FOR BREAKING NEWS VISIT WWW.QNS.COM OCTOBER 18, 2018 • HEALTH & WELLNESS • THE QUEENS COURIER 41
health & wellness
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How to make smart decisions
during benefi ts enrollment season
Every fall, millions of American workers
spend time making fi nancial decisions
that will aff ect them for the entire upcoming
year.
Benefi ts enrollment season is a critical
time for choosing coverages that protect
the health and fi nancial stability of individuals
and families. Despite the importance
of these decisions, nearly half (49
percent) of people spend less than 30
minutes reviewing their options before
making selections, according to research
from Unum, a leader in employee benefi
ts.
Personal fi nance expert Laura Adams
said not carefully reviewing all your
employee benefi ts options can mean leaving
money on the table or serious gaps in
your fi nancial safety net.
“Employers are increasingly off ering
consumer-directed health plans,
which typically charge lower premiums
but higher deductibles and other outof
pocket costs,” Adams said. “Because
of these additional fi nancial burdens, I
always recommend taking advantage of
your employer’s health savings account
(HSA).”
Money deposited into an HSA is tax
deductible even if you don’t itemize
deductions on your tax return. It grows
tax-free and it can be withdrawn tax-free
for qualifi ed medical expenses. Unlike
some fl exible spending accounts, the
unused funds in HSAs roll over.
In addition to your HSA contributions,
review your employer’s voluntary benefi
ts to help close gaps that can expose you
to fi nancial risk. Getting this coverage at
work can be one way to gain access to a
variety of aff ordable options. Voluntary
benefi ts are also generally available to
employees at a lower rate than the cost of
getting coverage individually.
Adams recommends carefully reviewing
benefi ts materials provided by your
employer prior to the open enrollment
period, and paying special attention to the
voluntary benefi ts that can help to reduce
fi nancial risk:
• Disability insurance can help replace a
portion of your paycheck should you
get sick or injured and can’t work - you
can think of it as income protection.
Most plans will pay up to 60 percent of
your salary if you’re unable to work due
to a covered illness or injury.
• Term life insurance provides aff ordable
protection for a specifi c period. Most
people buy it during their working years
so their death benefi t can help loved
ones manage their fi nancial needs.
• Accident insurance can pay you directly
for costs associated with urgent care
and emergency room visits, ambulance
transportation and follow-up care.
• Dental insurance is typically aff ordable
and usually covers preventative cleanings,
X-rays, exams and standard procedures.
Fillings, crowns and other procedures
are also generally included at a
reduced rate to the policyholder.
• Vision insurance is another low-cost
voluntary benefi t that covers routine
eye exams, lenses, frames and, oft en,
discounts on vision correction surgery.
While these are just a few of the more
popular voluntary benefi ts options, it’s
important to review everything your
employer off ers. Investing a little additional
time on the front end can help
reduce your family’s fi nancial risk down
the road.
For more information on diff erent
types of employee benefi ts, visit unum.
com/benefi ts.
Courtesy Family Features