October Marks the Beginning of the Benefits Enrollment Season
/October is surely a month where people get prepared for Halloween, enjoy the crisp air or foliage of fall, or start holiday preparations. I want to remind you, however, that October also marks the beginning of the benefits enrollment season for many companies with employees. As the year winds down, you might be scurrying to spend money from your healthcare savings account or flexible spending account. You might also have to make tough decisions in the coming month or two on what plans you’ll enroll in for 2022.
These decisions are important because many of us under 65 get our healthcare coverage from our jobs. According to the Kaiser Family Foundation , over 50% of U.S. adults under 65 had healthcare coverage through their employer. Also, the Kaiser Family Foundation 2020 report revealed that families with health insurance through their employer contributed an average of $5,600 toward the cost of health coverage last year, with employers paying more than $15,000. As such, families have picked up approximately 27% of the healthcare costs and healthcare continues to remain a sizable household expense. Kaiser’s 2021 report will be out in November of this year, so stay tuned on more updated data.
I want you to pay extra attention to your benefits packages this year because COVID-19 has changed the game. I don’t know about you, but my recent experiences trying to get doctor’s appointments have been a bit of a nightmare - long wait times, telehealth appointments gone awry, and lots of protocols when I actually do go into facilities. So, you want to be sure that the healthcare coverage you do receive actually meets your needs for the prices you pay.
Furthermore, other companies have already started, or will start, to offer more lifestyle perks. According to the NY Times, a fifth of employers surveyed by Mercer Consultant said they would add or enhance options for off-site workers, like home delivery of meals or snacks, subsidized ergonomic furniture or stipends for “services or activities.” Those “lifestyle” perks are a response to the increase in remote work during the pandemic and even may probably continue in some form as workers return to offices. To my delight, other employers, as reported in the Wall Street Journal, are launching workplace programs designed to help workers build emergency savings, often through payroll deductions.
Here are three questions you should ask yourself and discuss with your family:
What healthcare benefits are going to adequately provide for me and my family, especially with COVID-19?
Are there any ‘lifestyle perks’ that I should ask my employer about in the coming year, especially if I am working remotely?
How much money should I put away in a health care savings account or flexible spending account given the change in my work situation in the pandemic era?
Armed with the answers to these questions, you will be equipped to get through this fall benefits season with confidence for coverage in 2021.
A Wealthy Girl Corner
Calling all women and our male allies to learn and connect with others looking for support to grow their wealth with new strategies and tools you can use right now! I will be a keynote speaker for the Rise2Wealth Ohio Virtual Conference on Saturday, November 6th. This is a summit especially for women of color. #R2WOhio . You don’t want to miss this extraordinary event!
