Employer Benefit Open Enrollment

Many employees are currently in their open enrollment period where they can update their choice of employee benefits. Here are a few things to consider when you’re selecting your benefits.

Medical insurance

Some things to consider:

  • Make sure the plan covers the services you need: preferred doctors, medications, mental health, chiropractor, etc.
  • Estimate your out-of-pocket costs from deductibles and co-insurance. Keep in mind the out-of-pocket maximum.
  • Choose a plan that has the lowest combined cost of premiums plus out-of-pocket costs.

High deductible health plans (HDHP) and Health Savings Accounts (HSA)

Some things to consider:

  • If your medical expenses are low, an HDHP may be an affordable option.
  • If you have an HDHP, you may also make tax-deductible contributions to an HSA (subject to an annual limit)
  • Some employers will also contribute to an HSA on your behalf
  • HSA savings can be used tax-free for medical expenses and unused funds will carry forward to future years
  • Investing your HSA funds is the most tax-efficient way to save for the long-term
  • Griffin Black can help you determine if an HDHP is right for you and help you comply with the HSA rules.

Life insurance

Some things to consider:

  • Most employers offer free group life insurance and additional insurance coverage can be purchased without a medical exam
  • Employer life insurance premiums will increase with age and the insurance might not be portable if you leave the company
  • Individual term life insurance might be less expensive with a fixed premium, but requires medical approval

Flexible Savings Accounts (FSA)

Some things to consider:

  • Many employers offer FSAs for specific purposes, such as dependent care
  • FSA contributions are pre-tax, but must be spent within the year
  • You cannot enroll in an HSA and a general-purpose FSA at the same time (including your spouse)


Some things to consider:

  • Some employers offer reimbursements for things like public transportation, gym memberships, education, and charitable contributions

If you would like help reviewing your employee benefit options, contact your advisor at Griffin Black.

Image by Slon Pics on Pixabay

* * *

Subscribe and get more posts like this

"*" indicates required fields

Sign up:
This field is for validation purposes and should be left unchanged.

You can unsubscribe anytime


Leave a Comment

While the holiday season is ideally a time for family and friends, it is also a good time to review tax strategies for the current as well as the coming year. Tax planning includes possibilities such as tax-loss harvesting, choices of investment vehicles, order withdrawal optimization, and many others. Given the complexity of these considerations, it’s important to work with a trusted financial professional to best understand each approach and its implications. It’s also important to understand the economic climate’s effect on taxes, especially the impact of inflation. What should investors know as they plan for 2024?
You’ve probably done it all your life. First you (or your parents) enrolled you in a good kindergarten. From there, you ‘graduated’ to a solid grade school. Then came an excellent high school, after which you were lucky (and hard-working) enough to be admitted to a top-notch university. It’s been a step-by-step – and well laid-out – progression your whole life. Isn’t that how careers (and lives) are supposed to work? All nicely laid out with one pre-ordained step after the other?

What can we help you find?

Griffin Black Portal

  • Investment Reporting
  • Meeting Notes
  • Account Statements
  • Single Signon to eMoney
  • Billing Statements
  • Document Sharing
  • Tax Statements (1099s, etc)

emX / eMoney

  • Financial Planning Tool
  • Account Aggregator
  • Budgeting & Spending


  • e-Delivery – Going Paperless
  • Tax Documents (1099, 1099R, etc.)
  • Account Statements
  • Pershing Communications