It’s Open Enrollment Season:  Have you maximized your benefits?

While our recent Open Enrollment Guide for Kaiser Physicians was focused on TPMG benefits, the core principles apply to everyone during this crucial time of year.

Most employees don't have access to the comprehensive, no-annual-premium health coverage available to Kaiser physicians. This makes your Open Enrollment decisions even more critical.If your window is closing soon, here are the Big Three areas you should review before the deadline:

🩺 Medical Plan Trade-offs: The Crucial Cost Calculation

Choosing a medical plan requires a careful consideration of costs and coverage. You must look beyond the premium:

• Premium vs. Deductible: Are you a high-use or low-use patient? Compare the premium against the potential out-of-pocket costs (deductibles, co-pays). A Health Savings Account (HSA) plan might offer more long-term tax savings if you are healthy, but a high-premium PPO might offer more predictable costs if you anticipate a lot of care.
• Network & Access: Do you need a national PPO network for specialists, or does an HMO/local network cover all your preferred doctors?
• Anticipated Needs: Are you expecting a major life event like a surgery or the birth of a child? Choose the plan that minimizes your risk and maximizes your coverage for that specific year.

🛡️ Insurance:  Is your income and family protected?

Your employer's default coverage is often not enough. This is especially critical if you are younger and have decades of high income ahead.

• Disability Insurance: This is income protection. Review your Short-Term and Long-Term Disability options. If you are unable to work, will the coverage protect enough of your salary to cover your mortgage, debts, and current lifestyle? For high-earning professionals, group caps often create a massive, hidden gap.
• Life Insurance: Is your company provided life insurance (often 1x or 2x salary) enough to ensure your family maintains their standard of living? Beyond increasing coverage, it is important to consider outside options that may be better suited to your needs, and more importantly are portable if you leave your current company.

💡 High-Value, Low-Cost Perks

Don't overlook the "smaller" benefits that offer huge practical value:

• Check out the Health Care and/or Dependent Care FSAs if you have childcare expenses, or Group Legal Plans which can often cover high-cost personal needs like estate planning (Wills, Trusts) at a low, fixed monthly price.

Open Enrollment is not a passive task; it's an annual financial strategy session. Take the time today to ensure your elections are aligned with your goals.

Reach out if you're looking for a partner to help navigate open enrollment and other important decisions, so you can have clarity and confidence in your life plan.