Open Enrollment for Employee Benefits Means Deciding on Disability Insurance

Posted on Oct 26, 2009

According to Michelle Singletary, the columnist for the Color of Money, it is the time of year for open enrollment for employment benefits.  This is the time that employees need to decide if they will participate in their employer-sponsored life insurance or disability insurance plans.  It is also the time when workers need to determine if they will stick to the same health insurance plan or change. 

Hewitt Associates, a human resources consulting company, has reported that only 40 percent of employees actively make a decision about open enrollment choices, even if they decide to keep everything the same as the previous year. 

Disability insurance can be very valuable for individuals who find themselves facing a disability that prevents them from working.  Long-term disability benefits can provide the much needed financial support for the disabled worker's family. 

Life insurance is another type of coverage that workers may want to consider, as it can provide money to surviving family members who relied on the deceased's income to pay the bills. 

Singletary recommends that employees review their open enrollment materials.  It should not be assumed that employees will be offered the same coverage as the previous year.  Employees may want to investigate other options if their employers made changes to the insurance plan, according to Singletary and Hewitt.

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