Michael J Porro & Company

Financial Advisors, LLC

180 Old Tappan Road, Old Tappan, NJ 07675-7052

Phone: 201-768-0218

Fax: 201-768-6487

Website: porrofinancialadvisors.com

July/August 2018

Open Enrollment

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Your employer’s open enrollment period may be a few months away, but now is a good time to evaluate your current situation without the pressure of an enrollment deadline. While it’s human nature to automatically renew your existing benefits, you could miss out on opportunities if you don’t take a good look each year.

Important Questions

If you’re going to elect new benefits or make changes to existing ones, you’ll want to understand everything you own. Ask yourself:

What basic benefits do I have?
Most employees whose employers provide benefits have health, disability income and life insurance. They may also have a retirement plan. Some employers will pay for all or a portion of their costs. Know how much.

How much do these benefits cover?
How much life insurance do you own? Is it enough? Is your health insurance adequate? Will you have other choices to compare not only premiums, but out-of-pocket costs?

What are my options if my current benefits don’t cover all my insurance and financial needs?
Your employer may offer what are known as voluntary benefits, whose cost is generally your responsibility. These benefits, however, are group benefits, which are less expensive than if you were to buy them outside the workplace.

These benefits can include vision and dental insurance, supplemental life insurance, long term care insurance, and even pet insurance and legal or financial aid. They also might include indemnity insurance, which can help meet your out-of-pocket healthcare costs, and a Health Savings Account, which offers triple tax-free benefits when used for qualified healthcare expenses.

And if my basic and voluntary benefits are enough?
Work with an advisor to learn how you can combine workplace and individual protection that meets your singular needs.


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Michael J Porro & Company and LTM Client Marketing, Inc. are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.

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