Trust us, we get it: Open enrollment can be overwhelming. There are dozens of employee benefits to choose from and they’re all useful in their own way. Sure, identity theft protection and medical transportation insurance can both save you thousands in the long run. But what if you just can’t afford all the benefits you want right away? What if we told you there were four core benefits every employee should be budgeting for?
Medical, life, and disability insurance policies, as well as a solid retirement plan, is the minimum every employee should strive for every enrollment period. Don’t have time to watch the video above? Go ahead and check out the transcription for each benefit below:
1. Medical Insurance
“Medical insurance is one of those coverages that we all know we need, making it an absolute on the top four products we need to budget for first. It alleviates the cost from medical and surgical procedures with the added benefit of flexibility. Different plans can result in a difference in deductible costs, in/out of network benefit incentives, and co-insurance contributions.”
2. Disability Insurance
“Did you know that you can actually protect your paycheck with disability insurance? This reason alone makes it one of the key products you must budget for. In the unfortunate event that you’re unable to work due to a sickness or injury, disability insurance prevents you from having to dip into your savings to remain afloat. Most people aren’t aware that 48% of home foreclosures are a result of a disability. In the event of a short or long-term disability, you need disability insurance to pay your bills and replace your lost income.”
3. Life Insurance
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“Life insurance is more important than you might think. Who’s going to provide for your family if you can’t? Who will be saddled with the burden of your debt if you are no longer around to pay? Regardless of your age, these are serious questions you must ask yourself and the answers make life insurance one of the top four products to budget for. There are two forms of life insurance. Group Term Life Insurance is the most affordable type of life insurance and is typically offered through your employer. Because of its affordability, it is the best type of life insurance to cover you through your working years. Alternatively, Permanent Life is owned by the employee. It offers rate stability and it will last far into retirement. Coverage is not reduced due to age. The affordability of group term life and the stability of permanent life makes having both extremely advantageous.”
“Not many will argue the importance of retirement planning but it seems to be one of those things that is easily pushed off until the ever-elusive ‘next year’. If it hasn’t already, then it’s time for that to stop. Planning for your retirement is another key benefit to budget for and it’s something you should start as soon as possible. Whether through a 401(k), 403(b), or an IRA plan, it is important to start planning now so you can bridge the retirement gap and live comfortably when it’s time to retire.”
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