How to Pick Health Benefits That Are Right for You

Posted by Greater Midwest Financial Group on Apr 6, 2022 3:58:00 PM

a woman looking at a piece of paper and smiling

Few things cause as much stress as choosing health benefits. There’s a seemingly endless web of options and confusing, dense language to sift through. It all adds up to a negative experience for most people.

It doesn’t have to be a huge stressor – following these tips and partnering with a financial advisor will make the process painless.

How to Pick Health Benefits

These tips will help you make the best decision for your health:

  1. Figure out when you need to enroll. This is the first major hurdle you’ll need to leap over. Generally, open enrollment for health insurance runs from mid-October to mid-December, but this isn’t always the case for employer-provided insurance. If you’re going to be receiving insurance through an employer, you’ll want to contact your HR department to know exactly when you need to enroll by.
  2. Know the lingo. Health benefits are often written in a way that’s difficult to understand. One way to cut through the confusion is to know the basics. This guide from The Muse breaks down all the common insurance terms you’re likely to run into.
  3. Create a list of your needs. Choosing insurance depends on your specific needs – for some people, they’ll need to pay more each month to have better coverage while other opt for a low monthly premium. A good place to start is by listing out all current prescriptions for you and any other dependents, as well as any conditions that require routine medical care.
  4. Don’t go it alone. Benefit planning is overwhelming, and it’s perfectly normal to feel like you’re in over your head. Working with an expert in benefit planning can reduce a huge amount of stress and ensure that you’re getting the best benefits available to you.

Benefit Planning with Greater Midwest Financial Group

Your annual enrollment booklet contains a lot of benefit options. When you need guidance to choose the most valuable benefits for yourself or your employees, turn to Greater Midwest Financial Group.

Our knowledgeable financial advisors have the experience and perspective to navigate the myriad of benefits available to you. Whether you’re wondering which medical plan is best for you or how a newborn impacts your benefits, we’ll help you make the best decision based on your overall goals and life situation.

Receive support with choosing these benefits and more:

  • Health insurance
  • Life insurance
  • 401K/403b
  • Stock options
  • Deferred compensation
  • Long Term Disability Insurance
  • Employee Stock Purchase Plan (ESPP)
  • Health Savings Account (HSA)
  • Flexible Savings Account (FSA)

Contact a Financial Advisor

Greater Midwest Financial Group is a financial advisor firm serving St. Paul, Minneapolis and the wider Twin Cities area. We specialize in wealth management, retirement planning, asset management and other personal finance needs.

Greater Midwest Financial Group is a financial advisory firm serving St. Paul, Minneapolis, and the wider Twin Cities area. We specialize in wealth management, retirement planning, asset management, and other personal finance needs.

Photo by Anna Shvets from Pexels

Topics: financial literacy, benefits planning