August is the perfect time for employees to conduct an assessment of their workplace benefits. A strategic review now can optimize the value of existing benefit selections, and affect choice at open enrollment. Here are five easy steps employees can take to check in with their workplace perks:
Review your health insurance coverage. Make sure you understand your deductible, copays, and out-of-pocket maximum. If you have a high-deductible health plan (HDHP), make sure you're contributing to an HSA.
Check your 401(k) or other retirement savings plan. Make sure you're on track to reach your retirement goals. If you're not, you may need to increase your contributions.
Use your flexible spending account (FSA). If you have an FSA, make sure you're using it to pay for qualified expenses. You can't reimburse yourself for expenses after the end of the year, so don't miss out on this opportunity to save money.
Take advantage of your company's wellness program. Many companies offer wellness programs that can help you improve your health and save money on your health insurance premiums. These programs may offer things like free gym memberships, discounts on healthy food, or health screenings.
Don't forget about your other benefits. Many companies offer a variety of other benefits, such as paid time off, sick leave, and parental leave. Make sure you're aware of all the benefits you're eligible for and use them when you need them.
Employees can proactively optimize their financial outcomes and ensure alignment with their long-term objectives by conducting a thorough midyear benefits review. August is an opportune time to fine-tune benefit utilization with data-driven financial wellness platforms like SelectSmart™ and SAVVI Financial is an investment in your company's greatest resource: your workforce. Click here to schedule a 15 minute chat now to discuss how SAVVI might work for you. Or simply call us at 781-583-7017 or email us at sales@savvifi.com.