most savings and best coverage. If you get your benefits through work your employer does the tedious work so make sure to be aware of changes look out to get the most and best plan to meet your family’s needs.

Speaking with your financial advisor could also be a good way to make sure you are on top of your game. In a study, almost half (46%) of the employees said that even though they had encountered a major change over the past year they did not update and check into their insurance needs. And 61% said they did nothing to their benefits plan this last enrollment period.

To try and help out a little with trying to figure out where to start, MetLife created a series of informational YouTube videos titled “Stop.Watch.Enroll.” These can help to give some ideas of how people can protect themselves and get the most for their money and plans.

After seeing the video have you thought about or made any plans to better protect yourself and your family?

A few results from a survey conducted in 2012, titled the 11th Annual MetLife Study of Employee Benefit Trends & the MetLife PSB Fall Enrollment Study 2013.

  • 44% of Gen Y adults are very concerned about meeting monthly living expenses and financial obligations and concerned about job security and financial risk associated with job loss. Top insurance priorities: dental, life and vision.
  • Gen X’ers feel least financially secure and work/life balance is very important to folks this age most concerned living expenses.  Top insurance priorities: life, disability, and vision.
  •  66% of Baby Boomers worry about Social Security supplement incomes and 54% expect to delay retirement.  Top insurance priorities: life, disability and legal services plan.

MetLife Open Enrollment Infographic FINAL

This is a compensated opportunity with MetLife