Benefits enrollment season is approaching, and for many employees it’s a time when they can feel overwhelmed with big decisions. At ConnectedHealth, we don’t think it needs to be that way. We believe in giving employees context for making benefit choices, enabling them to easily think about their benefits like a balanced and diversified investment portfolio – one that is designed to help them protect their health and financial security through four key objectives:
- Protect and Maximize Health – Benefits in this category help pay for health expenses, as well as help manage and improve health. Examples include health insurance, dental and vision insurance, and health and wellness programs.
- Protect and Maximize Income – Benefits in this category help maintain spending power if income is compromised. Examples include life insurance, disability insurance, supplemental income polices, such as accident, cancer, or critical illness, flexible spending accounts, and discount programs for things like transportation and parking.
- Protect Assets – Benefits that fall into this category help protect important assets, such as property, accumulated long-term savings, and even identity. Examples include home/renter’s/auto insurance, personal liability, identity theft protection, and long-term care insurance.
- Save for the Future – Benefits in this category help save for retirement and other future needs through tax-advantaged savings and other investment vehicles. Examples include 401(k) savings, HSAs, and longer-term investment vehicles.
Imagine working through the benefits enrollment process with this construct in mind, rather than walking through a laundry list of benefits options. Context is everything, and placing benefits decisions in the context of health and financial security goals is a big step toward making the benefits enrollment process not only easier, but also more effective.
This is a concept that applies not just to employees undergoing benefits enrollment. Those purchasing insurance on the individual market should also be thinking about how insurance products and other programs, such as discount programs and health and wellness programs, help them achieve health and financial security. Open enrollment – for both employees and self-insured individuals – provides a great opportunity to take stock of your current health and financial security portfolio, and make adjustments as needed to ensure you are on the right track.
In the coming weeks, we’ll take a deeper dive into each of the four key objective areas (update: read part 2 and part 3) demonstrate how consumers should be thinking about them as part of their benefits selection strategy. In the meantime, you can get a sense of where you currently stand in terms of your own health and financial well-being by visiting www.mythrivescore.com.